2019年中医疗健康行业投资与退出趋势

1、20192019SVB_Financial#SVBHealthcare获取报告1、2、3、每周群内7+报告；当日华尔街日报、4、行研报告均为公开利归原作者所有，起点财经仅分发做内部学习。扫一扫 关注公号回复：加入“起点财经”群。201935IPO242019353637220192019*201896IPO 2019I2018AIPOA201920182018/A20182019/3*A20192019IPO 201930IPO5613IPOFDA20191042%IPO610 2019IPO58Auris2018140%alisAdaptive Biotechnologies IPO/201

2、9 20154IPO10/ 108642019520192009-2019*AA2019$9610$11000B$912018$75$7210$61$58$52Third Rock VenturesFlagshipapital$50BPioneeringHealthQ$39$37$365AM VenturesArboretum VenturesAtlas$18Venture$00B1H2021091920092010201120122013201420152016201720182019BIPO20172019$22550-0$-5$500M00BAIPO$55000M0$11000-0$-2

3、$255M00$550-0$-1$010M00U$n5d0e0r $5M100%2018/201950%0%2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2*20192019 6 1462019PitchBook/20172019/$990BBiopharmaDx/T/oolsMedicalDeviceTotal Deals300$660B200$330B100$00B02017Q12017Q22017Q320172017Q42018Q12018Q22018Q32018Q42019Q120192019Q2

4、2018领域（亿）美国欧洲合计美国欧洲合计美国欧洲合计生物制药$63.42$18.41$81.83$150.35$27.38$177.73$64.10$13.24$77.34诊断/工具$43.67$3.63$47.30$50.75$4.40$55.15$17.84$3.75$21.64医疗器械$25.33$4.97$30.30$35.85$5.11$40.94$20.38$2.24$22.62总计$132.42$27.01$159.44$236.95$36.90$273.84$102.37$19.23$121.6020181227410Rakuten, Relay23andMe20182019

5、201810%IPO2018IPOAB/201920196 14PitchBook720192017-2019A*美国和欧洲A轮投资额（按适应症类别）数量（投资额/ 亿）AAB12H012901920172018$4.83$10.29$14.73Oncology544821$6.59$5.31$11.45Platform293520$2.73$6.15 $2.59Neurology17271310AC$5.73 $6.5 $3.71Orphan/Rare Disease21167$3.09$1.14 $0.03Anti-Infective17101ABA20192013AIPOC15IPO*A

6、200201920196 1482019PitchBook美国201720182019年上半年投资数量13314962A轮融资总额（亿）$26.39$45.87$18.71企业创投投资占比（%）29%17%27%融资额中位数（万）$1000$1200$1000欧洲数201720182019年上半年投资数量704222A轮融资总额（亿）$8.67$6.86$4.69企业创投投资占比（%）32%24%32%融资额中位数（万）$800$1300$900AB20182019*RARedFidelity34Capital Deerfield ForesitePerceptive Advisors Eco

7、R1Cormorant 1520192019202118IPO17A20185AARCH Venture PartnersF-16PrimeOrbiMedVersant Ventures5AM VenturesBioInnovation CapitalLongitude CapitalMPM CapitalNew14Enterprise AssociatesSofinnova Partners Third Rock Ventures2018AB*201920182019 6 142019Alexandria2002018 9 30 AREE, Inc.PitchBook20172019|201

8、820192201712H0129019$25.1397Oncology118$55.14$26.475747$11.27Platform$41.8673220011991D.e2a5-l2s $125M$200M$16.7342$4.9728Neurology$14.095526$8.09$11.18$16.6835/220011991D-1e.a2l5s $100M$125MOrphan/Rare Disease36$9.2220$6.4127Anti-Infective$10.80315 $2.0620198D0e0a0ls $-180M$100M333$81.83Total Bioph

9、arma438$177.73202$77.341541%8000BioNTechSanofiPfizerTizonaAbbVieKynCelgene/20172018152019AlexionCaelumVivet2019CFIUS 2018201923%2019 6 14102019PitchBook2018-201949*62020191585.31.152.66.231584IPO/9IPO8/Peloton9710/*PitchBook2019 6 14PitchBook20191120192019 1 28$1$112018 12 20$3.50$8.342018 4 19$4.12

