2018_医疗健康投融资趋势报告（英文版）_32页_1mb

Summary of Healthcare Investments and Exits 2018

Core Content

In 2017, the U.S. healthcare venture fundraising and investments reached record highs, with venture fundraising hitting $9.1B, a 26% increase from 2016, and biopharma and device investments reaching $15.5B and $2.8B respectively. This marked a significant shift in investment focus and activity across various healthcare subsectors.

Main Points

Investments and Fundraising

• Fundraising Record: Healthcare venture fundraising reached a record high in 2017, surpassing the previous record in 2015.
• Biopharma Investment: Biopharma investment also set a new record, increasing by 31% over 2016 to $15.5B, with a rise in average deal size due to an increase in mega-rounds.
• Device Investment: Device investment was steady, with a focus on minimally invasive devices and next-gen visualization/imaging technologies.
• Dx/Tools Investment: Dx/Tools investments saw a 40% increase in fundraising, reaching $2.8B, driven by R&D Tools and AI-based technologies.

Exits and M&A

• Biopharma Exits: Biopharma saw a surge in IPOs, with oncology dominating exit activity, accounting for 36% of all exits. Early-stage companies were the focus of M&A activity.
• Device Exits: Device M&A remained stable, with PMA/De Novo 510(k) deals showing better returns and quicker exits than iterative 510(k) deals.
• Dx/Tools Exits: Dx/Tools had no M&A exits in 2017, with only one IPO. However, substantial private investment supports continued development.

Key Trends

• Oncology Focus: Oncology remained the most active indication in both investments and exits, with significant interest from investors and a large share of IPOs.
• Platform Companies: Platform companies attracted investor interest due to their potential for multiple exits across different indications.
• Tech Investors: Tech-focused investors, including AME Cloud Ventures and Khosla Ventures, became more active in Dx/Tools and AI-driven technologies.
• Geographic Activity: Massachusetts and Northern California were the most active regions for biopharma and Dx/Tools investments, while California dominated device deals.

2018 Outlook

• Fundraising Decline: Annual healthcare venture fundraising is expected to decline to $6B–$7B in 2018 due to new fund closures.
• Biopharma M&A: Biopharma M&A will likely see 20+ big exits as acquirers seek to replenish pipelines.
• Device Investment Growth: Medical device investments are expected to increase, driven by a steady M&A market and traditional venture investors returning to the sector.
• Dx/Tools Decline: Dx/Tools investments will decline by 25% in 2018, though the number of deals is expected to remain stable.
• AI and Tech Influence: Tech investors will continue to focus on Dx Analytics, as AI-assisted technologies develop.
• Liquid Biopsy: Liquid biopsy investments will slow as companies validate their technologies.
• Crossover Investors: Crossover investors will continue to be active, particularly in oncology and orphan/rare indications, with a focus on early-stage companies.

Key Figures

• Biopharma Fundraising: $15.5B in 2017, up 31% from 2016.
• Device Fundraising: $2.8B in 2017, with PMA/De Novo deals outperforming others.
• Dx/Tools Fundraising: $2.8B in 2017, with R&D Tools and AI-based companies leading the way.
• Biopharma IPOs: 31 in 2017, with oncology and orphan/rare accounting for 63% of the total.
• Device M&A: 9 acquisitions in 2017, with the highest value being NeoTract's $1.1B deal.
• Dx/Tools M&A: No M&A exits in 2017, but expected to rise in the next few years.

Conclusion

The 2017 healthcare investment landscape was characterized by record fundraising and investment levels, with a clear shift in focus toward biopharma, especially oncology and platform companies, and Dx/Tools, particularly R&D Tools and AI-based technologies. Device M&A activity remained stable, with PMA/De Novo deals showing higher returns. While Dx/Tools had no M&A exits, the sector is expected to see growth in 2018, driven by tech investors and potential spin-offs from R&D Tools companies. The 2018 outlook suggests a more balanced market with continued focus on oncology and early-stage companies.