2019医疗健康行业投资前景研究报告.pptx

,2019医疗健康行业投资前景研究报告,2019,2018,96,2018,A,IPO2019I,IPO,A,20192018,2018,/,A,/,20182019,*,2019,30IPO56,13,IPO,2019,42%,10,FDA2019IPO610,2019,IPO,58,Auris,2018,140%,IPO,医疗健康行业投资和募资：资金流依然充裕,2009-2019,*,2019,2019 6 14,PitchBook,A,2019,10,2018,10,Third Rock VenturesFlagship,PioneeringHealthQuest Capital,5AM Ventures,Arboretum VenturesAtlas,Venture,2019 B,IPO,A,IPO,2019,2018/,$52,$18,$37,$36,$39,$61,$75,$72,$91,$96,$58,$0B,$5B,$10B,2009201020112012201320142015201620172018,1H 2019,50%,100%,0%2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2*,$50M,$25-$50M,$10-$25M,$5-$10M,Under $5M,A,2019,$5000,$2500-$5000,$1000-$2500,$500-$1000,$500,$100,$50,$0,20172019,B,0,100,200,300,$9B$6B$3B$0B,2017Q1,2017Q2,2017Q3,2017Q4,2018Q1,2018Q2,2018Q32018Q4,2019Q1,2019Q2,Biopharma,Dx/Tools,Medical Device,Total Deals,/,20172019,/,2019,2019 6 14,10,Rakuten , Relay,23andMe,2018,201812274,2019,2018,10%,IPO,2018,IPO,AB,/,$90,$60,$30,$0,/,2017-2019,A*,A,*A,200,2019,2019 6 14,A,C10A,A,2019,AB,2013,A,IPO,C15,IPO,17,17,29,54,27,35,48,10 1,13,20,21,Anti-Infective,Orphan/Rare Disease,Neurology,Platform,Oncology,1H 2019,$10.29,$14.73,$4.83,$5.31$11.45,$6.59,$2.73$6.15 $2.59,$5.73 $6.5 $3.71,2116 7$3.09$1.14 $0.03,美国和欧洲A轮投资额（按适应症类别）交易数量（投资额/ 亿美元）,B,201720182019,34,20,18,17,16,14,13,12,11,A,B,20182019,*,* 2019,Alexandria,200,201820192019 6 142018 9 30 AREE, Inc.,RARedmile Fidelity,Capital Deerfield Foresite,Perceptive Advisors EcoR1Cormorant 1520192019,21,IPO,A20185A,ARCHVenture PartnersF-,PrimeOrbiMedVersant Ventures5AM VenturesBioInnovation Capital,Longitude CapitalMPM CapitalNew,Enterprise AssociatesSofinnova Partners Third Rock Ventures,2018,A,B,438,333,Total Biopharma,31,36,55,73,35,97,Anti-Infective,Orphan/Rare Disease,Neurology,Platform,Oncology,1H 2019,20172019,2019 6 14,|20172018,$25.13118 $55.14,15,41%8000BioNTech,SanofiPfizerTizona,AbbVie,KynCelgene,/,AlexionCaelum,Vivet,2019,20172018152019,2019,23%,CFIUS 2018,57 $26.47,$41.86,47 $11.27,42 $16.73,$14.09,28 $4.97,26 $8.09,$11.18$16.68,20$9.22,$10.80,27 $6.41,5 $2.06,$177.73,$81.83,202 $77.34,2019Deals $125M $200M,2019Deals $80M $100M,2019Deals $100M $125M,2019,2,2019,1.25-2,2019,1-1.25,2019,8000-1,2019,/,2018-2019,*,2019,PitchBook2019 6 14,2018 7 25$1.33$9.13,2019 3 27$5000$4.50,2018 8 13$1.43$7.29,/,2019 5 21$1.21$7.31,2019 1 28$1$11,/,*,49,6,15,2020198,5.31.15,2.66.23,15,8,4IPO,8,9IPO,Peloton,9,/,710,2019,A,2019,2002019 6 