10、$6.872019 2 20$1.50$52018 9 282019 5 82019 4 22$8000$1.08$1.42$4.15$6.23$5.682018 8 13$1.43$7.292019 5 21$1.21$7.312018 7 25$1.33$9.132019 3 27$5000$4.502018 5 42018 3 12018 3 23$1.25$1.01$8200$71.25$9.51$4.012018 6 25$1.01$5.762018 7 20$2.30$6.502018 2 152019 3 6$2.50$1.35$4.80$6.752019 1 152018 3

11、5$5000$1$5$42019A133$3.17$1.33A3814A$18.31$7.53106$5.27$2.49A76A$8900$7400A2002019 6 142019122019PitchBook7$5.425A$2.4219$6.086A$1.0711$1.59A$1.2431$17.617A$3.17A2017-2019A*AAAB/2019年2017年2018年上半年2017201812H0129019投资数量577838$41$92$60A轮投资总额（亿）$4.38$6.79$2.97Orthopedic10910企业创投投资占比（%）融资额中位数（百万）19%8%18

12、%$42$172$30$4$7$4Cardiovascular81452019年欧洲2017年2018年上半年$29 $41$134投资数量252013Imaging4512A轮投资总额（亿）$1.92$2.57$0.63企业创投投资占比（%）融资额中位数（百万）8%0%0%$78$56$14$4$6$5Neurology99310AC$71$112$7Surgical1083$57 $50$34Non-Invasive Monitoring465$41$62 $7Vascular743AA2019201920192017Eloupes20182018ProprioB/C7/510A3Verg

13、entElucidaOnconanoAXandexHyalexBiolinq*A2001320192019PitchBook6 142019美国20182019*72019Beta Bionics, Novo Nordisk5Cala HealthNovartis Varian MedicalTrice MedicalHistoSonicsSystemsSmith & Nephew4Deerfield USVP Life SciencePartnersRTW Investments Khosla VenturesMedical Technology Venture PartnersHeuris

14、tic Capital3Accelerator/VC SOSVPortfoliaAlliance of Angels*201920182019 6 14PitchBook201914201920172019|2019120172018210H129019$4.1426Cardiovascular$6.5118 $3.1319 $2.37Orthopedic$3.3721 $3.58$3.5320Neurology$5.0510 $1.7320195000-1$5.0420Surgical$5.0510 $1.36$3.1717Vascular$2.3616 $2.86$1.1910Imagin

15、g10 $3.60$2.5519$1.02Non-Invasive Monitoring12 $1.9713 $1.86$30.30175Total Medical Device$40.97244$22.621472018201950001020183154Beta BionicsBiolinqThink SurgicalOrthoSensorOptiScan/BarricaidActive Implants2019 6 1415PitchBook20192018201920181.5*2019MyoscienceAurisAvedroIPO15Deerfield Wellington Cor

16、morantFidelity Perceptive/KKR ArrowMark EventideVikingNFLS-PivotalRichard King MellonMubadala InvestmentCompanyEndeavor VisionLife Science PartnersLightstoneGildeAlly SVBridgeLongitude Health*PitchBook2019162019 62019PitchBook2019年4月26日$6500 万融资$3.15亿投后估值2019年1月9日$6300 万融资$2.13亿投后估值2018年3月9日$7500 万融

17、资$4.50亿投后估值2018年2月21日$1.18亿融资$3.98亿投后估值2018 11 28$2.20$21.602018 3 28$5500$1.652018年8月28日$1.32亿融资$6.07亿投后估值2018年7月10日$3100 万融资$1.66亿投后估值2018年7月3日$500 万融资$1.55亿投后估值2018 12 202018 9 27$2000$2.50$1.50$12.502018 5 31$2000$1.602018 5 2$2500$1.502019 5 10$3900$5.092018 3 7$4500$2.352018 7 252018 12 6$1300

18、$6800$3.88$1.682019A103$1.56$2000A174$3.39$3100A32$1400$90043A$5100$1400AA20020192019 6 14172019PitchBook10$55003A$19006$66002A$110031$6.879A$700011$1.194A$1500/2017/A-2019AABA/2017年2018年2019年上半年2017201812H0129019投资数量656836A轮投资总额（亿）$8.36$6.25$3.65$5.50$2.59$1.22企业创投投资占比（%）融资额中位数（百万）22%17%36%$6$6$5R&

