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Healthcare Investments and Exits Mid-Year 2016 Report

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In its mid-year report on the healthcare industry, Silicon Valley Bank analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies. Report author Jonathan Norris also provides his view of what's on the horizon for the second half of 2016.

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Healthcare Investments and Exits Mid-Year 2016 Report

  1. 1. Healthcare Investments and Exits Mid-Year 2016 Report Paul Schuber Valuations Associate SVB Analytics Written by: Jonathan Norris Managing Director Silicon Valley Bank
  2. 2. Table of Contents Healthcare Investments and Exits, Mid-Year 2016 Report 2 Key Highlights 1H 2016 3 Healthcare Investments and Fundraising 4 Top 15 Crossover Investors 12 Healthcare Big Exit M&A and IPO 15 Glossary 26 About the Authors 27 Cover Photo: Cytotoxic T lymphocytes attacking cancer cell
  3. 3. Key Highlights 1H 2016: New Patterns Emerge as Investor Confidence Drives Deals Like investing and exits overall, healthcare experienced a bumpy start in 2016 — but also had some surprising highlights. • Venture fundraising declines, but Series A investment is up in all sectors. • We expect healthcare investment to reach $9B-$9.5B for full-year 2016, down slightly from 2015. • Crossover investment slows, but newly raised funds, corporate venture and family offices are largely filling the gap. Crossover investors are instead focusing on getting biopharma portfolio companies to an IPO. • Potential distributions are on pace to reach $15B-$17B for the full-year 2016. • Biopharma round sizes are skyrocketing, while exits focus on early-stage companies. • Device remains healthy, as M&A big exits are on pace to meet full-year 2015. • Diagnostics (dx) has experienced exit pullback due to regulatory and reimbursement uncertainty. However, investment has picked up and M&A activity should increase. Healthcare Investments and Exits, Mid-Year 2016 Report 3
  4. 4. Healthcare Investments and Exits, Mid-Year 2016 Report 4 Healthcare Investments and Fundraising: Series A Activity Booms
  5. 5. With very healthy funding over the last few years, we continue to see strong investment into companies and expect it to continue for at least the next two years. Based on Q1 2016 data, we think investment into companies will reach $9-$9.5B for the full year, down slightly from 2015. This reflects less crossover activity. Fundraising in 1H 2016 is down compared to 1H 2015, driven primarily by the closing of three big funds ($2.75B total) in 2015. But we continue to see LP interest in investing into healthcare. Investors See Strong Future in Healthcare Healthcare Investments and Exits, Mid-Year 2016 Report 5 U.S. Healthcare: Capital Invested and VC Dollars Raised Capital Flow Ratio 127% 368% 207% 189% 175% 149% 141% HC $ Invested into Companies HC VC $ Fundraised Gap in Funding 0 1 2 3 4 5 6 7 8 9 10 11 2009 2010 2011 2012 2013 2014 2015 $Billions Source: PricewaterhouseCoopers, Thomson Reuters and SVB proprietary data $7.5B $10.5B
