Biotech hits record first quarter high

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1 Biotech hits record first quarter high Biotechnology increased by high double digits compared to first quarter of last year; Medical devices declined over the same period

2 2 PwC US venture capital funding for the life sciences sector 1, which includes biotechnology and medical devices, increased 34% in value and 4% in volume during the first quarter of 2015, according to the MoneyTree Report from PricewaterhouseCoopers (PwC) LLP and the National Venture Capital Association (NVCA). The report is based on data provided by Thomson Reuters. Venture capitalists invested $2.2 billion in 193 life sciences deals in first quarter 2015, compared with $1.6 billion in 186 deals during the same quarter of US venture funding among all industries increased by 26% in value but declined by 1% in number of deals from the first quarter of 2014 to Venture investors funneled $13.4 billion into 1,020 deals during the first quarter of Life sciences venture capital investment Life sciences venture capital investments increased by 34% during the first quarter of 2015, compared with the first quarter of Life Sciences investments grew at a faster pace during the quarter compared to the growth rate of total venture funding. The life sciences share of total venture funding increased from 18% during the last quarter of 2014 to 19% during the first quarter of Investment in the biotechnology industry placed it as the second largest investment sector in terms of dollars for the first quarter of Biotechnology raised $1.7 billion in 124 deals during the first quarter, an increase of 66% in deal value and 4% in deal volume, compared with the first quarter of last year. "Biotech investment during the quarter was the strongest first quarter for biotech since the start of the MoneyTree data series in Historically, VC investment in the first quarter of every year is typically lower compared to the investments in the later quarters of the year. So this record 1 The MoneyTree life sciences sector includes the biotechnology and medical device and equipment industries. Biotechnology is defined as developers of technology promoting drug development, disease treatment, and a deeper understanding of living organisms; includes human, animal, and industrial biotechnology products and services. Also included are biosensors, biotechnology equipment, and pharmaceuticals. Medical devices and equipment industries are defined as those that manufacture and/or sell medical instruments and devices including medical diagnostic equipment (X-ray, CAT scan, MRI), medical therapeutic devices (drug delivery, surgical instruments, pacemakers, artificial organs), and other health-related products such as medical monitoring equipment, handicap aids, reading glasses, and contact lenses. first quarter indicates a strong year for biotech investments," said Greg Vlahos, Life Sciences Partner at PwC. Investments for the medical device industry decreased by 21% in terms of dollars, but increased by 3% in deal volume for the first quarter of 2015, capturing $469 million in 69 deals. Figure 1: Life sciences funding compared with total venture funding 2013 Q % Change (Y/Y) 100% 80% 60% 40% 20% 0% -20% -40% Total venture capital Life sciences funding by quarter Life sciences investment, increased 34% year over year, but declined 18% quarter over quarter. On a year-over-year basis, biotechnology investment increased by 66% in dollars; however, medical device investment declined by 21%. Quarter over quarter investment dropped 14% for biotechnology and 30% for medical devices. "Biotech had its third strongest quarter in MoneyTree history. And it managed that without relying on a string of megadeals to swell the figure. The total number of deals for the quarter hit 124, a 14% bump over Q4 in 2014, with a surge of cash for early-stage deals. It's a really positive quarter for biotech overall," according to Greg Vlahos, Life Sciences Partner at PwC. Life sciences funding

3 Biotech hits record first quarter high 3 Figure 2: Life sciences funding trends by quarter 2013 Q Life sciences deal volume by quarter For the first quarter of 2015, life sciences deal volume increased by 4% year over year to a total of 193 deals, but declined by 3% quarter over quarter. The biotechnology industry logged 124 deals in the first quarter of 2015, compared with 119 during the first quarter of 2014 and 109 during the fourth quarter of The medical device industry completed 69 deals during the first quarter of 2015, down from 67 during the first quarter of 2014 and 89 during the fourth quarter of Figure 3: Life sciences deal volume by quarter 2013 Q No. of deals Q1 Q2 Q3 Q Figure 4: Life sciences average deal size by quarter 2013 Q $ in millions Funding for biotechnology and medical devices Biotechnology captured 79% of all life sciences investments during the first quarter of This share ranks higher than the 64% in the first quarter of 2014 and 75% in the last quarter of Share for the medical devices and equipment was 21% for the first quarter of 2015, which declined from 36% in the first quarter of 2014 and 25% in the fourth quarter of Figure 5: Life sciences investment split for the first quarter of % 79% Q2 8.5 Biotech Medical devices 0 Q1 Q2 Q3 Q Life sciences average deal size by quarter The average life sciences deal size of $11.4 million for the first quarter of 2015, was an increase of 29% compared to the deal size during the same quarter last year. However, deal size declined by 16% quarter over quarter. During the first quarter of 2015, there were no deals from the life sciences sector in the top 10 deals for the quarter. Figure 6: Biotechnology and medical devices funding trends 2013 Q Medical devices and equipment Biotechnology

