中医疗健康行业投资与退出趋势

1、20192019SVB_Financial#SVBHealthcare201935IPO242019353637201922019*201896IPO20192018AIA201920182018/A20182019*A201932019IPO201930561342%201961010201958Auris2018140%Personalis 2019Adaptive Biotechnologies IPO/2015410/ 10862019420195$0BA$100$91$96$75$61$58$52$50$37$36$39$18$020092019B 20172019$5000$250

2、0-$5000$1000-$2500$0BA$100$91$96$75$61$58$52$50$37$36$39$18$020092019B 20172019$5000$2500-$5000$1000-$2500$500-$1000$50050%0%A201910201810Third Rock Ventures Flagship Pioneering HealthQuest Capital 5AM VenturesArboretum Ventures Atlas Venture2019A201910201810Third Rock Ventures Flagship Pioneering H

3、ealthQuest Capital 5AM VenturesArboretum Ventures Atlas Venture2019BIPOA2019/$5B2009-2019*$5B2009-2019*20192019 6 14PitchBook20196*20192019 6 14PitchBook/Medical Device20172019Medical Device$9B$6B$3B$0B$9B$6B$3B$0B$60$30300200100$02017Q12017Q22017Q32017Q420172018Q12018Q22018Q32018Q4201802019Q12019Q2

4、2019领域（亿美元20181227410Rakuten,Relay23andMe20182019201810%201820181227410Rakuten,Relay23andMe20182019201810%2018AB/美国欧洲合计美国欧洲合计$40.94美国欧洲合计20192019 6 14PitchBook2019720192019 6 14PitchBook2017-2019A*AAB 美国和欧洲轮投资额（）2017-2019A*A美国交易20172018美国交易20172018年上半年投资数量14962轮融资总额（亿美元）$45.87$18.71企业创投投资占比29%17%27%

5、融资额中位数（万美元）$1000$1200$1000欧洲交易数20172018年上半年投资数量4222轮融资总额（亿美元）$8.67$6.86$4.69企业创投投资占比24%32%融资额中位数（万美元）$800$1300$9002019485421$10.29$14.73485421C10AC$5.31271713352920$2.73$6.15 $2.5927171335292016217$5.73 $6.5 162171017$3.09$1.14$0.0310171$6.59AA2019B2013AIPOC15IPO*A20020192019 6 PitchBook 20198*A2002

6、0192019 6 PitchBookAB20182019*342018171614131211Capital Deerfield ForesitePerceptive Advisors Cormorant 152019RARedmile Fidelity21IPOA20185AVenturePartnersAB20182019*342018171614131211Capital Deerfield ForesitePerceptive Advisors Cormorant 152019RARedmile Fidelity21IPOA20185AVenturePartnersPrimeOrbi

7、MedVersantVenturesVenturesBioInnovation Capital LongitudeCapitalCapitalNew Enterprise AssociatesSofinnova PartnersThird Rock Ventures2018AB20192019 6 14Alexandria 2002018 9 30 Inc.PitchBook201992019Deals $125M |20192017201997 $25.13$57 $26.4747 $11.2773 $41.8642 $16.732019Deals $125M |20192017201997

8、 $25.13$57 $26.4747 $11.2773 $41.8642 $16.73 $4.97 $14.09/3536$11.18$16.68 $6.4131$10.805 $2.062019220191.25-220191.25-21541%8000BioNTechSanofiPfizerTizonaAbbVieKynCelgene/2017VivetCFIUS 20182018152019AlexionCaelum1541%8000BioNTechSanofiPfizerTizonaAbbVieKynCelgene/2017VivetCFIUS 20182018152019Alexi

9、onCaelum2019201923%2019Deals $100M 2019Deals $80M 20191-1.2520198000-12019Deals $100M 2019Deals $80M 20191-1.2520198000-12024383332019 6 14PitchBook 102019 6 14PitchBook2018-2019201852018-201920185420183 12018323$1.25$1.01$8200$71.25$9.51$4.0120186252018 215201936$1.01$2.50$1.35$5.76$4.80$6.75201872

10、02019115201835$2.30$5000$1$6.50$5$4/2019 3 27$5000$4.502018 7 25$1.33$9.132019 1 28$1$112018 8 13$1.43$7.292019 5 21$1.21$7.31*PitchBook2019 6 14PitchBook201949*62020191582.66.231584/2019 3 27$5000$4.502018 7 25$1.33$9.132019 1 28$1$112018 8 13$1.43$7.292019 5 21$1.21$7.31*PitchBook2019 6 14PitchBoo

