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Healthcare Investments and Exits Summary

Core Content

This document provides an in-depth analysis of the healthcare investment and exit landscape in 2021, highlighting the significant growth in venture funding and investment across various sectors, including biopharma, healthtech, Dx/Tools, and Device. It also discusses the performance of public offerings and M&A activity, as well as key trends and statistics.

Main Points

1. Market Highlights

• Venture Fundraising reached new records, with healthcare investment nearly doubling the 2020 figure.
• Healthtech saw the most significant increase in investment, with a 157% rise compared to 2020.
• Biopharma investment hit a record, but declined in the second half of 2021.
• Device investment increased due to the acceleration of non-invasive monitoring (NIM) and imaging technologies.
• Dx/Tools experienced a notable rise in late-stage investment, with a 3x increase in European funding.

2. Investment Trends

• Seed/series A investment more than doubled from 2020, with the average deal value increasing to $8M.
• Platform companies led seed/series A investment, especially in biopharma.
• Neurology and anti-infective sectors saw significant growth in investment dollars.
• Orphan/rare activity declined, with a 57% drop compared to 2019.
• Computational biology emerged as a key area, with 14 $50M+ deals and several unicorns.

3. Healthtech Focus

• Alternative care (AC) and provider operations (PO) were the top subsectors, with AC receiving 38% of total healthtech investment.
• Clinical trial enablement (CTE) also saw a surge, with 1.7x growth in deal activity.
• The pandemic drove increased investment in digital health solutions, especially in AC and PO.
• Mega-rounds (over $100M) increased significantly, contributing to 42 unicorns in 2021.

4. Biopharma Activity

• Biopharma had a record number of public offerings, with 92 in 2021.
• Platform companies led the way, with $11.4B in investment.
• Oncology and neurology were the top indications, with significant investment.
• Post-IPO performance was mixed, with many companies trading below their private valuation.

5. Healthcare Exits

• VC-backed exits hit a record in 2021, but post-IPO performance was down.
• Healthtech and Dx/Tools saw a significant drop in performance, while Device showed a slight increase.
• SPAC mergers increased but resulted in poor performance for de-SPACed companies.
• Private M&A activity was down, but public M&A saw an increase.

6. SVB Market Stats

• SVB had a strong presence in the healthcare market, with 50% of all VC-backed US healthcare companies having a banking relationship with SVB.
• SVB also accounted for 75% of all VC-backed healthcare IPOs since 2020.

Key Information

Investment Growth

• Total healthcare investment in 2021 reached $86B, more than double the 2020 figure.
• Healthtech investment increased by 157% compared to 2020.
• Device investment increased by 53%, with a strong performance from European companies.
• Dx/Tools investment set a record, with a 3x increase in European funding.

Funding by Sector

• Biopharma raised $29.7B in the US and $6.5B in Europe, totaling $36.3B.
• Healthtech raised $25.6B in the US and $2.5B in Europe, totaling $28.1B.
• Dx/Tools raised $10.6B in the US and $2.4B in Europe, totaling $13.0B.
• Device raised $6.4B in the US and $2.3B in Europe, totaling $8.7B.

Notable Companies and Deals

• Devoted Health raised $12.7B, the highest valuation in the insurance sector.
• Hinge Health and Color were among the top healthtech deals.
• Neumora, Odyssey Therapeutics, Treeline, and Eikon were the top computational biology companies.
• Platform companies dominated early-stage investment, with 80 deals in the US and 23 in Europe.

Investor Activity

• Top investors in healthtech included TigerGlobal, Gaingels, and General Catalyst.
• Top biopharma investors included OrbiMed, RACAPITAL, and Casdin Capital Life Science Investments.
• Crossover investors played a significant role in early-stage financing but reduced their activity in the second half of 2021.

Outlook for 2022

• US venture fundraising is expected to drop to about $16B in 2022.
• Series C financing may see a resurgence as mezz-funded companies need more capital.
• Early-stage investment is likely to continue in provider operations and alternative care due to the ongoing demand for digital solutions.

Conclusion

The year 2021 marked a significant milestone for the healthcare investment landscape, with record-breaking fundraising and investment across all sectors. While healthtech and biopharma saw substantial growth, the performance of post-IPO companies was mixed, indicating a need for more cautious investment strategies. The role of SVB in supporting healthcare startups was prominent, and the continued focus on digital solutions and alternative care is expected to drive further innovation and investment in the coming year.