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Innovative Financing
Trends for European
Biotechs
23rd September 2015
Innholders Hall, London EC4R 2RH
Panelists
To sign up to your free trail of BioPharm Insight or for more information,
please email JShaeri@Biopharminsight.com or call +44 (0) 20 3741 1037
Foreword
As we approach the end of 2015, investment in pharma and biotech is looking healthy. Whilst this is truly now a global industry, European
companies still struggle to gain investor attention, sizeable capital injections and valuations that measure up to respective US equivalents.
This has always been an issue of contention but as the industry well and truly surfaces from the financial crisis slump over the last 2-3 years,
could now be the time for change? EU drug innovators are faced with endless questions: will EU investors increase their appetite for risk?
Are there creative fundraise options for more palatable valuations? Or should companies just give up and seek investment from the shiny
US empire?
We can’t ignore the fact that the EU industry has grown significantly over recent years and incessant US benchmarking does seem unfair. Yet
Europe still has ways to go in realising its true investment potential with its world class scientific leaders, innovation and R&D capabilities –
and whilst it won’t happen overnight, optimism persists that it still can happen.
Today’s panel aims to find an answer to these regional woes -- we’ll at least have fun trying! We hope you enjoy the discussion and
networking session, make some new connections, and leave intoxicated with not only wine but fresh ideas.
Moderator
Surani Fernando
Acting Editor, EMEA, Biopharm Insight
Surani Fernando joined BioPharm Insight’s London office as a drug development reporter in 2010 and has generated
a number of market moving scoops and in-depth analyses on key therapeutic areas. She has also reported on drug
reimbursement, regulatory affairs, patent litigation, M&A and business financing. Surani has covered academic and
industry meetings in both Europe and the US where she has interviewed key opinion leaders and C-level executives
and has also made TV appearances on CNBC and Sky News as an industry commentator. Prior to her career in
journalism she worked in clinical operations at CRO PAREXEL. She has a Bachelor of Medical Science and Master of
Health Communication both from Sydney University, Australia.
Anne Marieke Ezendam
Healthcare portfolio manager and analyst, Amundi Asset Management
Anne Marieke is an established healthcare investor with over 15 years of experience in the industry. Anne Marieke joined
Amundi -- the Paris based investment arm of Credit Agricole and Societe Generale – in January 2014 and focuses on
investments in companies operating in healthcare globally. Prior to Amundi, she was Senior Healthcare Analyst for ING
Investment Management in the Netherlands. Anne Marieke has held previous portfolio manager positions at Credit
Suisse, Threadneedle Asset Management as well as Gulf International Bank, after starting her career as a Sales Manager
at Roche and 3M Pharma in the Netherlands. Ezendam studied biology at Utrecht University.
Gil Bar-Nahum
Managing Director, Jefferies Global Healthcare Investment Banking Group
Dr. Gil Bar-Nahum is a Managing Director in the Global Healthcare Investment Banking Group focussing on the ex-
US Life Sciences universe. He has over 15 years of investment banking experience and prior to joining Jefferies in
2009, served as an Executive Director in UBS Investment Bank’s Global Healthcare Group, where he began in 2002.
He has executed over 100 transactions in the life sciences space, with particular expertise in biotechnology and
drug development. Recently, he has led multiple IPOs, including NASDAQ listings for European and Israeli biotech
companies. Dr. Bar-Nahum received his PhD in biochemistry from the Sackler Institute at the New York University
School of Medicine. He also received an MS from New York University’s School of Medicine in cell and molecular
biology and a BS from the University of Illinois in microbiology.
Graham Defries
Partner, Dechert LLP
Graham advises clients from a range of industry sectors on private equity investments/exits, M&A, corporate finance
and collaboration/licensing transactions. He has a particular interest in transactions in healthcare and life sciences,
the telecoms, media and technology and insurance sectors. Mr. Defries is recommended for his life sciences work
in Chambers UK, 2015 and described as being “practical, decisive and not one to flap.” He is also recognised in
Chambers UK, 2014 and The Legal 500 UK, 2014 and 2013. Recent notable life sciences representations include AM
Pharma on its stake sale and option to be acquired by Pfizer for a total USD 600m, XO1 Limited and Covagen on their
respective sales to Janssen Pharmaceuticals (Johnson and Johnson) and ProFibrix with its sale to Nasdaq-listed The
Medicines Company.
To sign up to your free trail of BioPharm Insight or for more information,
please email JShaeri@Biopharminsight.com or call +44 (0) 20 3741 1037
European pharma/biotechs in BPI headlines:
Roche’s GADOLIN study of Gazyvaro in
indolent NHL sows doubt among experts
about EMA approval
Roche’s (VTX:ROG) Gazyvaro (obinutuzumab) left most experts
doubting its chances of receiving EMA approval for indolent
non-Hodgkin’s lymphoma (iNHL) based on the Phase III
GADOLIN study.