  6. 6. Series A Activity Is Strong across All Sectors Healthcare Investments and Exits, Mid-Year 2016 Report 6 Total Series A ($M) $1,107 $862 $1,843 $994 CVC Deals % / # 28% / 17 27% / 20 26% / 23 33% / 19 BIOPHARMA Biopharma is on pace in 2016 for 100+ Series A deals (up 30% over 2015) with $2B in invested capital. Both would be record highs, if investment velocity continues. • Significant pre-clinical focus, especially in platform, oncology, anti-infective, neurology and orphan/rare disease companies Device deals already have eclipsed 2015 totals, driven by angel activity. • Significant investment activity in neurology, cardiovascular and surgical companies Dx/tools deals and dollars in 1H 2016 have exceeded 2015 totals, despite an M&A pullback. • Grail raised $125M in Series A, accounting for almost half of dollars raised in 1H 2016 DEVICE DX/TOOLS Total Series A ($M) $227 $337 $92 $104 CVC Deals % / # 18% / 7 14% / 6 22% / 4 4% / 1 Total Series A ($M) $234 $252 $165 $263 CVC Deals % / # 10% / 4 12% / 4 24% / 4 21% / 5 60 75 87 58 0 40 80 120 2013 2014 2015 1H 2016 #ofDeals 38 42 18 24 0 40 80 120 #ofDeals 39 34 17 24 0 40 80 120 #ofDeals Source: CB Insights, PitchBook, press releases and SVB proprietary data U.S. Company Formation: Deals and Investments in Series A
  7. 7. Venture and Corporate Investors Keep Active Healthcare Investments and Exits, Mid-Year 2016 Report 7 Trends suggest the number of deals by the most active investors will increase 30% over 2015. Pfizer, a corporate investor, leads all investors with 9 new deals in 1H 2016. The majority of the most active VCs in 1H 2016 have raised new funds between January 2015 and June 2016. Active crossover investors include Deerfield Management (7), Fidelity Investors (4) and Cormorant Asset Management (4). See page 13. Top 2015 VC+CVC Biopharma INVESTOR DEALS TYPE OrbiMed Advisors 16 VC New Enterprise Associates 9 VC Novartis Venture Funds 9 Corporate ARCH Venture Partners 8 VC Sofinnova Ventures 8 VC Novo 7 VC Pfizer Venture Investments 7 Corporate Versant Ventures 7 VC Celgene 6 Corporate Johnson & Johnson Innovation 6 Corporate SR One 6 Corporate Top 1H 2016 VC+CVC Biopharma INVESTOR DEALS TYPE Pfizer Venture Investments 9 Corporate OrbiMed Advisors 8 VC Frazier Healthcare 6 VC Novo 6 VC AbbVie Biotech Ventures 5 Corporate ARCH Venture Partners 5 VC New Enterprise Associates 5 VC Canaan Partners 4 VC MPM Capital 4 VC Johnson & Johnson Innovation 3 Corporate Roche Venture Fund 3 Corporate Most Active* New Investors in Biopharma 2015 versus 1H 2016 *Most active is defined as top 60 investors based on new investments. Source: CB Insights, PitchBook, press releases and SVB proprietary data
  8. 8. Oncology Leads New Biopharma Investments Healthcare Investments and Exits, Mid-Year 2016 Report 8 Oncology has almost three times the number of deals compared to any other category. Anti-infective, ranked ninth in number of deals in our 2014 analysis, is now tied for second. Platform, orphan/rare disease and neurology continue to receive significant investment. Oncology 62 deals $2,419M Anti-Infective 22 deals $686M Platform 22 deals $914M Neurology 22 deals $816M Orphan/Rare Disease 19 deals $749M Auto-Immune 6 deals $232M Metabolic 9 deals $243M Cardiovascular 5 deals $109M Gastrointestinal 6 deals $128M Respiratory 4 deals $155M Ophthalmology 5 deals $201M Most Active* New VC Investments in Biopharma by Indication 2015–1H 2016 *Most active is defined as top 60 investors based on new investments. Source: CB Insights, PitchBook, press releases and SVB proprietary data
  9. 9. Biopharma Deal Size Increases Healthcare Investments and Exits, Mid-Year 2016 Report 9 Median investment round size from most active investors has increased 40% over 2015. The median deal size has almost tripled since 2013. Recent larger equity raises in biopharma could compress M&A multiples down the road, especially as IPO optionality declines. $15.3 $23.0 $30.0 $42.8 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 2013 2014 2015 1H 2016 MedianDealSize($Millions) Source: CB Insights, PitchBook, press releases and SVB proprietary data Median Deal Size by Top 60 VC and Corporate Investors
