SVB-医疗保健投资和退出：2020年年度报告（英文）-2020.8-44页_4mb

Summary of 2019 Healthcare Investments and Exits

Core Content

The 2019 Annual Report highlights the dynamics of the healthcare investment and exit landscape, showcasing continued robust fundraising, strong IPO activity, and the evolving role of venture capital (VC) and crossover investors.

Main Points

• Fundraising Record: US healthcare venture fundraising reached $10.7B in 2019, a 10% increase from the previous year, driven by strong M&A and IPO performance.
• Sector Breakdown: Investment in venture-backed biopharma, medical device, diagnostics and tools (dx/tools), and healthtech totaled $32B, slightly below the 2018 record but still significantly higher than 2017.
• Biopharma Trends: Biopharma investment slightly decreased from 2018 levels, with Series A investment declining by 31%. However, platform companies surpassed oncology in Series A deals, indicating a shift in investment focus.
• Device Investment: Device investment increased for the second consecutive year, led by large, late-stage deals. The sector showed a 15% increase in investment dollars.
• Dx/Tools Decline: Dx/tools investment saw a significant drop of 20% in 2019, primarily due to fewer late-stage mega rounds. Investments were concentrated in Series A, especially in dx tests and R&D tools.
• HealthTech Growth: Healthtech investments hit a record, with a $2B+ total, and became the fastest-growing healthcare sector. The public market played a crucial role in driving returns.
• IPO Performance: The biopharma IPO class of 2019 achieved a record 20 companies with $1B+ market caps. Healthtech IPOs accounted for 94% of total exit value, signaling a shift from M&A as the primary liquidity source.
• SVB's Role: Silicon Valley Bank (SVB) was involved in 50% of all VC-backed US healthcare companies, with 66% of those that raised mega rounds in 2019 working with SVB.
• Series A Activity: Series A deals increased to a record 105 in 2019, with a 50% drop in median deal size to $4M. Imaging and neurology saw significant deal increases, while oncology and platform companies dominated valuations.
• Corporate Investments: Corporate investors, including Boston Scientific, Johnson & Johnson, and DSM, increased their participation in early-stage deals, showing a growing interest in healthcare innovation.
• Exit Trends: The number of IPOs and acquisitions in 2019 was notable, with several companies achieving high valuations or being acquired for significant amounts. Notable exits include Auris Health's $5.8B acquisition by J&J and Shockwave's 160% increase in market cap.
• Investor Behavior: Venture capital firms led Series A deals, while crossover investors focused on later-stage financings. The IPO pipeline for 2020 appears robust, with positive sentiment and a growing number of companies poised for public listings.

Key Information

• Total Venture Fundraising: $32.5B in 2019, with $10.7B raised in the US.
• Biopharma Investment: $12.168B in the US, down from 2018 but still up from 2017.
• Device Investment: $4.926B in the US, up 15% from 2018 and 43% from 2017.
• HealthTech Investment: $7.513B in the US, up 95% from 2017.
• Dx/Tools Investment: $4.419B in the US, down 20% from 2018.
• SVB Involvement: 50% of all VC-backed US healthcare companies worked with SVB, with 66% of those that raised mega rounds in 2019.
• Series A Deals: 105 deals in 2019, with a median deal size of $4M.
• IPO Activity: 50 biopharma IPOs in 2019, with 20 companies having $1B+ market caps.
• Notable Exits: Auris Health acquired for $5.8B, Shockwave Medical increased 160% in market cap, and Neuralink raised $51M in its Series B round.
• Geographic Trends: Northern California led in device deals with 47, followed by Massachusetts (37) and Minnesota (15).
• Investor Participation: Top VC firms included Vivo Capital, Third Rock Ventures, and Flagship Pioneering, while crossover investors like Invus and Redmile Group were active in later-stage deals.

Investment by Sector

Series A Deals by Region

Summary of Key Trends

• IPO Surge: The 2019 biopharma IPO class set a record, with significant market cap growth and positive post-IPO performance.
• Crossover Activity: Crossovers were active in funding later-stage deals, with a focus on platform and oncology companies.
• SVB's Influence: SVB played a critical role in supporting VC-backed companies, especially those raising mega rounds.
• Geographic Concentration: Northern California, Massachusetts, and Minnesota were key regions for device investments.
• Investor Shifts: Venture capital firms reduced Series A investment pace, while crossover investors increased their focus on later-stage deals.
• Dx/Tools Decline: Despite a slight increase in the number of deals, investment dollars in dx/tools dropped by 20%, with R&D tools seeing a 30% decline in funding.
• HealthTech Growth: Healthtech became the fastest-growing healthcare sector, driven by alternative care and provider operations.

Outlook

The report suggests a positive outlook for 2020, with continued strong IPO sentiment and a robust pipeline. The focus on platform and oncology companies, along with the increasing involvement of crossover investors, indicates a shift towards more mature and high-value investments. The healthtech sector is expected to maintain its growth trajectory, with a potential increase in IPO activity and M&A deals.