新药技术转让背景和发展趋势ppt课件

1、新药技术转让背景和发展趋势新药技术转让背景和发展趋势 王进 曼哈顿资本咨询管理公司 2019年12月 上海 新药技术转让概要新药技术转让概要 国外行情 案例示范 资本市场 近期动态 如何应对 疑问解答 Number of Deals and Total Value by Year (2019-2019)Source: Deloitte Recap LLC, 2021大药厂买入产品技术交易趋势大药厂买入产品技术交易趋势201920192019201920192009晚期25%22%26%29%33%32%中期11%11%16%13%19%21%早期64%67%58%57%48%47%大药厂签约技

2、术许可总体早期偏多，晚期居次，中期最少。但近年来早大药厂签约技术许可总体早期偏多，晚期居次，中期最少。但近年来早期项目有下降趋势，中晚期略有上升。期项目有下降趋势，中晚期略有上升。Source: Deloitte Recap LLC生物技术公司价值回升中期项目交易案例晚期项目交易案例临床二期项目交易条款临床二期项目交易案例晚期临床项目交易条款生物技术股权投资生物技术股权融资统计 不同阶段技术许可的典型签约条款不同阶段技术许可的典型签约条款13Pre-clinicalPhase IPhase IIPhase IIIvs. 5 years agoUpfront$ 3 - 10 M$ 5 - 15

3、M$ 10 - 25 M$40 - 100 M3 xIND$ 2 - 5 MNANANA3 xPh II Start$ 3 - 8 M$ 5 - 10 MNANAPh III Start$ 10 M$10 - 15 M$ 25 MNANDA Filing$ 5 M$ 5 M$ 10 M$ 30 M1st Approval$ 5 M$ 10 M$ 30 M$ 50 M2-3 x2nd 3rd Approval$ 10 M$ 20 M$ 45 M$ 70 MRoyalty Tiers9-13%12-15%14-20%18-26%1.2 xSource: Deloitte Recap LLC, 20

4、21 Biggest Growth in Value has been at Clinical Proof of Concept14Source: Windhovers Strategic Transactions Database, June 2019Upfront only (no milestones or royalties): avg. of $ 35 MNo. of Transactions $ Millions全球生物医药并购案全球生物医药并购案1010年统计数字年统计数字 01 02 03 04 05 06 07 08 09 Unit $ 亿Campath 开发新药路途艰辛Ca

5、mpath Humanized monoclonal antibody directed against the CD52antigen found on B- and T-lymphocytes1979 - Discovery at University of Cambridge1980s - Patented and managed by BTG plc1980s - Licensed to Burroughs Wellcome (now GSK)1994 - Returned to BTG2019 - Licensed to LeukoSite2019 - Joint Venture I

6、lex Oncology / LeukoSite2019 - JV Partners with Schering AG (US sub. Berlex)2019 - Millennium acquires LeukoSite2019 - Campath approved in US and EU2019 - JV restructured Ilex buys out Millennium2019 - Genzyme acquires Ilex Oncology2019 - Bayer acquires Schering AG2019 - Takeda acquires Millennium药物

7、研究药物研究 + + 开发开发 + + 销售费用销售费用基础研究基础研究 Basic Research $0.5 5 million per Year Up to $25 million Total for a Project临床前研究和早期临床临床前研究和早期临床 Preclinical and Early Clinical $110 million per Year Up to $30 million Total for a Project晚期临床晚期临床 Late Clinical $10200 million per Year Up to $1 billion Total for so

8、me Products药品申报审批药品申报审批 Regulatory $10 million or more药品生产制造药品生产制造 Manufacturing Hundreds of millions to billions市场营销市场营销 Marketing Hundreds of millions to billions 10年+ 10亿美元 多数无法收回 $ 研发效率下降 审批门槛在提高 失败几率增大 产品被告几率增大 早期投资缺乏生物技术公司融资路径Startup / Seed Funding ($500K-$5M) Angels and Friends & Family p