  10. 10. Device Gains Traction in Large Late-Stage Deals Active* Investors INVESTOR TYPE INVESTOR TYPE Action Potential Venture Capital Corporate Lightstone Ventures VC Aisling Capital VC Longitude Capital VC BioStar Ventures VC Medtronic Corporate Deerfield Management Crossover New Enterprise Associates VC Edwards Lifesciences Corporate OrbiMed Advisors VC Endeavour Vision VC Sante Ventures VC GE Ventures Corporate Sofinnova Partners VC HealthQuest Capital VC SV Life Sciences Advisers VC Johnson & Johnson Innovation Corporate Venrock VC KCK Group Family Office Vertex Healthcare VC Healthcare Investments and Exits, Mid-Year 2016 Report 10 Analysis of the top 10 1H 2016 device deals: • The median deal size jumped to $46M in Q2 2016 — the largest median round size in two years. • The increased deal sizes underscore the funding of late- stage pivotal trial and/or commercialization rounds. • Cardiovascular received the most investments in 1H 2016; this indication requires significant clinical trial investment. We also saw recent big exit M&A activity in this indication, with 8 of 17 device big exits in 2015. Active* Investors in Device 1H 2016 *Active defined as investors that are actively investing or actively looking at deals. Source: CB Insights, PitchBook, press releases and SVB proprietary data
  11. 11. Top Dx/Tools Round Sizes Increase Healthcare Investments and Exits, Mid-Year 2016 Report 11 Analysis of the top 10 1H 2016 dx/tools deals: • Dx/tools deal size surged to a median of $41M in Q2, nearly tripling the 2015 median. Half of these investments were either Series A or B. • The deals were equally split between dx and tools. The number of investments by the Top 15 Crossover Investors in 1H 2016 equaled all of 2015. Active* Investors INVESTOR TYPE INVESTOR TYPE ARCH Venture Partners VC OrbiMed Advisors VC Arboretum Ventures VC Paladin Capital Group VC Baird Capital VC Pfizer Venture Investments Corporate Cormorant Asset Management Crossover Qiagen Corporate Fidelity Investments Crossover Roche Venture Fund Corporate Foresite Capital Management Crossover Sequoia Capital VC Gilde Investment Management VC Venrock VC Illumina Ventures Corporate Wuxi Venture Fund VC Active* Investors in Dx/Tools 1H 2016 *Active defined as investors that are actively investing or actively looking at deals. Source: CB Insights, PitchBook, press releases and SVB proprietary data
  12. 12. Healthcare Investments and Exits, Mid-Year 2016 Report 12 Top 15 Crossover Investors: Investments Decline as Crossovers Focus on IPOs
  13. 13. Top 15 Crossover Investors: Investments in Biopharma Decline Rapidly Healthcare Investments and Exits, Mid-Year 2016 Report 13 2013 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Total PRIVATE INVESTMENTS 15 68 27 46 68 22 16 13 275 MOST ACTIVE CROSSOVER INVESTORS 1H 2016 INVESTOR DEALS Deerfield Management 7 Fidelity Investments 4 Cormorant Asset Management 4 Sectoral Asset Management 3 Crossover investment deals dropped almost 70% from 2H 2015. However, we still see crossover investor activity, and this group continues to be an important part of the biopharma ecosystem. In 1H 2016, 70% of crossover deals were in Series A and B. Something to consider: Will crossover investors continue to support portfolio companies that need to raise another private round? Top 15 Crossover Investors: Adage Capital Management, Casdin Capital, Cormorant Asset Management, Deerfield Management, EcoR1 Capital, Fidelity Investments, Foresite Capital Management, Jennison Associates, Perceptive Advisors, RA Capital Management, Redmile Group, Rock Springs Capital, Sectoral Asset Management, Wellington Management, Woodford Investment Management Source: CB Insights, PitchBook, press releases and SVB proprietary data
