미국 벤처캐피탈의 약사 및 최근 바이오텍 투자의 특징
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미국 벤처캐피탈의 약사 및 최근 바이오텍 투자의 특징

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미국 VC 산업의 성장사를 간략히 정리하고,

미국 VC 산업의 성장사를 간략히 정리하고,
바이오 분야에서의 최근 트렌드 및 예시적인 투자사례 소개.

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미국 벤처캐피탈의 약사 및 최근 바이오텍 투자의 특징 미국 벤처캐피탈의 약사 및 최근 바이오텍 투자의 특징 Presentation Transcript

  • US  Venture  Capital   -­‐  History  and  recent  investments   April  9,  2014   Healthcare  2030     1  
  • Importance  of  VC  in  USA   •  One  of  Private  Equity  Investments   •  Provides  money  to  early-­‐stage,  high-­‐potenHal,   high  risk  growth  startup  companies,  in  exchange   of  equity  in  the  investees.   •  Biotechnology,  IT  and  soOware   •  11%  of  private  sector  jobs  from  venture-­‐backed   companies   •  21%  of  US  GDP  from  venture-­‐backed  revenue   2  
  • History   •  Wealthy  individuals  and  families   –  The  Wallenbergs,  Vanderbilts,  Whitneys,  Rockefellers,  and  Warburgs   •  ARDC  and  J.H.  Whiney  &  Company  (  1946)   •  ARDC(American  Research  and  Development  CorporaHon)   –  Founded  by  Georges  Doriot,  former  dean  of  Harvard  Business  School  and   founder  of  INSEAD   –  Investment  of  $70,000  in  Digital  Equipment  CorporaHon  turned  out  $355   million  (1957  à  1968)  with  annualized  IRR  101%.   –  Invested  in  over  150  companies  unHl  it  merged  with  Textron  in  1972   •  J.H.  Whitney  &  Company   –  Founded  by  John  Hay  Whitney  and  Benno  Schmidt   –  Invested  Florida  Foods  CorporaHon,  nutriHon  beverage  for  solders  (Minute   Maid)   –  ConHnued  investments  in  leveraged  buyout    transacHons  unHl  2005   3  
  • Early  Venture  Capital  and  the  Growth   of  Silicon  Valley   •  1958,  Small  Business  Investment  Act     –  License  private  small  business  investment  companies  (SBICs)  to  help   financing  and  management  of  small  entrepreneurial  businesses.   –  Electronic,  medical  or  data-­‐processing  technology   –  First  venture-­‐backed  startup:  Fairchild  Semiconductor,  funded  by  1959   by  Venrock  Associates   –  CompensaHon  structure  :  1.0~1.5%  of  annual  management  fee  +  a   carried  interest  (  ~20%)   –  Kleiner,  Perkins,  Caufield  &  Byers  (KPCB),  Sequoia  Capital  in  1972   –  NaHonal  Venture  Capital  AssociaHon  (1973)   •  1974,  Employee  ReHrement  Income  Security  Act  (ERISA)   –  Relaxed  criteria  of  ERISA  allowed  corporate  pension  funds  to  invest  in   venture  capitals.   –  The  first  major  fundraising  year,  1978   4  
  • Pre-­‐boom  Period(1980s~1995)   •  Pre-­‐boom  period   –  Early  success:  Digital  Equipment  CorporaHon,  Apple  Inc.,   Genentech   –  Over  650  VC  firms  by  the  end  of  the  1980s   –  From  $3  billion  to  $31  billion  AUM  (Asset  Under  Management)   –  IPO  marketed  closed  in  mid  1980s   –  Stock  market  crash  in  1987   –  Many  VC  firms  moved  to  leveraged  buyout     –  Successful  VCs  focused  on  improving  operaHons  at  their   porjolio  companies   5  