Actelion considers triple-combination upfront
PAH study with selexipag, ERA and PDE5
inhibitor – sources
Actelion (VTX:ATLN) is weighing a study for an oral upfront triple
combination therapy for pulmonary arterial hypertension (PAH), two
sources close to the situation said. The combination would include
its prostacyclin IP receptor agonist Uptravi (selexipag), a PDE5
inhibitor and an endothelin receptor antagonist (ERA), they added.
Allergan/Gedeon Richter’s FDA approval of
cariprazine for schizophrenia/bipolar disorder
hinges on active metabolites – experts
Allergan (NYSE:AGN) and Gedeon Ricther’s (OTCMKTS:GEDSF)
FDA approval for cariprazine relies on data submitted regarding
the optimal dosing to minimize potential toxicity caused by active
metabolites, according to experts.
Bayer’s BAY 94-8862 drives physician
debate on SOC displacement for heart failure
patients – experts
Bayer’s (ETR: BAYN) Phase IIb BAY 94-8862 (finerenone) is driving
physician debate on the significance of hyperkalemia levels for
market uptake considerations in heart failure (HF) patients, experts
said. Data is yet to convince on any significant displacement of
current standard of care (SOC), though niche use is still a possibility
with further clarification from longer trials, they added.
US capital markets’ attraction for EU
biotechs likely to persist despite home listing
draws – experts
US capital markets will continue luring European biotechs for the
foreseeable future, industry experts said. Whilst European biotech
R&D appears strong, domestic exchange listings continue to
propose lower investor appreciation, valuations
and liquidity compared to the NASDAQ, they added.
UK/EU biotechs may see rise in US investor
interest given strategic advantages – experts
The UK/EU biotech space is looking more attractive for US VCs/
PEs eager to take advantage of funding gaps and scientific
research capabilities, industry experts agreed. Since US VCs will
provide more exit opportunities, European investors in turn may
also be nudged to fill early stage funding options, they added.
As the drug development industry globalises, investors in the
US are no longer thinking of investment in terms of proximity to
management of portfolio companies.
Sequana Medical planning USD 50m US IPO
in next year – CEO
Sequana Medical, a Zurich, Switzerland-based medical devices
company, is planning an initial public offering in the US in the next
year to raise around USD 50m, according to CEO Noel Johnson.
Cristal Therapeutics planning to raise EUR
5m - EUR 10m by 2Q16/3Q16 – exec
Cristal Therapeutics intends to close a EUR 5m - EUR 10m round
of Series B funding between 2Q and 3Q next year, said CEO
Joost Holthuis. The financing will allow the company to start a
Phase II trial with its lead candidate CriPec-docetaxel and will also
be used for the development of other candidates in its pipeline,
he added.
Jan-Anders Karlsson
CEO, Verona Pharma
Dr. Karlsson has been CEO and a director of Verona Pharma since June 2012. He has over 30 years of experience
in the pharmaceutical industry, with many successes in the drug discovery and development areas in both large
pharmaceutical and biotech companies where he built entrepreneurial drug discovery and development cultures.
Before joining Verona Pharma, Jan-Anders was the CEO of S*BIO Pte Ltd in Singapore from 2005. Prior to joining
S*BIO, Jan-Anders was the Executive Vice President, Global Research of Bayer Pharma, where he was a member of
the Executive Management Committee and responsible for the company’s global drug discovery organization. He
worked with Bayer from 1996 and before this he held management positions with increasing responsibility in Rhone-
Poulenc Rorer from 1990 to 1996 and Astra AB from 1979 to 1990.
Julian Hudson
Managing Director, Rothschild
Julian has been a member of Rothschild’s London based healthcare team since 2002. He has successfully advised on a
long list of European healthcare deals including AmCo’s recent acquisition by Concordia Healthcare Corp for USD 3.5bn
earlier this month. He was also the sole advisor to PE firm CBPE on the sale of IDIS to Clinigen for GBP 225m. Last year
he advised Meda on its acquisition of Rottapharm for EUR 2.3bn, BTG on its acquisition of PneumRx for up to USD 475m,
the disposal of Almirall’s respiratory assets to AstraZeneca for USD 2.1bn plus royalties and also Vectura’s EUR 130m
acquisition of Activero. Julian has a degree in Business from the University of Edinburgh.
www.biopharminsight.com
Part of the
09/2015. Copyright © 2015 Mergermarket Limited. All rights reserved.
