硅谷银行-医疗筹资、投资和退出的新记录（英）-2021-43页_6mb

Healthcare Investments and Exits Summary

Core Content

2020 marked a record year for healthcare investments and exits, driven by a strong IPO environment and increased private M&A activity. The year saw unprecedented fundraising, investment growth, and notable exits across various sectors.

Main Points

Healthcare Investment Highlights

• Total Healthcare Investment: Reached a record high of $52B in 2020, with Q3 2020 setting a new record quarter of $15B+.
• Biopharma Investment: Surged by over 50%, with $24.6B raised. Neurology and non-invasive monitoring (NIM) were the top performers, with neurology seeing a 6x increase in funding.
• HealthTech Investment: Set a new record, with three subsectors raising over $1B: Alternative Care ($5.9B), Provider Operations ($3.7B), and Clinical Trial Enablement ($2B). HealthTech also saw 16% increase in median Series A deal size and 3.5x more $100M+ mega-rounds compared to 2019.
• Dx/Tools Investment: Overall investment increased, with testing and discovery technologies playing a central role during the COVID-19 pandemic. Series A was flat, but overall investment dollars more than doubled.
• Device Investment: Despite the challenges posed by the pandemic, the sector still saw an increase in investment, with Neuro and NIM nearly doubling their 2019 investment.

Venture-backed Exits

• IPOs: Set or tied annual highs across all sectors, with record valuations and exceptional post-IPO performance.
• Biopharma IPOs: Total market cap reached $9.8B, with 33% of the 93 LIPO deals going public in 2020. The median time from mezzanine round to IPO was 3 months.
• HealthTech IPOs: The 2020 class was twice as valuable as 2019's, with Alternative Care leading in post-IPO performance at +92%.
• Device IPOs: Achieved an average +150% post-IPO performance, with 9 of 11 IPOs trading up by year-end.

Key Information

SVB US Market Stats

• 74% of all VC-backed healthcare IPOs in the past three years have a banking relationship with SVB.
• 64% of all VC-backed US healthcare companies that raised mega-rounds in 2020 have a banking relationship with SVB.
• 53% of all VC-backed US healthcare companies that raised rounds in 2020 have a banking relationship with SVB.

Top 2020 Series A Deals

• Biopharma: 133 deals, totaling $4.89B, with 35% of deals being corporate venture-backed.
• HealthTech: 185 deals, totaling $1.538B, with Alternative Care leading in both deal count and funding.
• Dx/Tools: 61 deals, totaling $1.17B, with ConcertAI raising the largest Series A deal at $150M.

Notable Companies

• Top 2020 Private Companies:
  • ROIVANT SCIENTES (Platform, $9B post)
  • Sana Biotechnology (Platform, $2.765B post)
  • AskBio (Orphan/Rare, $2.3B post)
  • Atea (Anti-Infective, $940M post)
  • Lyell (Oncology, $2.493B post)
  • Legend (Oncology, $2.101B post)
  • Poseida Therapeutics (Oncology, $740M post)

Crossover Investment

• Crossover investors dominated new investor activity, with 6 of the top 10 spots in biopharma.
• China-based investors played a significant role, especially in biopharma, with 23% of total biopharma funding coming from China-headquartered investors.
• Massachusetts was the most active region for biopharma deals and funding, with 132 deals and $6.5B raised.

Regional Activity

• US and Europe saw a significant increase in healthcare investment, with $51.7B raised in 2020.
• Europe received 21% of healthtech deal flow, with UK leading in deal activity.

2021 Outlook

• The market is expected to continue its growth trajectory, with a focus on innovation, IPOs, and private M&A.
• HealthTech and biopharma are anticipated to remain key drivers, with virtual care and clinical trial enablement leading in investment and growth.

Conclusion

2020 was a transformative year for the healthcare industry, characterized by record-breaking investment, strong IPO performance, and increased corporate M&A activity. The resilience of the sector, particularly in the face of the pandemic, highlights the importance of innovation and adaptability in the healthcare ecosystem.