Scandinavian Life Science Funding Report

Transcription

1 Scandinavian Life Science Funding Report

2 Introduction Scandinavian Life Science Funding Report covers the investment landscape and financing activities in the Life Science sector in Scandinavia, mapping investment activities in 149 companies from 2014 to September The report includes both public capital raising activities in connection with IPOs and new issues at the market places Nasdaq Stockholm, Oslo Axess, Nasdaq Copenhagen, Nasdaq First North and Aktietorget, as well as investments made by Scandinavian focused life science venture capital investors. Author: Industrifonden Industrifonden is one of the Nordic region s most active investors in the Life Science and Technology areas. Within Life Science, Industrifonden focuses on pharmaceuticals, medical devices and digital health. Current holdings include Oncopeptides, BONESUPPORT and AMRA. 2

3 OVERVIEW Total Life Science Investment Activities Total public and private funding activities in Scandinavia amounted to more than USD 2.4bn during This includes: - IPOs and refunds at five Scandinavian public marketplaces: Nasdaq Stockholm, Oslo Axess, Nasdaq Copenhagen, Nasdaq First North and Aktietorget. - Targeted VC funds invested USD 273m during this period. $2.4bn Public Private MUSD IPO Refunds VC Total Total funding activities in Scandinavia during the period Total, Sources: Nasdaq, Oslo Axess, Aktietorget, Industrifonden

4 PUBLIC FUNDING Nasdaq Stockholm Main Public Marketplace Nasdaq Stockholm dominates public funding and IPO activities during the period. Oslo Axess has seen a decline in activity during 2016 with only one IPO and no refunding. Nasdaq First North has strengthened its role during the period, with a lower number in No IPOs have been recorded in Copenhagen during this period, pushing Danish companies to Swedish exchanges. In Sweden, main list IPOs represent 14% of total IPOs and 58% of total primary listing capital Number of IPOs IPO capital raised (USDm) Sources: Annual reports, Genmab and Bavian Nordic Ars; oslobors.no/oslo- Boers/Notering/Aksjer-egenkapitalbevis-og-retter-til-aksjer/Nye-aksjenoteringer.

5 PERFORMANCE POST IPO Majority of listed companies perform well post IPO Favorable share price development trend suggests that public market activity will remain high going into % 800% 700% 600% 500% 400% 300% 200% 100% 0% -100% experienced positive share price development post IPO, during the period. 5 *Number of companies included is 67. Excluding Aktietorget (44% of the companies had a positive share price development. Excluding Aktietorget and Nasdaq First North (50% of the companies had a positive share price development. At Aktietorget, 70% of the companies had a positive share price development.

6 VC ACTIVITIES Industrifonden and HealthCap dominate Scandinavian VC landscape Industrifonden and HealthCap together account for 40 per cent of total invested amount (USD 273m). 25% 21% % of VC funding during the period Data for Novo Seeds may suggest increasing focus on companies outside Scandinavia. 20% 18% 17% 15% 10% 10,5% 9,5% 18% 5% 7% 5% 4% 4% 3% of VC investments by Industrifonden during the period. 0% (USDm) Total *Numbers for Sunstone, Novo Seeds and most of SEB have been estimated. *1 See Appendix for exact numbers.

7 USDm VC ACTIVITIES Reduced VC financing in 2016 due to favorable public market conditions Access to public capital at higher valuation reduces private round attractiveness. VC investors take their opportunity to list their more mature holdings through IPOs. Trend is expected to continue in 2017 given recent IPO successes Venture capital financing rounds * 7 Sources: consultation of relevant prospectuses and annual reports.

8 METHODOLOGY Assumptions This report covers public and private funding in Scandinavian life science companies, by Scandinavian public marketplaces and VCs. Following five Scandinavian public marketplaces: Nasdaq Stockholm, Oslo Axess, Nasdaq Copenhagen, Nasdaq First North and Aktietorget. Investments by active Scandinavian life science VCs. Equity issues below USD 0.5m excluded. 8 Legal note: The information contained in this report has not been independently verified as to its accuracy. No representation or warranty, express or implied, is given by Industrifonden or any of its directors, partners, officers, affiliates, employees, advisers or agents as to the accuracy or completeness of the contents of this report or any other document or information supplied or any opinions or projections expressed herein or therein, nor is any such party under any obligation to update the report or correct any inaccuracies or omissions in it which may exist or become apparent.

9 APPENDIX 1 Share price performance post IPO Number of IPOs included in the analysis IPO Number of companies Denmark 0 Oslo Axess 3 Nasdaq 9 First North 22 Aktietorget 33 Total 67 Excl. 2 acquisitions and 1 list change Share price performance post IPO for the companies included in the analysis (for graph, see next page) Post-IPO performance Number of companies Negative 29 Positive 38 Negative Oslo 2 Positive Oslo 1 Negative Nasdaq Stockholm 4 Positive Nasdaq Stockholm 5 Negative Nasdaq First North 13 Positive Nasdaq First North 9 Negative Aktietorget 10 Positive Aktietorget 23 9

10 APPENDIX 2 Performance post IPO, exchange by exchange from left to right Aktietorget, Nasdaq First North, Nasdaq Stockholm, Oslo 10