14,A,317A,$17.61$3.17,196A,$6.08$1.07,38$18.3114A$7.53,76A,$8900$7400,7$5.425A$2.42,119A,$1.5$1.24,106A,$5.27$2.49,7,4,10,9,4,8,10,4,6,8,9,5,14,9,3,5,3,3,12,5,10,Vascular,Non-Invasive Monitoring,Surgical,Neurology,Imaging,Cardiovascular,Orthopedic,2017,2018,1H 2019,2019,A,2017-2019,A,*,A,A,2018,Proprio,201920192019,2017Eloupes2018,7,/,5,3,Vergent,Elucida,Onconano,A,B/C10A Xandex,Hyalex,Biolinq,*A,200,2019,2019 6 14,A,A,C10A,$41$62 $7,$57 $50$34,$71,$112$7,$78,$56$14,$29 $41,$134,$42,$172,$30,$41,$92,$60,A,/,B,2019,7,5,4,3,20182019,*,* 2019,201820192019 6 14,2019Beta Bionics Dexcom, Novo Nordisk,Cala Health,HistoSonics,Systems,Novartis Varian Medical Trice Medical,Smith & NephewDeerfield USVP Life SciencePartnersRTW Investments Khosla VenturesMedical Technology Venture PartnersHeuristic CapitalAccelerator/VC SOSV PortfoliaAlliance of Angels,147,244,175,Total Medical Device,13,19,16,10,2,12,10,25,29,33,6,10,17,20,20,19,26,Non-InvasiveMonitoring,Imaging,Vascular,Surgical,Neurology,Orthopedic,Cardiovascular,20172018,1H 2019,20172019,2019 6 14,2018,10,4,2018153,OptiScan,/,20195000Beta BionicsBiolinqThink SurgicalOrthoSensor,BarricaidActive Implants,2019,1,$4.14,$6.51,18 $3.13,$2.37,$3.37,1 $3.58,$3.53,27 $5.05,10 $1.73,$5.04,$5.05,$1.36,$3.17,15 $2.36,$2.86,$1.19,$3.60,$2.55,$1.02,$1.97,$1.86,$30.30,$40.97,$22.62,|,2019,2019,5000-1,20182019,*,2019,PitchBook2019 6 142019,2019 6 14,20181.5*,Auris,2019Myoscience AvedroIPO,Fidelity Perceptive,15Deerfield Wellington Cormorant,Viking,/KKR ArrowMark Eventide,NFLS-,PivotalRichard King Mellon,Mubadala Investment,Company,Endeavor VisionLife Science Partners,LightstoneGildeAlly,BridgeLongitudeSV Health,2018年7月3日$500 万融资$1.55亿投后估值,2018年7月10日$3100 万融资$1.66亿投后估值,2018年8月28日$1.32亿融资$6.07亿投后估值,/,2018年3月9日$7500 万融资$4.50亿投后估值,2019年1月9日$6300 万融资$2.13亿投后估值,2019年4月26日$6500 万融资$3.15亿投后估值,A,2019,319A,$6.87$7000,114A,$1.19$1500,103A,$1.56$2000,103A,$5500$1900,A,200,2019,2019 6 14,4$51003A$1400,3$14002A$900,174A,$3.39$3100,6$66002A$1100,21,2914,Dx Test,Dx Analytics,R&D Tools,20172018,1H 2019,$1.37 $1.80 $2.21201818,$1.05,$2.73,$3.61,/,/,A,2017-2019,* A,200,2019,2019 6 14,10A,A A,C,/,A,2018,A20172018/,6,/,4,3,1.1,Sherlock Biosciences,3100,4,BilliontoOne,BostonGeneExscientiaOnera,/,Thrive Earlier Detection201910A/,A,/,B,2019,108,7,6,4,/,2018-2019,/,*,*最活跃的新投资者定义为20182019有新投资（首次投资）的投资者。2019年融资数据截至2019年6月14日。融资的日期可根据后续附加投资进行调整。