  14. 14. Top 15 Crossover Investors: Investors Push for Biopharma IPOs Healthcare Investments and Exits, Mid-Year 2016 Report 14 Crossover IPOs as Percentage of Exits IPO / Total Exits (M&A + IPO) 55/61 (90%) Our analysis shows that biopharma companies with a Top 15 Crossover Investor are much more likely to exit through an IPO. Greater than 45% of these companies have exited since 2013, and 90% of those exits have been IPOs. In 1H 2016, 11 of 15 VC-backed biopharma IPOs had a Top 15 Crossover as a private investor. The number of Top 15 Crossover IPOs is on pace to match 2015, which is remarkable in a declining IPO market. The challenge ahead: 55% of the portfolios of Top 15 Crossover Investors are still private. This suggests that their focus in 2H 2016 will be on helping companies go public instead of making new private investments. Private Company Backlog Still Private / Total Deals 74/135 (55%) *Estimate based on 1H 2016 IPOs 2 8 23 22 32 58 19 8 0 10 20 30 40 50 60 70 2013 2014 2015 2016* #ofIPOs Top 15 Crossover Other Investors Source: CB Insights, PitchBook, press releases and SVB proprietary data Top 15 Crossover Investors: Adage Capital Management, Casdin Capital, Cormorant Asset Management, Deerfield Management, EcoR1 Capital, Fidelity Investments, Foresite Capital Management, Jennison Associates, Perceptive Advisors, RA Capital Management, Redmile Group, Rock Springs Capital, Sectoral Asset Management, Wellington Management, Woodford Investment Management
  15. 15. Healthcare Investments and Exits, Mid-Year 2016 Report 15 Healthcare Big Exit M&A and IPO: Robust M&A Activity Continues as IPOs Slow
  16. 16. Large Stemcentrx Deal Propels Overall Distributions Healthcare Investments and Exits, Mid-Year 2016 Report 16 Biopharma 64% 80% 69% 69% 85% Device 27% 12% 21% 23% 13% Dx/Tools 9% 8% 10% 8% 2% Pre-Money IPO ValueBig Exit Milestones to be EarnedBig Exit Upfront Payments Potential Distributions* from VC-backed IPOs and Big Exit M&A 2012–1H 2016 One deal, Stemcentrx’s acquisition by AbbVie, contributed almost half of all 1H 2016 total potential distributions. Barring another multibillion-dollar exit in 2H 2016, full-year potential distributions are on pace to reach $15B-$17B. While below the record high in 2015, this signals another good year for investors. *Potential distributions are calculated assuming 75% venture ownership for upfront payments. IPOs are based on the pre-money valuation assuming 75% venture ownership. M&A milestone payments are discounted to 25%. 0 2 4 6 8 10 12 14 16 18 20 22 24 2012 2013 2014 2015 1H 2016 TotalValue($Billions) Source: CB Insights, PitchBook, press releases and SVB proprietary data
  17. 17. Strong Biopharma Big Exit M&A Continues, while IPO Market Slows Q1 Q2 Q3 Q4 Total 2013 IPO 3 10 13 8 34 M&A 3 3 3 3 12 2014 IPO 24 12 17 13 66 M&A 3 4 6 1 14 2015 IPO 11 12 9 10 42 M&A 7 4 6 4 21 2016 IPO 7 8 15 M&A 5 4 9 Healthcare Investments and Exits, Mid-Year 2016 Report 17Source: CB Insights, PitchBook, press releases and SVB proprietary data VC-backed Biopharma Exits by Quarter 2013–1H 2016 Full-year 2016 biopharma IPOs are estimated to come close to the 2013 total. Of the 15 IPOs in 1H 2016, 7 companies were trading above their IPO price and 8 trading below at the end of the first half of 2016. We anticipate M&A big exits to pick up in 2H 2016 and exceed the 2015 total.