19、D Tools573920$3.61$2.73$1.05Dx Analytics21291410AC$1.37$1.80 $2.21Dx Test201818A20172018/A20186/43B Thrive Earlier Detection20191.1Sherlock Biosciences3100C/10A4BilliontoOneBostonGeneExscientiaOnera/* A20020192019 6 14182019PitchBook2017年2018年2019年上半年投资数量331816A轮投资总额（亿）$2.11$0.87$0.82企业创投投资占比（%）0%28

20、%19%融资额中位数（百万）$3$4$4欧洲美国/2018-2019/*/2019/108/7/6F-PrimeEmbarkLunaPBCNebula GenomicsOwkinCasdinCapitalGenome Medical4CelsiusProminex Earlier DetectionThrive*最活跃的新投资者定义为2018有新投资（首次投资）的投资者。2019年融资数据截至2019年20196月14日。融资的日期可根据后续附加投资进行调整。Alexandria2018 9 30 AREE, Inc.PitchBook20019201920192017|2019/201912

21、017201812H0129019$12.7890R&D Tools$24.88104$6.563820197500-1$21.0241Dx Test$11.575544 $5.5540$13.5020195000-7500Dx Analytics$18.70$9.5337171$47.30Total Dx/Tools$55.14231119$21.642019/2019201950002018145000IPO2019TempusVeranaSophia GeneticsDNAnexus2019 6 14PitchBook20201972/102018-2019/2*1510GrailTwi

22、st2018IPO2019IPO209173/201910*PitchBook2019PitchBook20196 14212019.2019 1 72018 4 262018 6 28$3500$1.25$9500$12.80$10$7.972019 4 102019 4 172018 9 252018 5 3$1.31$6000$5800$2000$2.51$3.75$3.08$2.102018 6 192018 8 23$3600$600$2$2.102018 4 2$1.25$4.742018 5 11$3$322018 8 292018 2 142019 5 302019 1 4$1

23、.10$2.40$2$6400$20$15$31$4.942018 3 232018 9 212019 4 10$8000$8300$8000$10.30$6$2.30/2019/A15$5.19$2.147A115 A$1.6985$7300$2100$3600A32$2700$ 900A53 A$5300$1100A20020192019 6 14222019PitchBook.5$84002 A$10007$64002 A$120023$4.859 A$56002017-2019Invested CapitalTotal Deals$330B200150$220B100$110B50$0

24、0B02017Q12017Q220172017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q220182019行业（亿）美国欧洲合计美国欧洲合计美国欧洲合计数字医疗*$34.94$6.02$40.96$71.80$6.73$78.53$45.42$7.16$52.58/OscarOneMedical/Devoted Health20192017100Clover Health5*10%/23201920192019PitchBook6 14IPOIPO242019IPO20192014IPOAA 56 IPOIPO1013IPOM&AIPOPeloton

25、2011H923282019B2018IPO70%20196820185445201731C/201420185IPO20164828201920192018IPO-2015644247%20148066BC2014IPO2019M&AM&A UpfrontM&AtonesIIPPOO Market Cap$493$5500B023$303$281$263$2255B0$217$189121262 6331302717$0$B01H20210919OncologyOrphan/R/ areDisease NeurologyPlatformAnti-Infective20142015201620

26、17201875002500IPO IPOIPO252019PitchBook20142019*$166$2121III III10$80$89$14891111134546382$522755432201420152016201720182011H9 20192019IPOIPOIPO432.3I2II43IFM TreMyonexus8.5TherachonAPeloton Therapeutics 102019 251.57500262019*PitchBook首笔付款中位数（亿）$2.25$2$2$1.71$1.53$3.10总金额中位数（亿）$4.13$5.70$6$4.61$5.2

27、8$8.10年限中位数4.04.25.93.53.12.3IPO2014-2019IPOIPOIPOIPOIPO$600MIPO$150 M$100$400M$100M$3.25$89$85$3.39$62$71$2.94$1.93$53$200M$5500M$1.40$1.35$0$0M$0$0M1H202109192018 1H202109192014201520162017201820142015201620172019IPO3.39IPO1IPOCortexyme0.8923BridgeBio132019610Gossamer BioTurning Point Therapeutics