Alexandria2002018 9 30 AREE, Inc.,/,2019,/,/,/,/,F-PrimeEmbarkLunaPBC,Nebula GenomicsOwkinCasdin,CapitalGenome Medical,CelsiusProminexThrive Earlier Detection,171,231,119,Total Dx/Tools,37,104,40,90,Dx Analytics,Dx Tes,t,R&D Tools,1H 2019,2019,/,2019 6 14,$24.88,$12.78,2019,5000,2018145000,IPO,/ 20192019,2019TempusVeranaSophia GeneticsDNAnexus,38 $6.56,55 $11.57,41 $21.02,44 $5.55,$18.70,$13.5072,$9.53,$55.14,$47.30,$21.64,2019,1,20172019|,201720182019,/,2019,7500-1,2019,5000-7500,/,10,2018-2019,/,*,2019,PitchBook2019 6 14,2,*,15,10Grail,Twist,2018,IPO,2019IPO20173/,201910,2018 5 11$3$32,2019,4 10,$1.31,$2.51,2019 4 17$6000$3.75,2018 9 25$5800$3.08,2018 6 19$3600$2,2018 8 23$600$2.10,2018 5 3$2000$2.10,/,A,/,2019,/,23$4.859 A$5600,7$64002 A$1200,157 A,$5.19$2.14,115 A,$1.69$3600,52 A,$8400$1000,85 A,$7300$2100,A,200,2019,2019 6 14,53 A,$5300$1100,32 A,$2700 900,0,50,100,150,200,$3B$2B$1B$0B,2017Q1,2017Q3,2017Q4,2018Q1,2018Q2,2018Q3,2018Q4,2019Q1,2019Q2,Invested Capital,Total Deals,2017-2019,2017Q22017,2018,2019,*,10%,/,2019,2019 6 14,/,141,2018,2019,20172017,100,/OscarOneMedicalDevoted HealthClover Health5,$30,$20,$10,$0,IPOIPO,$50B$25B$0B,2014,2015,2016,2017,2018,1H 2019,M&A Upfront,M&A Milestones,IPO Market Cap,66,42,28,31,54,23,14,22,20,14,14,5,2014,2015,2016,2017,2018,1H2019,IPO,M&A,IPO20142019,IPO,75002500,IPO,IPO IPO,20142019,IPO,Peloton,A 5613 IPOIPO10B2018,IPO,70%2019,C2014/,2018,5IPO,2019,2019,2018,IPO,-,47%,$263,$303,$281,$217,$493,28,68,45,64,62,31,30,27,23,12,12,6,317,Oncology Orphan/RareDisease NeurologyPlatformAnti-Infective,IPO,M&A,A,B,C,80,48,$189,IPO,2019,IPO,$500,$250,$0,2019,/,5,7,2,5,4,3,4,8,2,6,3,4,10,9,5,3,2,1,1,1,1,2014,2015,2016,2017,2018,1H 2019,20142019,*,7500,*,2019IPO,IPOIPO,4,I,2,II,4,3,Therachon,A,32.3,IFM TreMyonexus8.5,2019 2,5,1.5,Peloton Therapeutics 10,III II I,$80,$166,$212,$89,$148,$52,1,1,2019,$62,$71,$53,$85,$100,$89,$150M$100M$50M$0M,1H 2019,IPO,IPO,2014-2019,IPO,IPO,2500,IPO,I,IPO IPO*IPO,PitchBook,IPO,IPO,2019,IPO,3.39,IPO,0.89,132019,6,10,Gossamer BioTurning Point Therapeutics,Alector,Cstone,201420152016201720181IPOCortexyme,15,23BridgeBio65%IPO,IPO,IPO,5,Prevail,IAlector,II,2019IPO107KarunaIIITreviCortexyme,$1.35,$1.93,$1.40,$2.94,$3.25,$3.39,$600M$400M$200M$0M,20142015201620172018,1H 2019,IPO,2019,IPO,$6,$4,$2,$0,$150,$100,$50,$0,2019,2019,2019,10,10,IPO,IPO,53,/13,10,2013IPO,10,20132019 6 28,*,2014,2015,2016,2017,2018,2019,2013201910222013,2017,2014,2015,2016,2018,102013,2019,*,0%,20%,40%,60%,80%,0,20,40,60,80,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,Not