硅谷银行-2021年度医疗保健投资与出口（英）-44页_10mb

Summary of Healthcare Investments and Exits in 2021

Core Content

The year 2021 marked a significant milestone in the healthcare investment landscape, with record-breaking fundraising and investment figures across biopharma, healthtech, Dx/Tools, and device sectors. Despite a slowdown in Q3 and Q4, the overall trend showed robust growth, driven by the impact of the pandemic, technological advancements, and increased interest in digital health solutions.

Main Points

• Market Highlights:

  • Venture fundraising reached new heights, with healthcare investment almost doubling that of 2020.
  • Total investment in healthcare companies exceeded $86B, a 30% increase from 2020.
  • Healthtech investment saw a 157% increase compared to 2020, making it the fastest-growing sector.
  • Biopharma investment set a new record, though it declined in the second half of the year due to poor IPO performance and reduced crossover investment.
  • Device investment also hit record levels, with a 53% increase from 2020, led by non-invasive monitoring (NIM) and imaging.

• Healthcare Fundraising and Investments:

  • The largest healthcare fundraising year on record, surpassing $16.8B in 2020 and nearly tripling the capital available from 2018-2019.
  • Notable funds like Flagship Pioneering, Arch Venture, and Orbimed raised $1B+ healthcare-only funds.
  • SVB played a significant role in the US healthcare ecosystem, with 50% of VC-backed companies raising rounds since 2021 having a banking relationship with SVB.

• Healthcare Exits:

  • VC-backed exits hit a record, with healthtech, Dx/Tools, and device sectors seeing a significant number of M&A deals.
  • Biopharma had 92 public offerings, with pre-clinical and phase I deals accounting for half.
  • Post-IPO performance was down for the class of 2021, with dx/tools and device just breaking even and biopharma and healthtech seeing significant declines.
  • SPAC mergers increased, but de-SPAC performance was poor.

• SVB US Market Stats:

  • 75% of all VC-backed healthcare IPOs since 2020 have a banking relationship with SVB.

• Investment Trends:

  • Seed/series A investment doubled from 2020, with an average deal value increasing from $4M to $8M.
  • Clinical trial enablement (CTE) and provider operations (PO) companies saw substantial growth, with CTE companies accounting for 4 of the top 6 largest seed/series A deals.
  • Alternative care (AC) companies led healthtech investment, receiving 38% of total dollars, with a 3x increase from 2020.

• Notable Deals:

  • 42 unicorns were created in 2021, more than 4x the number from 2020.
  • Major seed/series A deals included those in computational biology, with companies like Neumora, Odyssey Therapeutics, Treeline, and Eikon securing large valuations.
  • The top eight healthtech deals exceeded the highest private valuation of 2020, with Color and DevotedHealth among the most valued.

• Investor Activity:

  • Crossover investors focused on clinical-stage companies in Q3 and Q4, leading to a decline in pre-clinical investment.
  • The majority of 2021 funding came from 105 mega-rounds, with $40B raised.
  • Major healthtech investors included Gaingels, TigerGlobal, and General Catalyst, with a notable focus on alternative care and provider operations.

• Regional Investment:

  • The US and Europe both saw significant investment, with the US leading in most sectors.
  • The UK was a hotbed for Dx/Tools seed/series A activity, with 20 deals, matching Massachusetts and lagging behind Northern California.

Key Information

• Biopharma:

  • Investment reached $36.3B in 2021, up from $25.6B in 2020.
  • Seed/series A investment increased, with platform, neurology, and anti-infective leading the way.
  • Orphan/rare investment slowed significantly, down 57% from 2019.
  • Three of the top eight computational biology companies (Insitro, ATAI, Generate Biomedicines) raised large rounds.

• HealthTech:

  • Investment reached $28.18B in 2021, up from $10.97B in 2020.
  • Alternative care and provider operations saw the highest investment, with provider operations accounting for 34% of seed/series A funding.
  • The number of $1B+ private M&A deals increased, with healthtech showing strong performance despite poor post-IPO results.

• Dx/Tools:

  • Investment reached $13.03B in 2021, up from $10.1B in 2020.
  • Seed/series A investment increased, though dollars continued to lag behind other sectors.
  • Dx tests saw a surge in deal activity, with a focus on platform technologies and oncology.

• Device:

  • Investment reached $8.79B in 2021, up from $5.76B in 2020.
  • Non-invasive monitoring (NIM) and imaging were key drivers of early-stage investment.
  • M&A activity increased, with a diverse range of acquirers including small to mid-cap companies and big company spin-outs.

• Investor Trends:

  • The majority of VC-backed healthcare companies raised funds with SVB.
  • Crossover investors shifted focus to clinical-stage companies in the second half of the year.
  • The number of $1B+ private M&A deals in healthtech increased, though post-IPO performance was down.

• Outlook for 2022:

  • US venture fundraising is expected to drop to about $16B as most healthcare firms have recently raised new funds.
  • There is an anticipation of a resurgence in series C financing rounds as mezz-funded Series B companies need more capital.
  • The public market is expected to become more discerning, potentially affecting investment patterns.

Conclusion

The year 2021 was a record-breaking year for healthcare investments and exits, with significant growth across all sectors, particularly healthtech and biopharma. The impact of the pandemic accelerated the need for digital health solutions, leading to increased investment in alternative care and provider operations. Despite some challenges in post-IPO performance and a slowdown in Q3 and Q4, the overall momentum in the healthcare sector continued to drive innovation and growth. SVB played a crucial role in the ecosystem, with a substantial portion of VC-backed companies having banking relationships with the firm.