Sofinnova Capital VI – 2010 Trends
                    January 26, 2010
Agenda

          Welcome
          Where we are today:
          2009 activity and Sofinnova Capital VI
          Where w...
WELCOME
Sofinnova Partners

          Denis Lucquin, Managing Partner (LS)
          Antoine Papiernik, Managing Partner (LS)
    ...
WHERE WE ARE TODAY
2009 AND SOFINNOVA CAPITAL VI
“We foresee strong M&A activity in 2009
    for     our      portfolio     companies:
    technologies making a real diffe...
Sofinnova Portfolio Developments                                                                                          ...
Sofinnova Capital VI
             Closed December 31, 2009
             €260 million ($370 million)
             Target wa...
WHERE WE’VE BEEN
INVESTMENT ACTIVITY SINCE 1989
Sofinnova Partners:
     Solid Investment Style

             Early-stage, spin offs and restarts are the area of investme...
WHERE WE ARE GOING
   2010 TRENDS
What Does Sofinnova Partners’
     Success Mean for The VC Industry in
     Europe?
              Alive and kicking!
     ...
2010 Trends: Mobile Internet
     THE NEXT GENERATION OF INTERNET, MAY BE EVEN MORE POWERFUL THAN FIXED INTERNET



      ...
2010 Trends: The Mobile Backhaul Issue

                                    MOBILE NETWORKS ARE ABOUT TO MOVE TO FULL IP

...
2010 Trends: The New Digital Frontier
                                         DIGITALIZATION WILL BRING NEW INNOVATIONS

...
2010 Trends: The New User Interface



          Everything becoming more tactile:




          Bringing Convenience and ...
2010 Trends: Convergence of Brands
                  and Technology
                                                PIONEE...
2010 Trends: Vaccines
                           Growth                                                           Old tech...
2010 Trends: Antibodies
                         Growth                                                                   ...
2010 Trends: Disruptive Technologies
     in Medical Devices - Who Could be the
     next CoreValve?
          Perfusion a...
2010 Trends: Green Chemistry
     Alternatives


            Biotech alternative to petrochemical
            routes




2...
2010 Trends: Pharma Spin-offs
     Evolution of the Pharma industry (rationalisation – concentration)
     will lead to sp...
Q&A
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Sofinnova Partners picks up €260m for sixth fund

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European venture capital firm Sofinnova Partners has closed its sixth fund, Sofinnova Capital VI, on €260m, following what the firm describes as its most successful year.

Investors in the fund include CDC Enterprises, Industrial & Financial Investments, JP Morgan Asset Management, funds advised by Partners Group and Skandia Life Insurance Company.

Eight start-ups and spinoffs have already been invested in by Sofinnova Capital VI. These deals include Celsius, CoAxia Inc, Crescendo Biologics, DNP Green Technology Inc, Flexion Therapeutics, MD Start, Mydeco and Sagem Wireless.

Published in: Economy & Finance, Business
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Sofinnova Partners picks up €260m for sixth fund