4 4 PwC Biotechnology funding by subsegments For the first quarter of 2015, the biotech-human subsegment led the life sciences venture capital funding with $1.35 billion. Funding for biotech-human subsegment increased 44% compared to the first quarter of 2014, but dropped 20% from the last quarter of When compared with the first quarter of 2014, six subsegments saw increased investments during the first quarter of 2015: Pharmaceutical, +577% to $212 million Biotech research, +521% to $73 million Biotech animal, +511% to $35 million Biotech equipment, +497% to $11 million Biotech human, +44% to $1,353 million Biosensors, +28% to $20 million The biotechnology subsegment which received less funding in the first quarter of 2015 compared with the same period in 2014 was: Biotech industrial, -29% to $27 million Figure 7: Biotechnology funding by subsegments 2013 Q Medical device funding by subsegments During the first quarter of 2015, the medical therapeutics subsegment attracted the most funding for the medical device industry, at $258 million. But this amount represented a drop of 33% from the first quarter of Pharmaceutical Biotech other Biotech-industrial Biotech-human Biotech-animal Biotech research Biotech equipment Biosensors Funding increased for one medical device subsegment, and declined for the other two subsegments during the first quarter of 2015, when compared with the same quarter of 2014: Medical diagnostics, +23% to $107 million Medical/health products, -13% to $104 million Medical therapeutics, -33% to $258 million Figure 8: Medical devices and equipment funding by subsegments 2013 Q Medical therapeutics Med/health products Life sciences funding by stages For the first quarter of 2015, early stage life sciences funding, at $1.26 billion in 106 deals, represented an increase of 28% year over year, but a decline of 19% quarter over quarter. Late stage funding for the first quarter of 2015 was $941 million in 87 deals. Funding increased by 43% year over year, but declined by 16% quarter-over-quarter. According to Greg Vlahos, Life Sciences Partner at PwC, These first-quarter figures put 2015 life sciences investments on track to come in near the low end of the typical range for annual investments. But if we continue to see med tech make it out onto the public markets, we will continue to see strengthening venture investment going forward. Medical diagnostics

5 Biotech hits record first quarter high 5 Figure 9: Life sciences funding by stages 2013 Q Late stage Early stage Biotechnology funding by stages Both early-stage and late-stage biotechnology investments showed strong year over year growth during the first quarter of Medical device funding by stages During the first quarter of 2015, early-stage medical device funding decreased 76% to $53 million in 23 deals, compared with $224 million in 30 deals for the same period of Late-stage funding for medical devices increased by 12%, from $371 million in 37 deals in the first quarter of 2014 to $416 million in 46 deals in the first quarter of Medical device funding for early as well as late-stage decreased by 71% and 15% respectively, on a quarter-over quarter basis. Average deal size for late-stage medical device transactions in the first quarter of 2015 was at $9 million. The average deal size was $2.3 million for early-stage deals. Early-stage biotechnology funding increased 59% to $1.2 billion in 83 deals, compared with $759 million in 77 deals for the same period of Late-stage funding for biotechnology gained 84%, from $286 million in 42 deals during the first quarter of 2014 to $525 million in 41 deals during the first quarter of On a quarter-over-quarter basis, biotechnology funding for both stages fell. Early-stage funding dropped 12%, and latestage 18%. Figure 11: Medical device funding by stages 2013 Q Average deal size was higher for early-stage biotech transactions at $14.5 million, compared with $12.8 million for late-stage deals. Figure 10: Biotechnology funding by stages 2013 Q Late stage Early stage Late stage Early stage First-time funding compared with followon funding Compared with the same quarter a year ago, first-time funding for the life sciences sector jumped 69% to $440 million, and the number of deals rose 5% to 42 in the first quarter of Quarter-over-quarter, the life sciences sector also experienced an increase of 7% in first-time funding dollars and of 27% in deal volume. The life sciences sector received follow-on funding of $1.76 billion in the first quarter of 2015, an increase of 28% compared with the same quarter the previous year, and a decline of 22% compared with the last quarter of 2014.