11、k201949*62020191582.66.231584IPO9IPO8Peloton9/72018122020184192019220$3.50$4.12$1.50$8.34$6.87$520189282019582019422$8000$1.08$1.42$4.15$6.23$5.682019A2019PitchBookA2019A2019PitchBookA7$5.425A$2.42$8900$740076A$1.5$1.24119A$5.27$2.49106A387$5.425A$2.42$8900$740076A$1.5$1.24119A$5.27$2.49106A38$18.31

12、14A$7.53$3.17$1.33133A$6.08$1.07196A$17.61$3.17317A2002019 6 142002019 6 14 12A2017-2019A*AABAA2017-2019A*A美国交易2017美国交易2017年2018年年上半年投资数量577838A轮投资总额（亿美元）$4.38$6.79$2.97企业创投投资占比（%）19%8%18%融资额中位数（百万美元）$4$7$4欧洲交易2017年2018年年投资数量252013A轮投资总额（亿美元）$1.92$2.57$0.63企业创投投资占比（%）8%0%0%融资额中位数（百万美元）$4$6$591010910

13、1020192019$41$92C10AC$4254121485$29 $4154121485993$78$569938103$71$112$78103$30645$57 645473$41$62 $7473AA2019201720182019EloupesProprioB20192018/7/5C10A3VergentElucidaOnconanoXandexHyalexBiolinq*A20020192019 6 14PitchBook 201913*A20020192019 6 14PitchBook20182019*20182019*2019201820192019 6 14Pitch

14、Book75432019Beta Bionics Dexcom, Novo NordiskCalaHealthNovartis HistoSonicsVarian Medical SystemsTriceMedicalSmith & NephewDeerfield USVP Life SciencePartnersInvestments KhoslaVentures*2019201820192019 6 14PitchBook75432019Beta Bionics Dexcom, Novo NordiskCalaHealthNovartis HistoSonicsVarian Medical

15、 SystemsTriceMedicalSmith & NephewDeerfield USVP Life SciencePartnersInvestments KhoslaVenturesMedical Technology Venture PartnersHeuristic CapitalAccelerator/VC SOSVPortfoliaAlliance of Angels20172019|201720193326332618 $3.1322919$2.3722919$6.5120191$1.731 102720102720102520$5.04102520$5.0520195000

16、-1$1.361717$5.0515 $2.3616$2.86161910101910101312613126$1.97$2.55147147244175$22.62$40.971020182019500043BetaBionicsBiolinqOptiScan/ThinkSurgicalOrthoSensor BarricaidActiveImplants2019 6 14PitchBook2019152019 6 14PitchBook201820192018年7月3日$500 万融资$1.55亿投后估值2018年7201820192018年7月3日$500 万融资$1.55亿投后估值20

17、18年7月10日$3100 万融资$1.66亿投后估值/2018 12 20$2000$1.502018 9 27$2.50$12.502018年2月21日$1.18亿融资$3.98亿投后估值2018 11$2.20$21.60282018 3$5500$1.65282019 5102018 32019 5102018 37$3900$4500$5.09$2.352018 7252018 126$1300$6800$3.88$1.682018 531201852$2000$2500$1.60$1.5020181.5*2019MyoscienceAurisAvedroIPO15Deerfield

18、Fidelity WellingtonPerceptive Cormorant/VikingKKR ArrowMark EventidePivotalRichard King Mellon Mubadala InvestmentCompanyEndeavor Vision Life Science PartnersLightstone Gilde Ally Bridge Longitude SV Health*PitchBook2019 6 14PitchBook20181.5*2019MyoscienceAurisAvedroIPO15DeerfieldFidelity Wellington

19、Perceptive Cormorant/VikingKKR ArrowMark EventidePivotalRichard King Mellon Mubadala InvestmentCompanyEndeavor Vision Life Science PartnersLightstone Gilde Ally Bridge Longitude SV Health*PitchBook2019 6 14PitchBook201920192019 6 142018年3月9日$7500万融资$4.50亿投后估值2018年8月28日$1.32亿融资$6.07亿投后估值2019年4月26日$65

20、00 万融资$3.15亿投后估值2019年月9日$6300万融资$2.13亿投后估值A2019A4$51003A$14003$14002A$900$5500$1900103AA20020192019 6 144$51003A$14003$14002A$900$5500$1900103AA20020192019 6 14PitchBook114A$1.19$1500 10$1.563A$200017$3.394A$3100 31$6.876$66009A$70002A$1100/A/2017-2019A美国2017年2018年2019年上半年投资数量65/A/2017-2019A美国2017年2