  1. 1. Sofinnova Capital VI – 2010 Trends January 26, 2010
  2. 2. Agenda Welcome Where we are today: 2009 activity and Sofinnova Capital VI Where we’ve been: a review of investment activity since 1989 Where we are going: 2 2010 trends Q&A Breakfast Presentation: January 26, 2010 Confidential
  3. 3. WELCOME
  4. 4. Sofinnova Partners Denis Lucquin, Managing Partner (LS) Antoine Papiernik, Managing Partner (LS) Monique Saulnier, Managing Partner & CFO Jean Schmitt, Managing Partner (IT) Jean-Bernard Schmidt, Managing Partner Graziano Seghezzi, Partner (LS) 4 Olivier Sichel, Partner (IT) Rafaèle Tordjman, Partner (LS) Breakfast Presentation: January 26, 2010 Confidential
  5. 5. WHERE WE ARE TODAY 2009 AND SOFINNOVA CAPITAL VI
  6. 6. “We foresee strong M&A activity in 2009 for our portfolio companies: technologies making a real difference for patients or for customers will always be valuable — such is the beauty of venture. This proves the non-correlation of venture to the rest of the economy.” 6 Denis Lucquin, Managing Partner and Chairman March 24, 2009 Breakfast Presentation: January 26, 2010 Confidential
  7. 7. Sofinnova Portfolio Developments Page 7 Deal Activity and Exits of 2009 Company X Q1 10: IT Company sold Value Creation Dec 09 (SK V): Movetis to IPO – 3 years after investment. Sofinnova is largest shareholder and founding investor. Feb 09 (SK V): Esmertec merges with Purple Labs forming Myriad, Feb 09 (SK IV): Sofinnova of Europe’s largest mobile phone Corevalve (EV 700m$ + milestone software company. Sept 09 (SK IV): Sofinnova Exit of Dec 09 (SK IV): Sofinnova Exit of payments) Fovea (EV 370m€ incl. milestone Novexel (total cash consideration payments) of $505 million, including earn out MERGER payments of $75 million) Q1 2010 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Aug 09 (SK VI): June 09 (SK VI): Sofinnova VI invests Sofinnova VI invests Omthera €6.16m in CoAxia €2.8m in MD Start Pharmaceuticals Dec 09 (SK VI): Sofinnova VI invests €1.4m in Omthera June 09 (SK VI): Sofinnova VI invests €4.70m in Flexion Therapeutics Aug 09 (SK VI): Sofinnova invests €3.6 m in Crescendo Nov 09 (SK VI): Sofinnova VI invests €1.50m in Celsius Capital Deployed June 09 (SK VI): Sofinnova VI invests €2.88m in DNP Green Technology
  8. 8. Sofinnova Capital VI Closed December 31, 2009 €260 million ($370 million) Target was €300 million Already committed to date: 40% to 50% in ten companies LPs include: CDC Entreprises within the France Investment program, Industrial & Financial Investments Co., JP Morgan Asset Management, funds advised by Partners Group and Skandia Life Insurance Company 8 Sofinnova Partners continues to be recognized by its investors for its solid investment style and capacity to generate strong returns, even during turbulent economic times. Breakfast Presentation: January 26, 2010 Confidential
  9. 9. WHERE WE’VE BEEN INVESTMENT ACTIVITY SINCE 1989
  10. 10. Sofinnova Partners: Solid Investment Style Early-stage, spin offs and restarts are the area of investment focus IP rich technologies Biopharmaceuticals, medical devices, green chemicals, wireless, mobile internet Europe & USA 10 Repeat entrepreneurs and experienced management No « me too » investments Breakfast Presentation: January 26, 2010 Confidential
  11. 11. WHERE WE ARE GOING 2010 TRENDS
  12. 12. What Does Sofinnova Partners’ Success Mean for The VC Industry in Europe? Alive and kicking! M&A will continue to feed corporate growth IPO window is reopening Early-stage investment strategy works Consistent investment in innovation transcends economic 12 fluctuations « Back to basics»: invest only in exceptional companies Breakfast Presentation: January 26, 2010 Confidential
  13. 13. 2010 Trends: Mobile Internet THE NEXT GENERATION OF INTERNET, MAY BE EVEN MORE POWERFUL THAN FIXED INTERNET With new ways to search: New advertising model: Blyk 13 And key software browsers/multimedia: Breakfast Presentation: January 26, 2010 Confidential
  14. 14. 2010 Trends: The Mobile Backhaul Issue MOBILE NETWORKS ARE ABOUT TO MOVE TO FULL IP Needs network intelligence: 14 And policy management: Breakfast Presentation: January 26, 2010 Confidential
  15. 15. 2010 Trends: The New Digital Frontier DIGITALIZATION WILL BRING NEW INNOVATIONS Choosing your home in 3D: Working together: 15 Listening to music: Breakfast Presentation: January 26, 2010 Confidential
  16. 16. 2010 Trends: The New User Interface Everything becoming more tactile: Bringing Convenience and Security: 16 Bringing security: Breakfast Presentation: January 26, 2010 Confidential
  17. 17. 2010 Trends: Convergence of Brands and Technology PIONEERED BY EUROPEAN INNOVATION New brands with radical innovations and vision: 17 And a place where design counts: Breakfast Presentation: January 26, 2010 Confidential
  18. 18. 2010 Trends: Vaccines Growth Old technology 35 30 25 20 15 10 5 0 2002 2003 2004 2005 2006 2007 2008 2012 [E] Future Innovation SHIFT 30.0 PROPHYLACTIC VACCINES THERAPEUTIC VACCINES Births per year (m) Seven major markets BRIC countries 25.0 18 20.0 INFECTIOUS DISEASE $B CHRONIC DISEASE 15.0 Bacterial 10.0 2008 2018 Cancer Viral Diabetes Alzheimer’s Disease 5.0 0.0 BRIC: Brazil, Russia, India, China Copyright © 2006 Sofinnova Partners
  19. 19. 2010 Trends: Antibodies Growth Past Innovation 450 70 400 60 350 50 300 250 40 $B 200 30 Murine Chimeric Humanized Fully Human 150 20 100 Murine % 100 30-35 5-10 50 10 0 0 Human % 60-65 90-95 100 2002 2003 2004 2005 2006 2007 2008 2009 2012 2014 [E] [E] NCE MAB Mouse Human Future Innovation Variable region of Heavy chain (Vh) Constant region 1 of Heavy chain (Ch1) 19 Variable region of Light chain (Vl) Constant region of Light chain (Cl) Single-chain Antigen-binding antibody (SCA) Fragment (Fab) Full-size antibody Copyright © 2006 Sofinnova Partners
  20. 20. 2010 Trends: Disruptive Technologies in Medical Devices - Who Could be the next CoreValve? Perfusion augmentation therapies Patented product to treat specific cardiac artery diseases and avoid open-chest surgery for hundreds of thousands of 20 patients Nurturing companies at the seed stage: MD Start Breakfast Presentation: January 26, 2010 Confidential
  21. 21. 2010 Trends: Green Chemistry Alternatives Biotech alternative to petrochemical routes 21 Breakfast Presentation: January 26, 2010 Confidential
  22. 22. 2010 Trends: Pharma Spin-offs Evolution of the Pharma industry (rationalisation – concentration) will lead to spin-off opportunities 22
  23. 23. Q&A
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