6 6 PwC For the first quarter of 2015, the number of deals in followon funding was 151, an increase of 3% compared with the same quarter the previous year, and 8% compared with the fourth quarter of According to Greg Vlahos, Life Sciences Partner at PwC, "We are seeing med tech pick up in terms of liquidity in the public markets. As companies get more liquid, where we saw venture money going to later stage med tech companies in the past, those dollars won't have to flow to them anymore. Public market investors are looking for med techs with multiple product lines and with revenues of more than $100 million, unlike biotechs which typically enter the public markets around Phase II or Phase III of clinical testing. Figure 12: Life sciences follow-on compared with initial investments 2013 Q % 80% 60% 40% 20% 0% Follow-on funding Table 1: Life sciences investments 2015 first-quarter growth factors (Y/Y growth) % change in deal volume % change in avg. deal size First-time +5% +61% +69% Follow-on +3% +23% +28% Regional funding trends % change in investments The San Francisco Bay area, Boston, San Diego Metro, Great Lakes and Philadelphia received the most life sciences venture capital dollars during the first quarter of The leader, San Francisco Bay area, received $664 million, with $574 million going to biotechnology and the remaining $90 million going to medical devices. First funding The San Francisco Bay area closed 44 deals during the first quarter of 2015, with an average size of $15.1 million. For the first quarter of 2015, the largest life sciences deal was a $100 million early-stage round for Boston-based Voyager Therapeutics, a gene therapy company. Figure 13: Top five metropolitan regions, first quarter 2015 San Fran/Berkeley, San Jose Figure 14: Life sciences funding trends in top five regions, 2013 Q % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Boston San Diego Metro Great Lakes Philadelphia Washington Metroplex San Diego Metro Venture capital outlook Deal value ($ in millions) San Fran/Berkeley, San Jose Biotechnology Medical devices The first fiscal quarter of 2015 clocked in the highest firstquarter venture capital investment since For the first quarter of 2015, venture capitalists invested $13.4 billion in 1,020 deals, an increase of 26% in value but a decline of 1% in volume over the same quarter prior year. Compared to the fourth quarter of 2014, total investments declined by 10% during the quarter. Considering that first quarter venture capital investing is historically slower than the rest of the year, Tom Ciccolella, US Venture Capital Leader at PwC, doesn t consider the New York Metro Boston

7 Biotech hits record first quarter high 7 decline in dollars invested compared to Q4 of last year, as indicative of what s to be expected for the remainder of In fact, the $13.4 billion invested in Q1 of this year is the highest first quarter total we ve seen since 2000 and is also a 26 percent increase in dollars compared to Q1 of last year. He goes on to say, We saw twelve deals over $100 million including two $1 billion investments in Q1, continuing the megadeal trend. Of the billion dollar investments, one was in the later stage of development, a significant factor as dollars invested in later stage companies doubled in Q1 compared to the prior quarter. Bobby Franklin, President and CEO of NVCA, sees a healthy start to 2015 for start-up companies, with solid venture capital investment surpassing the $10 billion mark for the fifth consecutive quarter. Although this represents a slight decline over the fourth quarter of 2014, Franklin notes that expectations are high for 2015 and predicts another busy year for start-up investing. Last quarter, it was great to see healthy first-time funding levels and the majority of deals were seed and early stage. Balancing the investment in megadeals, venture capital investors remain focused on building the next generation of companies. Biopharma investment into diagnostics and drug/device combo plays, as well as med tech activity from crossover investors, was on the rise. According to Greg Vlahos, These are shareholders who usually invest on the public markets but may sometimes invest on the private side as well. Compared to the fundraising results for 2014, the first quarter witnessed a decline in the overall number of funds raised, but total dollar commitments came in above the previous two quarters. According to Bobby Franklin, this indicates strong demand for the asset class following a sound performance in While not the strongest fundraising period by any measure, we are confident investors will continue to renew their commitment to innovation by investing in venture capital. As the year progresses, we will be keeping a close eye on which firms raise the most capital to see if investor commitments are broad-based across the industry or to only a handful of more established firms. The number of venture-backed IPOs also fell behind 2014 numbers for quarter one, with 17 IPOs valued at $1.4 billion in the first quarter of By number of deals, year over year volume decreased 54% and registered a 59% decrease by dollars compared to the first quarter of Quarter over quarter number of deals decreased by 37% and dollar investment 68%. Led by the biotechnology sector, 13 of the 17 offerings during the quarter were life sciences IPOs representing 76% of total listings in the first quarter of With only 6 biotechs to report, Greg Vlahos indicates that a decline in venture-backed IPOs is common for the first quarter, but predicts a future uptick in activity. The recent round of IPO announcements indicates that the party on Wall Street isn't over yet. I suspect we'll see that the 6 are surpassed in April alone." According to Bobby Franklin, the quarter results were not entirely unexpected. With such a blistering pace for venture-backed exit activity in 2014, it was only a matter of time before we saw a drop in activity. Despite the decline in venture-backed IPOs for the quarter, a lot of promising young companies made their debut on the public markets with many more waiting in the wings, said Bobby Franklin. With 54 venture-backed companies having already filed publicly for IPOs and many more confidential registrations already in place, we are optimistic that the pace for venture-backed exits will pick up steam as the year moves ahead, creating opportunities for everyday investors to be shareholders of innovation.

8 About PwC s Pharmaceuticals and Life Sciences Industry Group PwC s Pharmaceuticals and Life Sciences Industry Group is dedicated to delivering effective solutions to the complex strategic, operational, and financial challenges facing pharmaceutical, biotechnology, and medical device companies. We provide industryfocused assurance, tax, and advisory services to build public trust and enhance value for our clients and their stakeholders. More than 195,000 people in 157 countries across the PwC global network share their thinking, experience, and solutions to develop fresh perspectives and practical advice. Contacts Greg Vlahos, Life Sciences Partner +1 (408) Lesley Bakker, Director +1 (610) PwC Research & Analysis 2015 PricewaterhouseCoopers LLP. All rights reserved. PwC refers to the United States member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see for further details.

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