21、018年2019年上半年投资数量656836轮投资总额（亿美元）$6.25$3.65企业创投投资占比17%36%融资额中位数（百万美）$6$5/$5.50$2.59$1.22573920欧洲2017年欧洲2017年2018年2019年上半年投资数量1816轮投资总额（亿美元）$0.87$0.82企业创投投资占比0%28%19%融资额中位数（百万美元）$4$4$3.61$2.73$1.05212914C10AC$1.37 $1.80 $2.211818A20172018/A2018/6/43ThriveEarlierDetection1.1SherlockBiosciences310020191

22、0A4BilliontoOneBostonGeneExscientiaOnera/* A20020192019 6 14PitchBook201918* A20020192019 6 14PitchBook/2018-2019/*10/2018-2019/*8764*最活跃的新投资者义为20182019有新资（次投）的资者年资数截至6月日。融资日期根据续附投资行调。Alexandria2002018 9 30 AREE, Inc.PitchBook/2019/F-PrimeEmbarkNebula/2019/F-PrimeEmbarkNebula GenomicsOwkinCasdin Cap

23、italGenome Medical CelsiusProminexThrive Earlier Detection201920172019/|$6.56t$21.02$11.57$5.55$13.5072 $9.533740445541381049020191$12.78$6.56t$21.02$11.57$5.55$13.5072 $9.53374044554138104902019120197500-120197500-12019500020195000-7500$47.30/$21.64119231171$55.14$47.30/$21.641192311712019/20192019

24、50002018145000IPO2019/2019201950002018145000IPO2019TempusVeranaSophia GeneticsDNAnexus2019 6 14PitchBook2019202019 6 14PitchBook/102018-2019/102018-2019/201882920182142019530201914$1.10$2.40$2$6400$20$15$31$4.94201832320189212019410$8000$8300$8000$10.30$6$2.302018 4 22019 1 72018 4 262018 6 289$1.25

25、$3500$1.25$9500$4.74$12.80$10$7.972018 5 11$3$322019 4 10$1.31$2.512019 4 17$6000$3.752018 9 25$5800$3.082018 5 3$2000$2.102018 6 19$3600$22018 8 23$600$2.10*PitchBook2019 6 14PitchBook2019.2018 5 11$3$322019 4 10$1.31$2.512019 4 17$6000$3.752018 9 25$5800$3.082018 5 3$2000$2.102018 6 19$3600$22018

26、8 23$600$2.10*PitchBook2019 6 14PitchBook2019.2*15GrailTwist20182019IPO20173/10/A/2019/A/2019/15$5.197 A$2.148$73005 A$210015$5.197 A$2.148$73005 A$210011$1.695 A$360052 A$8400$100053 A$5300$11003$27002 A$9007$64002 A$120023$4.859 A$5600A20020192019 6 14PitchBook. 22A20020192019 6 14PitchBook.$3B$2B

27、$1B$3B$2B$1B$0BInvested$202017-20192002017-2019150$1050$002017Q12017Q220172017Q32017Q42018Q12018Q22018Q320182018Q42019Q12019Q22019行业（亿美元）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/OscarOneMedicalDevotedHealth141201820192017100CloverHealth5*10%/20192019 6 14PitchBook 2

28、01923*10%/20192019 6 14PitchBookIPOIPO 201924IPOIPOM&AIPO2014IPO2019IPOAM&AIPO2014IPO2019IPOA $303$263$281$217$189317273163012126223IPO $50B$0BM&AIPOA5IPO1013IPOPelotonB2018IPO70%2019C2014/20185201920192018IPO-47%IPO2019282018682017452016482015642014806642283154231414222014$303$263$281$217$189317273

29、163012126223IPO $50B$0BM&AIPOA5IPO1013IPOPelotonB2018IPO70%2019C2014/20185201920192018IPO-47%IPO2019282018682017452016482015642014806642283154231414222014520142019BCIPO$500$250$0 201420152016201720182019IPO IPO7500IPO/ 201420152016201720182019IPO IPO7500IPO/$80$89$148$5223425527368454311111911020142

30、019*III II I$166$212$80$89$148$5223425527368454311111911020142019*III II I20192019IPOIPOIPO432.3I2II43TherachonATreMyonexus8.5Peloton Therapeutics 1020192019IPOIPOIPO432.3I2II43TherachonATreMyonexus8.5Peloton Therapeutics 102019 251.52019首笔付款中位数（亿美元）$2.25$2$2$1.71$1.53$3.10交易总金额中位数（亿美元）$4.13$5.70$6$