  • Boom,  Bubble(1995~2000)  and  Crash   •  San  Hill  Road  in  Menlo  Park  and  Silicon  Valley   –  Internet  and  biotechnology     –  Human  Genome  Project  &  BioinformaHcs   •  Celera  versus  Gilead   –  New  Economy  (Pax  Americana)   •  Market  crash   –  March,  2000   –  Write-­‐off  and  “under-­‐water”  and  secondary  market   –  2003:  50  %  of  2001  in  terms  of  investment   •  Slow  revival   –  2004~2007   –  Raised  $25.1  B  in  2006   6  
  • Top  VCs  in  Life  Sciences   #   Company   AUM   ($B)   West   East   Europe   Asia   Israel   1   New  Enterprise  Associates   13.0   1977   ✔   ✔   ✔(China,  India)   2   Kleiner  Perkins  Caufield  &  Byers   7.0   1972   ✔   ✔(China)   3   OrbiMed  Advisors   8.0   1989   ✔   ✔   ✔(China,  India)   ✔   4   Bessemer  Venture  Partners   4.0   1911   ✔   ✔   ✔(India)   ✔   5   Polaris  Venture  Partners   3.5   1996   ✔   ✔   ✔(Dublin)   7   Canaan  Partners   3.4   1987   ✔   ✔(India)   ✔   8   Idex  Ventures   3.25   1996   ✔   ✔(Geneva,London)   9   Altas  Venture   3.0   1986   ✔   11   Domain  Associates   2.7   1985   ✔   ✔   12   MPM  Capital   2.6   1996   ✔   ✔   ✔(Munich)   15   Venrock   2.2   1969   ✔   ✔   16   Frasier  Healthcare   2.0   1991   ✔   19   Alta  Partners   2.0   1996   ✔   25   Burrill  &  Co   1.5   1994   ✔   26   ARCH  Venture  Partners   1.5   1986   ✔   ✔   ✔(Dublin)   27   Third  Rock  Ventures   1.3   2007   ✔   ✔   AUM:  Asset  Under  Management   7  
  • Structure  of  VC  Funds   Limited  Partners  (Investors)   (Public  pension  funds,  corporate  pension  funds,  insurance   companies,  high  net-­‐worth  individuals,  family  offices,  endowments,   foundaHons,  fund-­‐of-­‐funds,  sovereign  wealth  funds)   Venture  Capital  Fund   (Limited  Partnership)   Investment   Venture  Capital  Firm   (General  Partner)   Investment   Investment   Ownership  of  the  Fund   Fund/Investment   Management   -­‐  Management  fee   -­‐  Carried  interest   8  
  • Roles  in  VC  Firms   •  Venture  capitalist  or  general  partner   (managing  director)   •  Venture  partner   •  Principal:  mid-­‐level  investment  officer   •  Associate:  junior  apprenHce  posiHon   •  Entrepreneur-­‐in-­‐residence  (EIR):  non-­‐binding,   temporary  relaHonship  for  6~18  months   9  
  • Trends   •  Asset-­‐centric  &  virtual  operaHon   •  Investors  as  co-­‐founders   •  M&A  as  preferred  exit   10  
  • Key  Features   •  AcHve  investors   •  IniHal  investment  and  composiHon  of  BOD   •  Milestone-­‐based  follow-­‐on  investment   •  VC’s  iniHaHves  in  BOD  and  management   •  Pride  as  company-­‐building  experts   11  
  • Epizyme   •  Dr.  Kasumi  Shiosaki,  ex-­‐Millennium  PharmaceuHcals   –  Started  working  at  MPM  Capital  as  EIR  in  2001   –  Co-­‐founded  and  served  as  CEO  posiHon  unHl  March  2010   •  ScienHfic  founders:  Dr.  Li  Zhang  (UNC  Chapel  Hill)    and  H.  Robert   Horvitz  in  2008   •  MPM  Capital  and  Kleiner  Perkins  Caufield  &  Byers  invested.   •  R&D  on  epigeneHc  enzymes  (histone  methyltransferase  etc)   –  EPZ-­‐5676  (DOT1L  inihibitor)  in  Phase  I  in  collaboraHon  with  Celgene   –  EPZ-­‐6438  (EZH2  inhibitor)  for  NHL  in  Phase  1/2  in  collaboraHon  with   Eisai   •  Went  public  on  May,  2013    (Market  cap.  $760m)   12   "My  skill  is  that  I  can  convince  people  to  walk  off  the  cliff.”            -­‐  Dr.  Kasumi  Shiosaki  