For more information on BioPharm Insight
please contact one of the team:
Jobin Shaeri
JShaeri@Biopharminsight.com
+44 (0) 20 3741 1037
John Stevens
jstevens@biopharminsight.com
+44 (0) 203 741 1136
Navid Tafreshi
ntafreshi@biopharminsight.com
+44 (0) 203 741 1038
Jessica Cerka
jcerka@biopharminsight.com
+1 (212) 574 7879

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BioPharm Insight financing in EU panel 2015

  • 1. Innovative Financing Trends for European Biotechs 23rd September 2015 Innholders Hall, London EC4R 2RH
  • 2. Panelists To sign up to your free trail of BioPharm Insight or for more information, please email JShaeri@Biopharminsight.com or call +44 (0) 20 3741 1037 Foreword As we approach the end of 2015, investment in pharma and biotech is looking healthy. Whilst this is truly now a global industry, European companies still struggle to gain investor attention, sizeable capital injections and valuations that measure up to respective US equivalents. This has always been an issue of contention but as the industry well and truly surfaces from the financial crisis slump over the last 2-3 years, could now be the time for change? EU drug innovators are faced with endless questions: will EU investors increase their appetite for risk? Are there creative fundraise options for more palatable valuations? Or should companies just give up and seek investment from the shiny US empire? We can’t ignore the fact that the EU industry has grown significantly over recent years and incessant US benchmarking does seem unfair. Yet Europe still has ways to go in realising its true investment potential with its world class scientific leaders, innovation and R&D capabilities – and whilst it won’t happen overnight, optimism persists that it still can happen. Today’s panel aims to find an answer to these regional woes -- we’ll at least have fun trying! We hope you enjoy the discussion and networking session, make some new connections, and leave intoxicated with not only wine but fresh ideas. Moderator Surani Fernando Acting Editor, EMEA, Biopharm Insight Surani Fernando joined BioPharm Insight’s London office as a drug development reporter in 2010 and has generated a number of market moving scoops and in-depth analyses on key therapeutic areas. She has also reported on drug reimbursement, regulatory affairs, patent litigation, M&A and business financing. Surani has covered academic and industry meetings in both Europe and the US where she has interviewed key opinion leaders and C-level executives and has also made TV appearances on CNBC and Sky News as an industry commentator. Prior to her career in journalism she worked in clinical operations at CRO PAREXEL. She has a Bachelor of Medical Science and Master of Health Communication both from Sydney University, Australia. Anne Marieke Ezendam Healthcare portfolio manager and analyst, Amundi Asset Management Anne Marieke is an established healthcare investor with over 15 years of experience in the industry. Anne Marieke joined Amundi -- the Paris based investment arm of Credit Agricole and Societe Generale – in January 2014 and focuses on investments in companies operating in healthcare globally. Prior to Amundi, she was Senior Healthcare Analyst for ING Investment Management in the Netherlands. Anne Marieke has held previous portfolio manager positions at Credit Suisse, Threadneedle Asset Management as well as Gulf International Bank, after starting her career as a Sales Manager at Roche and 3M Pharma in the Netherlands. Ezendam studied biology at Utrecht University. Gil Bar-Nahum Managing Director, Jefferies Global Healthcare Investment Banking Group Dr. Gil Bar-Nahum is a Managing Director in the Global Healthcare Investment Banking Group focussing on the ex- US Life Sciences universe. He has over 15 years of investment banking experience and prior to joining Jefferies in 2009, served as an Executive Director in UBS Investment Bank’s Global Healthcare Group, where he began in 2002. He has executed over 100 transactions in the life sciences space, with particular expertise in biotechnology and drug development. Recently, he has led multiple IPOs, including NASDAQ listings for European and Israeli biotech companies. Dr. Bar-Nahum received his PhD in biochemistry from the Sackler Institute at the New York University School of Medicine. He also received an MS from New York University’s School of Medicine in cell and molecular biology and a BS from the University of Illinois in microbiology. Graham Defries Partner, Dechert LLP Graham advises clients from a range of industry sectors on private equity investments/exits, M&A, corporate finance and collaboration/licensing transactions. He has a particular interest in transactions in healthcare and life sciences, the telecoms, media and technology and insurance sectors. Mr. Defries is recommended for his life sciences work in Chambers UK, 2015 and described as being “practical, decisive and not one to flap.” He is also recognised in Chambers UK, 2014 and The Legal 500 UK, 2014 and 2013. Recent notable life sciences representations include AM Pharma on its stake sale and option to be acquired by Pfizer for a total USD 600m, XO1 Limited and Covagen on their respective sales to Janssen Pharmaceuticals (Johnson and Johnson) and ProFibrix with its sale to Nasdaq-listed The Medicines Company.
