CB-Insights-2021Q3关于私人市场医疗保健公司交易、融资和退出的全球数据和分析（英）-2022.1-229页_13mb

State of Healthcare Q3 2021 Summary

Core Content

The State of Healthcare Q3 2021 report provides a comprehensive overview of dealmaking, funding, and exits in the private-market healthcare sector. It highlights key trends and performance metrics across various regions and stages of investment.

Main Points

Global Deal and Funding Trends

• Total Global Healthcare Deals: Reached a record high of 1,904 in Q3 2021, up 15% from the previous quarter.
• Funding Amount: Total funding amounted to $30.7B, a 41% increase year-over-year (YoY), although there was a 18% quarterly decline from Q2.
• YTD Funding: Exceeded 2020 levels by 21%, reaching $97.8B.
• Mega-rounds: 75 mega-rounds ($100M+) were completed in Q3, with funding totaling $10.4B, surpassing 2020 levels by 35% in deal count and 46% in funding.
• Early-stage Deal Share: Increased to 54% in 2021 YTD, rebounding from a multiyear low in 2020.
• Median Time Between Series C and D Raises: Reduced to 16 months in 2021, compared to 21 months in 2015.
• Late-stage Deal Size and Valuation: Median late-stage deal size and valuation increased significantly, reaching $46M and $471M, respectively, a 60% increase from 2020.

Regional Trends

• Asia Deal Share: Achieved an all-time high of 38%, while the US deal share hit a record low of 42%.
• Asia Funding Growth: Only major region to show sequential funding growth, rising 18% QoQ to $8.6B.
• US Funding: Dominated with $18.3B in Q3, representing 808 deals.
• LatAm and Other Regions: Showed lower deal share and funding compared to Asia and the US.

Exit Trends

• Total Exits: Slightly declined by 5% QoQ to 678, with a slowdown in IPO and M&A activity.
• SPAC Exits: Reached an all-time high of 11 in Q3, with a median valuation of $1.2B, more than double the median IPO valuation.

Investment Trends

• VC Dominance: VC accounted for 30% of investor deal share in Q3, with other investors making up 23%, Incubator/Accelerator at 5%, Angel at 6%, Private Equity at 10%, Asset/Investment Management at 10%, and Corp and CVC at 15%.
• Average Deal Size: Increased by 39% YoY, with late-stage deals seeing the most significant growth.

Key Highlights

Top 10 Equity Deals in Q3'21

• Abogen: $700M (Series C) - China
• Laronde: $440M (Series B) - US
• Cityblock Health: $400M (Series D) - US
• XtalPi: $400M (Series D) - US
• Olive: $400M (Series H) - US
• Carbon Health: $350M (Series D) - US
• Netkope: $300M (Series H) - US
• Cybereason: $275M (Series F) - US
• Miaoshou Doctor: $232M (Series F) - China
• Lenskart: $220M (Series H) - India

Top 10 Seed / Angel Deals in Q3'21

• CytoLynx Therapeutics: $45M (Seed VC) - China
• Anivive: $44M (Seed VC) - US
• Neukio Biotherapeutics: $40M (Seed VC) - China
• Mestag Therapeutics: $34M (Seed VC) - UK
• Initrile: $33M (Angel) - US
• Zecui Biological: $30M (Angel) - China
• Bantam Pharmaceutical: $25M (Seed) - US
• Debut Biotechnology: $23M (Seed VC) - US
• Opus Genetics: $19M (Seed VC) - US
• Westlake Therapeutics: $15M (Seed VC) - China

Top 10 Series A Deals in Q3'21

• OrbusNeich: $200M (Series A) - Hong Kong
• GentiBio: $157M (Series A) - US
• HilleVax: $135M (Series A) - US
• Trinomab: $108M (Series A) - China
• BioMap: $100M (Series A) - China
• Truveta: $95M (Series A) - US
• Evommune: $83M (Series A) - US
• Neural Galaxy: $77M (Series A) - China
• Muna Therapeutics: $73M (Series A) - Denmark
• Garuda Therapeutics: $72M (Series A) - US

Top 10 Series B Deals in Q3'21

• Laronde: $440M (Series B) - US
• Sonoma Biotherapeutics: $265M (Series B) - US
• Prime Medicine: $200M (Series B) - US
• Wugen: $172M (Series B) - US
• Meiwei Dental: $155M (Series B) - China
• JOINN Biologics: $150M (Series B) - China
• Skyhawk Therapeutics: $133M (Series B) - US
• Ring Therapeutics: $117M (Series B) - US
• Attralus: $116M (Series B) - US
• Obsidian Therapeutics: $115M (Series B) - US

Top 10 Series C Deals in Q3'21

• Abogen: $700M (Series C) - China
• MediTrust Health: $308M (Series C) - China
• Exo: $220M (Series C) - US
• Reify Health: $220M (Series C) - US
• Neuralink: $205M (Series C) - US
• Intervenn Biosciences: $201M (Series C) - US
• Opentrons: $200M (Series C) - US
• Deep Genomics: $180M (Series C) - Canada
• TrialSpark: $156M (Series C) - US
• Artios Pharma: $153M (Series C) - UK

Top 10 Series D Deals in Q3'21

• Cityblock Health: $400M (Series D) - US
• XtalPi: $400M (Series D) - US
• Carbon Health: $350M (Series D) - US
• Imperative Care: $260M (Series D) - US
• Commure: $150M (Series D) - US
• Mammoth Biosciences: $150M (Series D) - US
• Commure: $149M (Series D) - US
• Virogin Biotech: $120M (Series D) - Canada
• Maven Clinic: $110M (Series D) - US
• InBrace: $102M (Series D) - US

Top 10 Series E+ Deals in Q3'21

• Olive: $400M (Series H) - US
• Netkope: $300M (Series H) - US
• Cybereason: $275M (Series F) - US
• Miaoshou Doctor: $232M (Series F) - China
• Lenskart: $220M (Series H) - India
• Digit Insurance: $200M (Series E) - India
• Whoop: $200M (Series F) - US
• Gusto: $175M (Series E) - US
• Elligo Health Research: $135M (Series E) - US
• Nimbus Therapeutics: $135M (Series E) - US

Conclusion

The Q3 2021 healthcare sector saw a record number of deals and a significant increase in funding, driven largely by the US and Asia. While there was a slight quarterly decline in total exits, SPAC exits reached a new high. The shift in deal share and the increase in deal sizes and valuations indicate a growing interest in late-stage and high-value investments. Additionally, the return of early-stage deal share and the increasing role of venture capital in funding highlight the evolving landscape of healthcare innovation and investment.