  • Stromedix   •  Dr.  Mike  Gilman,  ex-­‐Biogen-­‐Idec  execuHve   •  Atlas  Ventures’  EIR  on  January  2006   •  Searching  investment  opportuniHes  in  fibrosis  area   with  Atlas  Ventures   •  Founding  Stromedix  by  in-­‐licensing  Biogen-­‐Idec’s  anH-­‐ integrin  αvβ6  mAb(STX-­‐100)  at  its  preclinical  stage   •  Atlas  led  the  investment  of  $30  m  in  early  2007   •  Biogen-­‐Idec  acquired  Stromedix  at  $487.5m  aOer  the   iniHaHon  of  Phase  2    clinical  trial    for  IPF  on  Feb.,  2012   13  
  • Stromedix •  Entrepreneurs’  and  investors’  perspecHve   –  Avoiding  NIH(not-­‐invented-­‐here)  syndrome   –  Chance  to  review  opportuniHes  comprehensively   –  In-­‐licensing  assets  de-­‐prioriHzed  by  original  developers   –  Capital-­‐efficient  development  (  total  headcount  6,  all   studies  contracted  to  CRO)   •  Biogen-­‐Idec’s  perspecHve   –  Avoiding    non-­‐performing  aging  of  de-­‐prioriHzed  assets   –  OpHon  to  license  (or  M&A)   14 •  EIR  &  VC  firms   •  Asset-­‐centric   •  Virtual  operaHon   •  M&A  
  • Zafgen   •  Incubator  (Altas  Ventures)  and  co-­‐lead(Third  Rock  Ventures)   •  Fat-­‐burning  drug(ZGN-­‐433)  in  P2  for  severely  obese  paHents   •  Drug  target:  methionine  aminopepHdase  2(MetAP2)   •  2008  in-­‐licensed  from  CKD  Pharma  and  fundraising  of  $14m   •  P1  MAD  with  obese  volunteers  (31  F,  Dec,  2009  ~  Oct,  2010)   –  Data  announced  on  Jan  5,  2011   •  P1  MAD  with  extremely  obese  volunteers  (25  F,  Jun,  2011  ~  Nov,  2011)   –  $33  m  raised   •  P2  with  extremely  obese  paHents  (160,  M/F,  Aug  2012  ~May  2013)   –  Data  announced  on  Nov,  15  2013  and  $45m  raised  on  Dec,  4,  2013   •  P2  with  Prader-­‐Willi  Syndrome  paHents(17,  M/F,  Jun  2013~  Nov  2013)   –  Data  announced  on  Jan  15,  2014   •  Tom  Hughes  (former  head  of  metabolic  research,  NovarHs)  joined  in  Sep,   2008   15  
  • Juno  TherapeuHcs   •  CAR  Technology  (Chimeric  AnHgen  Receptor  Technology)   •  Combined  forces  of  Fred  Hutchinson  and  Memorial  Sloan-­‐Kevering   Cancer  Center)   •  Series  A  $120m  from  ARCH  Venture  Partners  and  others)  on  Dec.  4,   2013   •  Founding  investor:  ARCH  Venture  Partners  and  Alakska  Permanent   Fund   •  ScienHfic  founder   •  CEO:  Hans  Bishiop  (former  COO  of  Dendreon)   •  CFO  and  Head  of  corporate  development:  Steve  Harr    (M.D.  former   Managing  Director  and  Head  of  Biotechnology  Investment  Banking   at  Morgan  Stanley)   16  
  • Editas  Medicine.   •  Editasmedicine.com   •  $43  in  series  A   •  Founding  investors:  Third  Rock  Ventures,   Polaris  Venture  partners,  and  Flagship   Ventures   •  ScienHfic  founders   •  CRISPR/Cas9  Gene  ediHng  technology   •  Rare  geneHc  disease   17