Venture-Backed,Venture-Backed,US Orginator & Venture-Backed,Europe Orginator & Venture-Backed,42%,20092018FDAFDA,*HBMPitchBook,21,42,602009,FDA,1600,5250%,2009,/,II,10,11,3,3,8,5,18,19,13,14,19,10,2014,2015,2016,2017,2018,1H 2019,IPO,M&A,$10B$5B$0B,2014,2015,2016,2017,2018,1H 2019,M&A Upfront,M&A Milestones,IPO Market Cap,20142019,IPO,50002500,IPO,IPO IPO,$71,$84,$51,$51,$74,27,17,16,30,15,A,A 2019,9,5IPO,2018,B,58,Auris 94,IPO,20192019IPO,2019,IPOC 2019IPO 5,4,Silk Road,235%,140%,Shockwave 2018IPO,250%,150%30%80%,28,$94,IPO,B,C,IPO,2019,IPO,$100,$50,$0,1,4,2,3,2,2,1,5,4,3,2,2,15,10,7,8,15,6,2014,2015,2016,2017,2018,1H 2019,CE,Auris20142019,*,5000,*,FDA,CE,FDA,2019,Auris34,58,3500,B,4500,AB,A,Highland,Capital Partners,Kleiner PerkinsB,Lux CapitalMithril,Capital 2019,2018,Stryker20192018,3,2019,2017,10,2017,LivaNovaMeritSmith & Nephew,$43,$37,$44,$47,$48,$77,2019,2015 年 2019年退出时上半年所处阶段,投资额首笔付款,中位数中位数,（百万美元） （亿美元）,首笔付款交易总额 增值倍数中位数 中位数（亿美元）,交易总额 退出时间,增值倍数中位数 中位数（年）,510（k）普通路径器械并购39起退出交易,$46,$1.10,3.4x,$1.40,4.7x,8.9,De Novo510（k） 新路径并购4起退出交易,$46,$3.60,4.6x,$4.35,6.1x,8.8,PMA并购31起退出交易,$51,$2.00,3.4X,$3.15,5.8x,6.7,510k20152019,4,36,2 1,CE,FDA,5,12,14,PMA,FDA,510k 2019,FDA6510k,5,FDA,FDA,3510k,18,4PMA201520175000,4100,9.0,7.3,2019,510k,1,510k6510k,5,5000,510 k,FDA,DeNovo 510 k,PMA,7,1,2,2,10,58,5,10,4,2014,2015,2016,2017,2018,1H 2019,IPO,M&A,$5B$3B$0B,2014,2015,2016,2017,2018,1H 2019,M&A Upfront,M&A Milestones,IPO Market Cap,/,IPO,20142018,/,IPO,IPO IPO,50002500*,IPO 2019 6 28,$39,$34,$15$3,$40,6,17,A,12,13,$32,A/,2019,4,3,IPO,Adaptive BiotechnologiesIPO4,5.3/,/,2015,PersonalisB1010C IPO 10/,8,2019,8.9,4,10,20182019,/,IPO,B,C,IPO,2019,IPO,$50,$30,$0,2019,/,20142019,/,$3B$2B$1B$0B,2014,2015,2016,2017,2018,1H 2019,$28,$14,$15,$23,5000,$5,Evotec,InvitaeSingular Bio,Beckman Coulter,Labcyte2900,A,Just,3.7Singular,Just Biotherapeutics Invisible SentinelJustSingular 5.2,$30,$20,$10,$0,2019,2019,2019,2018,2018,2019,2018,2018,2019,A2019Adaptive BiotechnologiesPersonalis,5000,7500/,IPO,IPO,2500,IPO,AA,200,CE,FDA,CE,CE FDA,FDA,510 k FDA De Novo 510 k PMA,FDA,/,1515,15,Casdin Capital, Cormorant Asset Management, Deerfield,Management, EcoR1 Capital, Fidelity Investments, Foresite Capital,Management, Perceptive Advisors, RA Capital Management, Redmile Group,Rock Springs Capital, Softbank, T. Rowe Price, Viking Global Investors, Wellington ManagementWoodford Investment Management .,Thanks.,