31、4.61$5.28$8.10退出年限中位数4.04.25.93.53.12.3*PitchBook 201926*PitchBookIPO2014-2019IPOIPOIPO$600M$400M$600M$400M$200M$0MIPOIPO$150M$100M$150M$100M$50M$0MIPO$4$2$1.35$100$50$62$71$89$0201920192019$02014201520162017201820192019201923132019610BridgeBioGossamerBioTurningPointTherapeuticsAlectorCstoneCortexym

32、e 1565%2019IPO107IIPO5PrevailAlectorIIKarunaIIITreviCortexyme2019IPO适应症类别交易数早期阶段百分比最后一轮私有融资额中位数IPO*肿瘤学989%$9400 万1.03x平台公司450%$1.51亿1.06x神经学540%$8000 万1.13xIPO IPO*IPO2500IPOIPitchBookPitchBook 201927IPO IPO*IPO2500IPOIPitchBookPitchBook2019102013201910IPO1022/132013201420152016201720182019102013IPO

33、532014201520162017*2019201820191020196 2019IPO1020172018 2015201641020191020184Clementia2017SparudentesPharmaNovanta102019 6 28*PitchBook201928& & & & 42%20092018FDA6060%4040%2020%00%2009201020112012201320142015201620172018风投支持情况美国药物研制公司*欧洲药物研制公司*销售额峰值（亿美元）孤儿病/ 罕见疾病药物首创药物肿瘤药物风投支持

34、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%*HBMPitchBookPitchBook HBM2142602009FDA16005250%2009/II 29*HBMPitchBookPitchBook HBM2142602009FDA16005250%2009/IIM&AIPOIPO 20142019IPOAIPO 201915201827201717201616201530201428B10113385181913141910M&AIPOIPO 20142019IPOAIPO 2019152018

35、27201717201616201530201428B10113385181913141910IPO$0B$94$84$71$74$51$51IPO IPO50002500IPOPitchBookA 201995IPO2018B58Auris 94IPOC 2019IPO 5IPO20192019IPO2019Shockwave 2018IPO4Silk Road235%140%250%150%30%80%CIPO$100$50$0B$94$84$71$74$51$51IPO IPO50002500IPOPitchBookA 201995IPO2018B58Auris 94IPOC 2019I

36、PO 5IPO20192019IPO2019Shockwave 2018IPO4Silk Road235%140%250%150%30%80%CIPO$100$50$0年度IPO数IPO年度IPO数IPO值中位数IPO融资中位数20195$233$9120188$217$8620173$59$2620163$164$75201511$156$77201410$189$70AurisCE$37$48$43$47$44$772014201520162017201820191222132243456781515102019Auris34583500B4500ABAHighland Capital P

37、artnersKleiner PerkinsLuxCapitalMithrilCapital 20192018Stryker201920183CE$37$48$43$47$44$772014201520162017201820191222132243456781515102019Auris34583500B4500ABAHighland Capital PartnersKleiner PerkinsLuxCapitalMithrilCapital 20192018Stryker20192018320192017102017LivaNovaMeritSmith & Nephew首笔付款中位数（亿

38、美元）$1.80$1.25$1.20$1.13$1.90$1.15交易总金额中位数（亿美元）$1.85$1.41$3.80$2.75$2.25$2.20退出年限中位数6.97.08.17.78.18.320195000*FDACEFDAPitchBook 20193120195000*FDACEFDAPitchBook510k201520192015年 2019年上半年器械并购退出时所处阶段 36投资额中位数（百万美元）$46首笔付款中位数（亿美元）$1.10中位数3.4x交易总额中位数（亿美元）$1.40中位数4.7x中位数（年）8.9易2 1De Novo510（k） 4 $464.6x8

39、.8购5易1412$51x6.7CECEPMA2017510k 3510kFDA6PMAFDAk5FDA420155000FDAPMA2017510k 3510kFDA6PMAFDAk5FDA420155000FDA1841009.07.32019510k1510k651055000510 kDeNovo 510 kPMAPitchBook2019325000510 kDeNovo 510 kPMAPitchBookM&AIPO/IPO20142018/IPOAM&AIPO/IPO20142018/IPOAIPO $0BCIPO$50$39$40$34$32$30$15$3$0201420152016201720182019IPO IPO50002500*2019 6 PitchBookIPO 2019620181213201417751221081054A/201943IPOPersonalisB1010C IPOAdaptive BiotechnologiesIPOIPO $0BCIPO$50$39$40$34$32$30$15$3$020142015201