9、rovide Seed capital and Intellectual CapitalGrant Funding ($500K-$5M) NIH and NSF SBIR GrantsVenture Capital ($5-50M) Preferred share structure Syndicate rounds among multiple investors/funds Typically provide 2-3 years of capital Look for exit in 3-4 years, funds seek to average 3X returnInvestment

10、 Banks, Mutual Funds, Hedge Funds ($60M+) Public Offerings IPO, SPO (Common Shares) Private Offerings PIPE deals (Preferred Shares) In addition, partnering deals provides significant amounts ofnon-dilutive financing to fund biotech companies生物医药投资者看中什么生物医药投资者看中什么? ?The Disappearance of Small Cap Bio

11、tech ($200M - $1B)Over the past three years this category has shrank Companies that are short of cash and without news flow have been punished in the marketplace and moved into micro-cap territoryIndustry consolidation eliminated many companiesPharma and Biotech acquisitions at bargain pricesMergers

12、 of equals in the hopes of surviving the stormInstitutional Investors are typically looking to invest $10-50MThey cant do that with micro-caps without affecting the stock priceInvestors want to see more small cap BiotechsInvestors want to buy into Biotechs riskIdeally Phase II/III data outcomes with

13、in 6-12 months收购与兼并收购与兼并 M&A M&A Pharma acquisitions of Biotech Companies (Pharma / Bio) Biotech mergers or acquisitions (Bio / Bio) M&A deal activity has been elevated since 2019 BigCos search for products and platforms Biotechs investors seek liquidity Deal activity spiked in the summe

14、r of 2019 Significant gap exists on valuation of many companies Investors asking price Buyers perceived value Source: DeloittePharma / Biotech Biotech / Biotech73 deals between 2019-0838 Public Companies (52.1%)35 Private Companies (47.9%)44 Product Companies (60.3%)29 Platform Companies (39.7%)29 L

15、arge Molecule Focus (39.7%)44 Small Molecule Focus (60.3%)Average Valuation $1,853.4MMedian Valuation $387.0MTotal Value $135,295.9M90 deals between 2019-0833 Public Companies (36.7%)57 Private Companies (63.3%)72 Product Companies (80.0%)18 Platform Companies (20.0%)22 Large Molecule Focus (24.4%)6

16、8 Small Molecule Focus (75.6%)Average Valuation $340.9MMedian Valuation $105.0MTotal Value $30,677.9MDefining BigCorps of BioPharma LicensingDefining the BigCosIntegrated Biopharma companiesRevenue generating and profitableValuation in excess of $1 billionTop 40 BigCos sign 90% of deals, by total do

17、llar valueBiotech Therapeutic Out-license Deals with BigCorp (2019-Q32009)70 distinct BigCorps1,237 alliances$139 billion announced total valuePayments in alliances ($M) Upfront Equity Announced Total2019-09 Total $12,159 $2,857 $139,238Annual Average $2,559 $601 $29,313Biotech Alliances with BigCor

18、psAlliance from 2019 Q320091,237 deals announcedStage at Signing of DealDiscovery 725 51%Lead Molecule 62 4%Preclinical 140 10%Phase I 78 6%Phase II 116 8%Phase III 125 9%Approved 173 12%数据分析所得到重要趋势数据分析所得到重要趋势Trends of the 10 Top BigCorps relative to the remaining 60The do more early stage deals (di

19、scovery in particular)The sign more preclinical stage deals (target PoC, often with backups)They pay less cash upfrontThe deals are larger in total sizeTrends in Mid-Cap Pharma and Specialty PharmaHigher number of regional licensing dealsAttempt pre-emptive licensingThey recognize significant strate

20、gic value in a program and elect to do a deal earlier than the top companies, and overpay to get the deal doneBut in many case they offer strategic advantages because the asset will be a higher priority in development & commercialization国外已公开的部分数据Aggregate Payments in Announced New Alliances ($M) Upfront Equity Announced Total2019-09 Average $2,559 $601 $29,3132019 $3,572 $299 $37,2962009YTD $1,448 $533 $17,1502021 est. $1,931 $711 $22,867如何准备和谈判技术合作Getting Prepared to PartnerGather informat