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Healthcare Investments and Exits Mid-Year 2022 Summary

Despite market challenges, healthcare investments remained robust in 2022. US venture capital fundraising continued strong, with $38B invested in healthcare companies in 1H 2022, driven by large hedge funds, private equity, and tech investors. However, investment volumes slowed in Q2 due to public market corrections, with a 36% drop from Q1, though early-stage biopharma and healthtech saw persistent activity. Valuations faced pressure from public market declines, leading to fewer IPOs and lower multiples.

Fundraising Highlights

• US healthcare fundraising reached record levels in 2021, with 2022 investments at $25B+ in Q1 and $15.5B in Q2, maintaining high activity despite a tough economic environment.
• Early-stage funding peaked in Q1 2022, but later-stage and mega-round investments slowed, reflecting investor caution and valuation adjustments.

Sector-Specific Investments

• Biopharma: Investment volumes declined in Q2, with a focus on assets closer to clinical milestones. Computational biology emerged as a hotspot, accounting for 25% of seed/series A dollars in 1H 2022. Series A activity rose, providing companies with runway amid a down market. Later-stage IP sustained growth, but down rounds increased.

• HealthTech: Early-stage investment remains strong, particularly in provider operations and alternative care. Exit activity plummeted, with no IPOs in 1H 2022, while M&A picked up among private companies. Strong step-up multiples in early-stage deals offer positive returns despite public market volatility.

• Dx/Tools and Device: Both sectors saw increased later-stage investment, but Q2 volumes dropped due to market correction. Dx tests were slower due to the crowded liquid biopsy landscape, while device investments remained solid in non-invasive monitoring. Milestones are delaying IPOs, and M&A is slowing as valuations compress.

• Computational Biology: Reported significant growth, with dollars rising by 38% in 1H 2022, driven by biopharma and healthtech interest.

Exit Strategies

• IPOs: Activity fell precipitously, with only 14 biopharma IPOs in 1H 2022 and none in healthtech. IPO valuations remain below previous peaks, and early performances are mixed.
• M&A: Deals declined to just two in 1H 2022, with lower multiples. However, acquirers like large pharma firms (e.g., GSK, Pfizer) target post-IPO depressed-valued companies for strategic gains.

Market Pressures

• Valuation Concerns: Down rounds and reduced step-ups signal market fatigue, amplified by the COVID-19 surge and slow IPO recovery.
• Cash Runway: Companies are extending burn through insider or bridge funding to survive economic downturns, delaying exits.

Predictions for H2 2022 and Beyond

• Investments will likely moderate as valuations correct, with a pivot toward down-market financing.
• Fewer IPOs and modest M&A growth are expected until public markets stabilize.
• Biopharma should see 15-20 more IPOs in H2 2022, while healthtech and devices may explore exit strategies cautiously.
• Savvy portfolio companies are positioning for future opportunities, aiming for strong step-ups in later rounds.

Upcoming SVB-hosted events, such as #SVBHealthcare03, aim to analyze these trends further.