CB-Insights-2021年Q3全球医疗健康投融资报告1_229页_13mb

State of Healthcare Q3 2021 Summary

Core Content

The State of Healthcare report for Q3 2021 provides an in-depth analysis of dealmaking, funding, and exits in the global private-market healthcare industry. It highlights the record-breaking activity in the sector, including deal volumes, unicorns, and investment trends.

Key Highlights

Deal Volume and Funding

• Global Healthcare Deals: Reached a record high of 1,904 in Q3 2021, an 15% increase from the previous quarter.
• Total Funding: Amounted to $30.7B, a slight decrease from Q2 2021 but a 41% YoY increase.
• Year-to-Date (YTD) Funding: Exceeded 2020 levels by 20%, reaching $97.8B.
• Early-Stage Deal Share: Bounced back from a multiyear low (50%) in 2020, accounting for 54% of YTD deals.
• Asia’s Deal Share: Surpassed all-time highs, reaching 38% of total deals in Q3 2021, while the US deal share hit a record low (42%).

Unicorns

• Global Healthcare Unicorns: Increased to 91, with 10 new additions in Q3 2021.
• Valuation of New Unicorns: Aggregated to $18.7B, all from the US.

Mega-Rounds

• Mega-Rounds ($100M+): Surpassed 2020 totals by 35% in deal count and 46% in funding.
• Q3 Mega-Rounds: Total of 75, marking the second consecutive quarter of decline.
• US and Asia Dominance: US and Asia led in mega-rounds, with $18.3B raised by US startups and $8.6B by Asia-based startups.

Deal Size and Valuation

• Median Late-Stage Valuation: Jumped from $292M in 2020 to $471M in 2021, a 60% increase.
• Median Late-Stage Deal Size: Rose to $46M in 2021.
• Median Time Between Series C and D Raises: Shrunk from 21 months in 2015 to 16 months in 2021.
• Median SPAC Exit Valuation: Surpassed $1.2B, more than twice the median IPO valuation.

Exits

• Total Exits in Q3: Slightly declined by 5% from the previous quarter.
• IPO and M&A Slowdowns: Contributed to the decline in exits.
• SPAC Exits: Reached an all-time high with 11 completed in Q3.

Digital Health

• YTD Funding: $39.6B, 27% more than in 2020.
• Q3 Funding Decline: Marked the first QoQ decline since Q2 2020, dropping by 18% to $12.8B.
• Deal Count: Reached an all-time high of 727 in Q3.

Main Trends

Investment Distribution

• VC Dominance: Accounted for 30% of investor deal share in Q3.
• Corp and CVC: Represented 15% of investor deal share.
• Private Equity: 10%.
• Asset/Investment Management: 10%.
• Angel Investors: 6%.
• Incubator/Accelerator: 5%.
• Other: 23%.

Regional Analysis

• Asia:
  • Record deal share (38%) in Q3.
  • Only major region with QoQ funding growth (up 18% to $8.6B).
• US:
  • Dominated deal volume and funding.
  • Slight decline in mega-rounds (75 in Q3, down QoQ).
  • SPAC exits reached $1.2B, a 3x increase from 2020.

Key Companies and Deals

• Top 10 Equity Deals:
  • Abogen ($700M), Laronde ($440M), Cityblock Health ($400M), XtalPi ($400M), Olive ($400M), Carbon Health ($350M), Zhiyuan Zhongan ($310M), MediTrust Health ($308M), Netskope ($300M), Cybereason ($275M).
• Top 10 Seed / Angel Deals:
  • CytoLynx Therapeutics ($45M), Anivive ($44M), Neukio Biotherapeutics ($40M), Mestag Therapeutics ($34M), Initrile ($33M), Zecui Biological ($30M), Bantam Pharmaceutical ($25M), Debut Biotechnology ($23M), Opus Genetics ($19M), Westlake Therapeutics ($15M).
• Top 10 Series A Deals:
  • OrbusNeich ($200M), GentiBio ($157M), HilleVax ($135M), Trinomab ($108M), BioMap ($100M), Truveta ($95M), Evommune ($83M), Neural Galaxy ($77M), Muna Therapeutics ($73M), Garuda Therapeutics ($72M).
• Top 10 Series B Deals:
  • Laronde ($440M), Sonoma Biotherapeutics ($265M), Prime Medicine ($200M), Wugen ($172M), Meiwei Dental ($155M), JOINN Biologics ($150M), Skyhawk Therapeutics ($133M), Ring Therapeutics ($117M), Attralus ($116M), Obsidian Therapeutics ($115M).
• Top 10 Series C Deals:
  • Abogen ($700M), MediTrust Health ($308M), Exo ($220M), Reify Health ($220M), Neuralink ($205M), Intervenn Biosciences ($201M), Opentrons ($200M), Deep Genomics ($180M), TrialSpark ($156M), Artios Pharma ($153M).
• Top 10 Series D Deals:
  • Cityblock Health ($400M), XtalPi ($400M), Carbon Health ($350M), Imperative Care ($260M), Commure ($150M), Mammoth Biosciences ($150M), Virogin Biotech ($120M), Maven Clinic ($110M), InBrace ($102M).
• Top 10 Series E+ Deals:
  • Olive ($400M), Netskope ($300M), Cybereason ($275M), Miaoshou Doctor ($232M), Lenskart ($220M), Digit Insurance ($200M), Whoop ($200M).

Conclusion

Q3 2021 marked a significant milestone for the global healthcare industry, with record deal volumes and substantial funding growth. Despite a slight quarterly decline in exits, the sector continued to show resilience, particularly in Asia. The rise in late-stage valuations and deal sizes, along with the dominance of VC and SPAC exits, underscores a shift in investment dynamics and market confidence in healthcare innovation.