SVB-权威报告：2020全球医疗健康投融资创纪录，中国表现如何？（英文）-2021.1-41页_6mb

Healthcare Investments and Exits Summary (2020)

Core Content

In 2020, the healthcare industry experienced a record year in venture capital (VC) fundraising and investment, with notable growth across all sectors. The year was marked by strong IPO activity, increased private M&A, and significant corporate venture participation.

Main Points

• Overall Healthcare Investment:

  • Total healthcare investment reached a record $51B, up 47% from 2019.
  • Q3 2020 was the largest healthcare investment quarter ever, with over $15B in funding.
  • The healthcare sector showed resilience despite the pandemic, with continued deal activity even during lockdowns.

• Biopharma:

  • Biopharma investment set a new record, with $24.457B in total funding.
  • Neurology saw the largest increase in funding, up over 6x in dollars and 55% in funded deals.
  • Anti-infective investment was slightly up, with two of the three largest private deals going public.
  • Mezzanine rounds led to IPOs in just three months, with 33 out of 93 mezzanine-backed deals completing IPOs in 2020.

• HealthTech:

  • HealthTech investment totaled $11.344B, up 16% from 2019.
  • Three subsectors exceeded $1B in total raised: alternative care ($5.9B), provider operations ($3.7B), and clinical trial enablement ($2B).
  • Alternative care led in post-IPO performance with +92%.
  • Virtual care adoption validated the sector, with companies raising $406M in Series A funding.

• Dx/Tools:

  • Dx/Tools investment reached $9.551B, up from $5.383B in 2019.
  • Testing and discovery technologies were crucial during the pandemic, with over double the R&D tools investment.
  • Series A investment was flat, but overall investment dollars spiked.

• Device:

  • Despite pandemic challenges, the device sector saw increased investment and IPO activity.
  • Nine of 11 device IPOs were trading up at year-end, with an average post-IPO performance of +150%.

Key Information

• SVB US Market Stats:

  • 53% of all VC-backed US healthcare companies that raised rounds in 2020 had a banking relationship with SVB.
  • 64% of all VC-backed US healthcare companies that raised mega-rounds in 2020 had a banking relationship with SVB.

• Healthcare Exits:

  • IPOs across all sectors set or tied annual highs, with record valuations and post-IPO performance.
  • Four of the top 10 biggest upfront payments in private M&A since 2005 occurred in 2020, with GRAIL's $8B acquisition by Illumina being the largest.
  • Dx/Tools and biopharma saw significant private M&A activity, with three $1B+ deals.

• VC Fundraising:

  • Healthcare VC fundraising reached $16B+ in 2020, up 57% from 2019.
  • The median deal size increased to $415M, with 28 life science-only funds.

• Geographic Trends:

  • Massachusetts led in biopharma deals and investments.
  • New York led in healthtech Series A deal count, while Massachusetts led in healthtech Series A investments.
  • European companies received 21% of healthtech deal flow, with the UK showing the most activity.

• Investor Activity:

  • Crossover investors dominated new investor activity, claiming six of the top 10 spots.
  • China-headquartered investors were active in biopharma, with 23% of total biopharma funding coming from them.
  • Corporate investors were involved in 35% of US Series A deals and 17% of European Series A deals.

• Notable Companies:

  • Top 2020 Series A deals included ConcertAI ($150M), GoodCell ($18M), and Koneksa ($16M).
  • The highest valued private companies included Bright Health ($4B), Calm ($2B), and Olive ($1.5B).

Summary Table

Conclusion

2020 was a transformative year for healthcare investments and exits, with record fundraising, increased IPO activity, and significant private M&A. The industry showed resilience and adaptability, particularly in the face of the pandemic, with alternative care and clinical trial enablement leading in growth. SVB played a key role in supporting many of these ventures, and Massachusetts and New York emerged as major hubs for investment activity.