28、AlectorCstone1565%IPO2019IPO107IAlectorIPOIPO5PrevailIIKarunaIIITreviCortexyme2019IPOIPO IPO*IPO2500IPOI272019PitchBookPitchBook适应症类别数早期阶段百分比最后一轮私有融资额中位数IPO倍数中位数*肿瘤学989%$9400万1.03x平台公司450%$1.51亿1.06x神经学540%$8000 万1.13x201910201310222013201910IPO/13201420152016201720182019*102013IPO532014201520162017

29、201820191020172018 IPO201820196 2019IPO102019Spark20151020152016410104Clementia20172019Ra Pharma201831020163AudentesNovanta1020136 282013IPO102019282019*PitchBook42%20092018FDAFDANot Venture-BackedVenture-BackedUS Orginator & Venture-BackedEurope Orginator & Venture-Backed8080%6060%4040%2020%00%2009

30、2010201120122013201420152016201720182142602009FDA16005250%2009/II*HBM292019PitchBookPitchBookHBM风投支持情况美国欧洲销售额峰值孤儿病/ 罕见疾病研制公司*研制公司*（亿）首创肿瘤风投支持11116$1,596.55605638非风投支持8292$1,494.80675548风投支持占比58%15%52%47%50%44%20142019IPOAA 201995IPO2018M&AIPO12H0210919B58Auris 941551020192019IPOIPOC 2019IPO 52720188

31、19IPO20191720173144Shockwave 2018IPOSilk Road235%162016313140%250%2015301119150%30%80%2014281018IPOBCM&A UpfrontM&AtonesIIPPOO Market Cap$1$01B00$94$84$74$71$51$51$5$B50$0B$0201420152016201720181H 201950002500IPO IPOIPO302019PitchBook年度IPO数IPO值中位数IPO融资中位数20195$233$9120188$217$8620173$59$2620163$164$

32、75201511$156$77201410$189$70Auris20142019*2019Auris3458CE$37$483500B4500$43ABAHighland$47Capital PartnersKleiner PerkinsB10$44Lux CapitalMithrilCapital2019$7781572018Stryker2019201832201920192017102016201720181H 20192017LivaNovaMeritSmith & Nephew5000*FDACEFDA312019PitchBook首笔付款中位数$1.80$1.25$1.20$1.

33、13$1.90$1.15（亿）（亿总金额中位数$1.85$1.41$3.80$2.75$2.25$2.20）年限中位数6.97.08.17.78.18.3510k2015 2019投资额首笔付款中位数首笔付款增值倍数中位数总额总额增值倍数中位数时间中位数（年）2015年 2019年上半年时所处阶段中位数中位数（百万）（亿）（亿）510（k）普通路径器械并购39起36$46$1.103.4x$1.404.7x8.921De Novo510（k） 新路径并购4起4$46$3.604.6x$4.356.1x8.85PMA并购31起$51$2.003.4X$3.155.8x6.71412FDACE51

34、0k 2019FDA6510PMAFDAk5FDA4PMA3FDA20152017510k.07.35106510k k2019510k155000510 kFDADeNovo 510kPMA322019PitchBook/IPO20142018/IPOAA/201943IPOIPOM&AalisAdaptive BiotechnologiesIPO412H0210919624B5.3/1220182101010C IPO20171/2015201610/8201958.94132015581017201471020182019/IPOBCM&A UpfrontM&AtonesIIPPOO M

35、arket Cap$55B0$40$39$34$32$33B0$15$3$0$B01H202109192014201520162017201850002500*IPO IPOIPO 2019 6 28332019PitchBook公司IPO价/ 日期（）2019/6/28股价（）股价升降幅度19/6/28 市值*（亿）Guardant Health$19 18年10月4日$86352%$79.10Twist Bioscience$14 18年10月31日$29107%$9.42alis$17 19年6月20日$2759%$8.08Adaptive Biotechnologies$39 19年6

36、月27日$4823%$57.20/20142019/$33B0$28$23$22B0$15$14$11B0$5$0$B0201420152016201720182011H9 2019EvotecJust Biotherapeutics Invisible SentinelInvitaeSingular BioBeckman CoulterLabcyte2900Just 5.2SingularAJust3.7Singular5000342019PitchBook首笔付款中位数（亿）$1.33$1.64$2.25N/A$1.26$0.68总金额中位数（亿）$2.39$1.64$3.25N/A$1.61$0.83年限中位数6.03.68.5N/A9.16.720192019201820182019201820182019AAdaptive Biotechnologies2019alis/ 10/2019/ 2