2018医疗健康投融资趋势报告（英文版）_34页-1mb

Summary of Healthcare Investments and Exits 2018

Core Content

The 2018 annual report on healthcare investments and exits highlights the significant growth and shifts in the sector in 2017, with a focus on biopharma, medical devices, and Dx/Tools.

Main Points

Healthcare Investments and Fundraising

• Record-breaking fundraising: U.S. healthcare venture fundraising reached $9.1B in 2017, a 26% increase from 2016 and surpassing the 2015 record of $7.5B.
• Biopharma investments: Biopharma investments are projected to hit a record of $15.5B in 2017, a 31% increase over 2016. This was driven by a rise in mega-rounds, especially in Q4.
• Focus areas: Investments in biopharma were centered on oncology and platform technologies. Non-invasive monitoring, particularly in cardiovascular, uro/gyn, and neuro, saw a surge.
• Artificial Intelligence (AI): AI spurred tech investor interest in Dx/Tools, leading to record investments. Liquid biopsy investment exploded, with $1.8B invested in companies like Guardant Health, GRAIL, and Human Longevity.
• Geographic activity: Massachusetts and Northern California were the most active regions for biopharma and Dx/Tools investments.

Healthcare Exits (M&A and IPOs)

• Biopharma exits: Biopharma saw a wave of IPOs in 2017, with oncology leading the way. M&A activity slowed but remained focused on early-stage companies.
• Device exits: Device M&A activity was steady, with a focus on minimally invasive devices and next-gen visualization/imaging companies. PMA/De Novo 510(k) acquisitions showed better returns and faster exits compared to iterative 510(k) exits.
• Dx/Tools exits: Dx/Tools had no M&A exits in 2017 and only one IPO, but substantial private investment supported continued development. R&D Tools companies dominated big exits, and tech giants are expected to drive future exits.

Key Information

Biopharma

• Investments: Biopharma investments hit a record $15.5B in 2017, with a 31% increase over 2016.
• Series A activity: Series A biopharma investments saw a 40% increase in funding, with a rise in corporate participation.
• IPOs: Biopharma IPOs rose in 2017, with oncology and orphan/rare companies accounting for 63% of the total. Pre-money IPO valuations reached a record $295M.
• M&A: Early-stage biopharma companies were the focus of M&A deals, with a 36% share of exits. The median time to exit was 3.5 years, and the median upfront multiple was 4.2x.

Medical Devices

• Investments: Device fundraising was steady, with a focus on non-invasive monitoring, minimally invasive devices, and advanced imaging/visualization.
• M&A: Device M&A activity was stable, with a focus on early-stage companies. PMA/De Novo 510(k) acquisitions outperformed iterative 510(k) exits.
• IPOs: Device IPOs were fewer but showed higher valuations and quicker exits compared to biopharma. Cardiovascular and drug delivery companies were the most active in M&A.

Dx/Tools

• Investments: Dx/Tools fundraising increased by 40% in 2017, reaching $2.8B. R&D Tools and Dx Tests attracted significant investor interest.
• M&A: No M&A exits were recorded in 2017 for Dx/Tools, but there was one IPO. The majority of Dx Tests investment was concentrated in early deals.
• IPOs: Dx/Tools had only one IPO in 2017, but R&D Tools companies were the main focus of big exits. Tech-focused investors are expected to drive future Dx/Tools investments and exits.

2018 Outlook

• Fundraising decline: Healthcare venture fundraising is expected to decline to $6B–$7B in 2018 due to new funds from larger firms.
• Biopharma M&A: Biopharma M&A deals are expected to reach 20-plus big exits, driven by acquirer cash and pipeline replenishment.
• Device investments: Medical device investments are anticipated to increase, led by traditional venture investors. Early-stage device M&A will continue, with neuro and drug delivery companies possibly joining cardiovascular in future deals.
• Dx/Tools investments: Dx/Tools investments will decline by 25% in 2018, but the number of deals is expected to remain steady. AI-assisted Dx Analytics companies will see increased investment.
• Liquid biopsy: Investment in liquid biopsy will slow as companies focus on validating their technologies.
• Tech giants: Tech giants may transition from investing to acquiring promising Dx Analytics companies.

Conclusion

The 2017 healthcare investment landscape was marked by record fundraising, a focus on early-stage biopharma and device companies, and a shift in Dx/Tools investment towards AI and R&D Tools. Despite a lack of M&A exits in Dx/Tools, the sector remains attractive for future investment. The 2018 outlook suggests a continued emphasis on oncology and early-stage innovations, with a decline in fundraising and a potential shift in investor interest towards more established technologies.