Svb-2018_医疗健康投融资趋势报告（英文版）-2018.1-34页-1mb

Summary of Trends in Healthcare Investments and Exits 2018

Core Content

The 2018 Annual Report highlights significant trends in healthcare investments and exits, emphasizing the shift in focus towards early-stage ventures and the increasing role of technology in driving innovation and investment. It outlines the performance of biopharma, medical devices, and Dx/Tools sectors in 2017 and provides an outlook for 2018.

Main Points

Investments and Fundraising Reach Record Levels in 2017

• U.S. healthcare venture fundraising reached a record high of $9.1B, a 26% increase from 2016 and surpassing the 2015 record of $7.5B.
• Biopharma investments are projected to reach $15.5B, a 31% increase from 2016, with Series A deals driving the growth.
• Series A biopharma investments saw a 40% increase in 2017, with Q1 and Q4 showing the most activity.
• Oncology and platform companies were the top areas of interest for biopharma investors.
• Non-invasive monitoring (especially in cardiovascular, uro/gyn, and neuro) gained traction in medical device Series A investments.
• Artificial intelligence (AI) spurred tech investor interest in Dx/Tools, leading to record investments.
• Liquid biopsy investment surged, with Guardant Health, GRAIL, and Human Longevity raising over $1.8B.
• Dx/Tools fundraising increased by 40% in 2017, reaching $2.8B, with R&D Tools leading the growth.
• Tech-focused investors (e.g., AME Cloud Ventures, Khosla Ventures) became prominent in Dx/Tools investments.

Exits: Biopharma and Device M&A Focus on Early-Stage Companies

• Biopharma IPOs increased in 2017, with oncology and orphan/rare companies dominating the exits.
• Biopharma M&A slowed compared to 2016, with 36% of exits in 2017 being pre-clinical or phase I.
• Device M&A remained steady, with minimally invasive devices and next-gen visualization/imaging companies being the focus.
• PMA/De Novo 510(k) device deals outperformed iterative 510(k) exits, with higher returns and faster exits.
• Dx/Tools saw no M&A exits in 2017 but had one IPO. Private investment continues to support development.

Geographic Activity

• Massachusetts and Northern California were the most active regions for biopharma investments.
• California dominated device investments.
• Northern California was the most active region for Dx/Tools investments.

2018 Outlook

• Healthcare venture fundraising is expected to decline to $6B–$7B in 2018 due to larger firms closing new funds.
• Biopharma M&A will likely increase, with 20+ big exits as companies seek to replenish pipelines.
• Device investments will rise, led by traditional venture investors, with neuro and drug delivery companies potentially joining cardiovascular in early-stage acquisitions.
• Dx/Tools investments are expected to decline by 25% in 2018, though the number of deals may remain stable.
• Dx Analytics will see increased investment as companies develop AI-assisted technologies.
• Liquid biopsy investments will slow as companies focus on technology validation.
• Tech giants may shift from investing to acquiring promising Dx Analytics companies.

Key Information

• Biopharma:

  • Investments reached $15.5B in 2017.
  • Oncology and platform companies attracted most attention.
  • Pre-money IPO valuations hit a record $295M.
  • Early-stage companies were a focus for M&A, with Gilead, Merck, Celgene, Astellas, and Bristol-Myers Squibb being major acquirers.

• Medical Devices:

  • Device investments were stable but PMA/De Novo 510(k) deals outperformed iterative 510(k) deals.
  • CE Mark only and non-approved devices showed better returns and faster exits.
  • Traditional VCs returned to the device sector after a period of withdrawal.

• Dx/Tools:

  • Fundraising reached $2.8B in 2017, with R&D Tools and Dx Tests attracting significant interest.
  • No M&A exits in 2017, but Dx Analytics and R&D Tools are expected to see growth in 2018.

• Investor Trends:

  • Crossover investors remain active, especially in oncology and orphan/rare.
  • Tech investors are increasingly involved in Dx/Tools and Dx Analytics.
  • Series A investments grew in size, with mega-rounds becoming more common.

• Market Conditions:

  • IPOs had higher valuations and more activity than M&A.
  • Early-stage exits were more common in biopharma and device sectors.
  • PMA/De Novo 510(k) deals showed better performance than iterative 510(k) deals.

Conclusion

The healthcare sector in 2017 saw record investment levels, with a strong focus on biopharma, medical devices, and Dx/Tools. While biopharma and device M&A activity was centered on early-stage companies, Dx/Tools faced challenges with limited exits. The 2018 outlook suggests a slight decline in fundraising but continued growth in specific subsectors, especially AI-driven Dx Analytics and device innovations. Tech investors and crossover investors are expected to play a key role in shaping the investment landscape in the coming year.