  • 3. To sign up to your free trail of BioPharm Insight or for more information, please email JShaeri@Biopharminsight.com or call +44 (0) 20 3741 1037 European pharma/biotechs in BPI headlines: Roche’s GADOLIN study of Gazyvaro in indolent NHL sows doubt among experts about EMA approval Roche’s (VTX:ROG) Gazyvaro (obinutuzumab) left most experts doubting its chances of receiving EMA approval for indolent non-Hodgkin’s lymphoma (iNHL) based on the Phase III GADOLIN study. Actelion considers triple-combination upfront PAH study with selexipag, ERA and PDE5 inhibitor – sources Actelion (VTX:ATLN) is weighing a study for an oral upfront triple combination therapy for pulmonary arterial hypertension (PAH), two sources close to the situation said. The combination would include its prostacyclin IP receptor agonist Uptravi (selexipag), a PDE5 inhibitor and an endothelin receptor antagonist (ERA), they added. Allergan/Gedeon Richter’s FDA approval of cariprazine for schizophrenia/bipolar disorder hinges on active metabolites – experts Allergan (NYSE:AGN) and Gedeon Ricther’s (OTCMKTS:GEDSF) FDA approval for cariprazine relies on data submitted regarding the optimal dosing to minimize potential toxicity caused by active metabolites, according to experts. Bayer’s BAY 94-8862 drives physician debate on SOC displacement for heart failure patients – experts Bayer’s (ETR: BAYN) Phase IIb BAY 94-8862 (finerenone) is driving physician debate on the significance of hyperkalemia levels for market uptake considerations in heart failure (HF) patients, experts said. Data is yet to convince on any significant displacement of current standard of care (SOC), though niche use is still a possibility with further clarification from longer trials, they added. US capital markets’ attraction for EU biotechs likely to persist despite home listing draws – experts US capital markets will continue luring European biotechs for the foreseeable future, industry experts said. Whilst European biotech R&D appears strong, domestic exchange listings continue to propose lower investor appreciation, valuations and liquidity compared to the NASDAQ, they added. UK/EU biotechs may see rise in US investor interest given strategic advantages – experts The UK/EU biotech space is looking more attractive for US VCs/ PEs eager to take advantage of funding gaps and scientific research capabilities, industry experts agreed. Since US VCs will provide more exit opportunities, European investors in turn may also be nudged to fill early stage funding options, they added. As the drug development industry globalises, investors in the US are no longer thinking of investment in terms of proximity to management of portfolio companies. Sequana Medical planning USD 50m US IPO in next year – CEO Sequana Medical, a Zurich, Switzerland-based medical devices company, is planning an initial public offering in the US in the next year to raise around USD 50m, according to CEO Noel Johnson. Cristal Therapeutics planning to raise EUR 5m - EUR 10m by 2Q16/3Q16 – exec Cristal Therapeutics intends to close a EUR 5m - EUR 10m round of Series B funding between 2Q and 3Q next year, said CEO Joost Holthuis. The financing will allow the company to start a Phase II trial with its lead candidate CriPec-docetaxel and will also be used for the development of other candidates in its pipeline, he added. Jan-Anders Karlsson CEO, Verona Pharma Dr. Karlsson has been CEO and a director of Verona Pharma since June 2012. He has over 30 years of experience in the pharmaceutical industry, with many successes in the drug discovery and development areas in both large pharmaceutical and biotech companies where he built entrepreneurial drug discovery and development cultures. Before joining Verona Pharma, Jan-Anders was the CEO of S*BIO Pte Ltd in Singapore from 2005. Prior to joining S*BIO, Jan-Anders was the Executive Vice President, Global Research of Bayer Pharma, where he was a member of the Executive Management Committee and responsible for the company’s global drug discovery organization. He worked with Bayer from 1996 and before this he held management positions with increasing responsibility in Rhone- Poulenc Rorer from 1990 to 1996 and Astra AB from 1979 to 1990. Julian Hudson Managing Director, Rothschild Julian has been a member of Rothschild’s London based healthcare team since 2002. He has successfully advised on a long list of European healthcare deals including AmCo’s recent acquisition by Concordia Healthcare Corp for USD 3.5bn earlier this month. He was also the sole advisor to PE firm CBPE on the sale of IDIS to Clinigen for GBP 225m. Last year he advised Meda on its acquisition of Rottapharm for EUR 2.3bn, BTG on its acquisition of PneumRx for up to USD 475m, the disposal of Almirall’s respiratory assets to AstraZeneca for USD 2.1bn plus royalties and also Vectura’s EUR 130m acquisition of Activero. Julian has a degree in Business from the University of Edinburgh.
  • 4. www.biopharminsight.com Part of the 09/2015. Copyright © 2015 Mergermarket Limited. All rights reserved. For more information on BioPharm Insight please contact one of the team: Jobin Shaeri JShaeri@Biopharminsight.com +44 (0) 20 3741 1037 John Stevens jstevens@biopharminsight.com +44 (0) 203 741 1136 Navid Tafreshi ntafreshi@biopharminsight.com +44 (0) 203 741 1038 Jessica Cerka jcerka@biopharminsight.com +1 (212) 574 7879