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State of Healthcare Summary - Q3 2021

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 sector. It highlights significant trends across different stages of investment, regional activity, and key players in the industry.

Main Trends

Global Deal and Funding Activity

• Global Healthcare Deals: A record high of 1,904 deals were made in Q3 2021, representing a 15% increase from the previous quarter and the highest on record.
• YTD Funding: As of Q3 2021, $97.8B in funding has been raised, surpassing 2020 levels by over 20%.
• Funding Dip in Q3: Despite the record number of deals, Q3 funding was down by 18% compared to Q2 2021, but it was still a 41% increase YoY.

Unicorns and Valuations

• Healthcare Unicorns: There were 10 new unicorns in Q3 2021, bringing the global total to 91.
• US Dominance: All 10 new unicorns were US-based, with an aggregate valuation of $18.7B.
• Late-Stage Valuations: The median late-stage valuation rose from $292M in 2020 to $471M in 2021, a 60% increase.
• Late-Stage Deal Size: The median late-stage deal size increased to $46M in 2021, up from $32M in 2020.

Regional Analysis

• Asia's Growth: Asia-based healthcare startups accounted for 38% of total deals, the highest ever, while the US deal share dropped to 42%, its lowest ever.
• Asia Funding Growth: Asia saw 18% QoQ funding growth, reaching $8.6B, making it the only major region with sequential funding growth.
• US Funding: The US raised $18.3B in Q3 2021, with 808 deals.

Investment Trends

• Mega-Rounds: There were 75 mega-rounds (over $100M) in Q3 2021, down QoQ but still 35% higher in deal count and 46% higher in funding than in 2020.
• Early-Stage Deals: Early-stage deal share rebounded from a multiyear low of 50% in 2020 to 54% in 2021 YTD, with Asia and the US sharing roughly equal shares.
• Median Deal Sizes: Mid- and late-stage deal sizes increased significantly in 2021 YTD, while early-stage deal sizes remained relatively stable.
• VC Dominance: Venture Capital (VC) accounted for 30% of investor deal share in Q3 2021, with other investors like Private Equity (10%) and Angel Investors (6%) also contributing.

Exit Trends

• Total Exits: 678 exits were recorded in Q3 2021, a 5% decline QoQ.
• M&A and IPO Slowdown: Both M&A and IPO activity slowed, leading to the first quarterly decline in M&A exits since Q2 2020.
• SPAC Exits: 11 SPAC exits were completed, with a median valuation of $1.2B, more than double the median IPO valuation.
• SPAC Valuation Growth: SPAC valuations in 2021 YTD have tripled compared to 2020 levels.

Key Insights

• The healthcare sector experienced a record-breaking number of deals in Q3 2021, with Asia leading in deal share and US dominating in funding.
• Late-stage deals saw a significant increase in both size and valuation, with median valuations rising over 60%.
• Early-stage deal share rebounded, showing a 54% share of YTD deals, driven by Asia and the US.
• Mega-rounds remained a key part of the investment landscape, with US and Asia leading in both deal count and funding.
• SPAC exits reached an all-time high, with median valuations exceeding $1.2B, signaling a shift in exit strategy for healthcare companies.

Top Deals by Series

Seed / Angel Deals

1. CytoLynx Therapeutics - $45M
2. Anivive - $44M
3. Neukio Biotherapeutics - $40M
4. Mestag Therapeutics - $34M
5. Initrile - $33M
6. Zecui Biological - $30M
7. Bantam Pharmaceutical - $25M
8. Debut Biotechnology - $23M
9. Opus Genetics - $19M
10. Westlake Therapeutics - $15M

Series A Deals

1. OrbusNeich - $200M
2. GentiBio - $157M
3. HilleVax - $135M
4. Trinomab - $108M
5. BioMap - $100M
6. Truveta - $95M
7. Evommune - $83M
8. Neural Galaxy - $77M
9. Muna Therapeutics - $73M
10. Garuda Therapeutics - $72M

Series B Deals

1. Laronde - $440M
2. Sonoma Biotherapeutics - $265M
3. Prime Medicine - $200M
4. Wugen - $172M
5. Meiwei Dental - $155M
6. JOINN Biologics - $150M
7. Skyhawk Therapeutics - $133M
8. Ring Therapeutics - $117M
9. Attralus - $116M
10. Obsidian Therapeutics - $115M

Series C Deals

1. Abogen - $700M
2. MediTrust Health - $308M
3. Exo - $220M
4. Reify Health - $220M
5. Neuralink - $205M
6. Intervenn Biosciences - $201M
7. Opentrons - $200M
8. Deep Genomics - $180M
9. TrialSpark - $156M
10. Artios Pharma - $153M

Series D Deals

1. Cityblock Health - $400M
2. XtalPi - $400M
3. Carbon Health - $350M
4. Imperative Care - $260M
5. Commure - $150M
6. Mammoth Biosciences - $150M
7. Commure - $149M
8. Virogin Biotech - $120M
9. Maven Clinic - $110M
10. InBrace - $102M

Series E+ Deals

1. Olive - $400M
2. Netskope - $300M
3. Cybereason - $275M
4. Miaoshou Doctor - $232M
5. Lenskart - $220M
6. Digit Insurance - $200M
7. Whoop - $200M
8. Gusto - $175M
9. Elligo Health Research - $135M
10. Nimbus Therapeutics - $105M

Conclusion

Q3 2021 marked a significant milestone in the global healthcare investment landscape, with record deal numbers, rising valuations, and a notable shift in regional activity. The US continued to dominate in funding, while Asia led in deal share and saw the only QoQ funding growth. Late-stage investments showed strong growth, and SPAC exits emerged as a major trend, with valuations surpassing IPOs. These trends reflect a dynamic and evolving healthcare ecosystem, driven by innovation and strategic investments.