2022-08-18-硅谷银行-硅谷银行SVB_2022年医疗保健投资与退出趋势年中报告_41页_3mb

报告摘要

Venture Capital Fundraising: Record funding amidst public market turmoil, fueled by large hedge funds and PE payers. SVB US market saw over $52.4B invested in healthcare in 2021 (adjusted).
Investment Activity: Investment declined significantly in Q2 2022 due to market correction, with early-stage activity persisting but later-stage deals facing valuation pressure.
Market Outlook: Cooling public markets and reduced IPO activity (single-digit IPOs in 1H 2022) led to consolidation in financing strategies, delaying exits for some companies.

Key Trends: Strong early-stage (Series A) investment, with a focus on computational biology (43% of deals in Q4 2021). Valuations peaked but later-stage deals saw reduced multiples due to public market pullback.
Exit Activity: Biopharma exits halved compared to 2021. Successful exits relied on strong clinical milestones, though down rounds and delayed IPOs were common.

Investment & Valuations: Record early-stage investments in 1H 2022, but Q2 decline significantly. Alternating care, provider operations, and women’s health emerged as key growth areas.
Exit Challenges: No mergers or acquisitions in 1H 2022 due to poor IPO performance. Public market pullback has reduced acquisition multiples.

Investment Shifts: Strong Series A activity, with RNA therapeutics and R&D tools leading. Investment from Q2 2022 onwards saw reduced funding but sustained Series A momentum.
Venture Activity: Low overall investment in 2022, with M&A slowing. Some companies delayed exits due to unfavorable public valuations and pursued private M&A opportunities.

Early-Stage Boost: Device saw record 1H 2022 investment, boosted by non-invasive monitoring devices. Cardiovascular space saw reduced activity due to prior spending.
Later-Stage Exit: M&A steady at institutional levels, with focus on publicly traded targets in early-to-mid 2022. Down rounds and valuation gaps impacted investor returns.

Growth Engine: Emerged as a key sub-sector, particularly in biopharma Series A deals. Investments surged, led by innovative drug discovery tools.

Venture Appeal: SVB’s extensive network facilitated fundraising across US/Europe. Key activities included creating new funds focused on healthtech and biopharma.

HealthTech: Investment likely to decline in Q3/4 2022, following pullback in Q2. M&A activity may rebound slightly, driven by larger acquirers.
Biopharma: Overall funding down ~20% from 2022, with Series A maintaining robust pace. Global exits expected to stabilize once public markets normalize.
Dx/Tools: Full year likely between 2020/2021 levels, with Series A activity strong but overall VC-backed investment modest.

The healthcare investment environment reflected a complex mix of growth (early-stage) and contraction (later-stage). Key trends included a push toward computational biology, alternative care, and device categories with sustainable outcomes. Valuations are rebuilding but still face market pressure; decentralization of healthcare delivery remains a key tailwinds.
Exit strategies increasingly involve longer-term runway planning, with phrases like "bridge/insider rounds" gaining appeal. Growth-stage companies must prioritize milestone achievements for future liquidity.

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