  18. 18. Early-Stage Companies Dominate Biopharma IPOs Healthcare Investments and Exits, Mid-Year 2016 Report 18 Stage 2012 2013 2014 2015 1H 2016 Pre-Clinical / Phase I 1 9 29 18 9 Total Biopharma IPOs 10 34 66 41 15 % Early-Stage IPOs 10% 26% 44% 44% 60% Biopharma IPOs were focused predominantly on early-stage companies in 1H 2016. In 1H 2016, median IPO dollars raised was $53M, down from $75M in 2H 2015. Median pre-money valuation in 1H 2016 of $176M is healthy, but below the 2H 2015 median of $233M. Following a strong 2015 for neurology and anti-infective IPOs, these indications had none in 1H 2016. This may be related to recent clinical setbacks at newly public companies. Source: CB Insights, PitchBook, press releases and SVB proprietary data VC-backed Biopharma IPOs by Stage 2012–1H 2016
  19. 19. Biopharma M&A Big Exit Multiples Surge; Early-Stage Focus Continues Healthcare Investments and Exits, Mid-Year 2016 Report Pre-Clinical Phase I Phase II Phase III Commercial 19 0 2 4 6 8 10 12 14 16 18 20 2012 2013 2014 2015 1H 2016 #ofBigExits Source: CB Insights, PitchBook, press releases and SVB proprietary data VC-backed Biopharma Big Exit M&A by Stage 2012–1H 2016 Biopharma deals in 1H 2016 had a strong median upfront multiple of 4.7X. Even more impressive, the median all-in multiple reached 14X, up significantly from 2014 and 2015. 7 of 9 M&A big exits were pre- clinical or Phase I: • Pre-clinical deals were in neurology, auto-immune and orphan/rare disease. • Phase I deals were in oncology (2 deals), metabolic and aesthetics/dermatology.
  20. 20. Early-Stage Biopharma M&A Remains Strong, while Exit Time Decreases Healthcare Investments and Exits, Mid-Year 2016 Report 20Source: CB Insights, PitchBook, press releases and SVB proprietary data $325M $500M $413M $600M $600M 5.0 4.1 5.3 5.6 4.7 2012 2013 2014 2015 1H 2016 Median Total Deal Size and Time to Exit (Pre-Clinical & Phase I) Median Total Deal Size Median Time to Exit (years) n=5 n=3 n=8 n=11 n=7 31.8% 51.7% 74.0% 36.9% 51.2% 68.2% 48.3% 26.0% 63.1% 48.8% 2012 2013 2014 2015 1H 2016 Median Total Deal Size (Pre-Clinical & Phase I) Upfront % Milestone % $325M $500M $413M $600M $600M M&A median total deal size remains at record high, even as IPO optionality is decreasing. This suggests competition among acquirers, which is leading them to pay more at deal close to acquire early-stage assets. Biopharma M&A continues to show a quick time to exit.
  21. 21. Device Big Exit M&A Charges On as IPOs Disappear Healthcare Investments and Exits, Mid-Year 2016 Report 21 Q1 Q2 Q3 Q4 Total 2013 IPO 0 0 0 2 2 M&A 2 2 6 2 12 2014 IPO 1 5 1 3 10 M&A 2 9 5 2 18 2015 IPO 3 4 3 1 11 M&A 0 4 9 4 17 2016 IPO 0 0 0 M&A 5 4 9 Source: CB Insights, PitchBook, press releases and SVB proprietary data VC-backed Device Exits by Quarter 2013–1H 2016 In 1H 2016 there were no device IPOs, but we did see some reverse merger activity. At the same time, there were 9 M&A big exits — on pace to match the 2015 total. In each of the past five quarters, there have been at least four M&A device big exits.
  22. 22. Device Big Exit M&A Trends to Later Stage Non-Approved CE Mark U.S. Commercial Represents # of IPOs Represents Big Exits Healthcare Investments and Exits, Mid-Year 2016 Report 22 0 2 4 6 8 10 12 14 16 18 2012 2013 2014 2015 1H 2016 #ofBigExits 1 2 7 1 2 8 1 2 Source: CB Insights, PitchBook, press releases and SVB proprietary data The orthopedic indication leads with three deals in 1H 2016. There were no Medtronic venture- backed acquisitions in 1H 2016 (13 big exit acquisitions in 2014-2015). However, we expect Medtronic activity in 2H 2016. Discussions with investors suggest that the next flurry of early stage acquisitions could focus on atrial fibrillation, heart failure, stroke or neurostimulation. VC-backed Device Big Exit M&A by Stage 2012–1H 2016
  23. 23. Device Big Exit M&A Propels Higher Median Values Healthcare Investments and Exits, Mid-Year 2016 Report 23 Median Upfront ($M) $95 $127 $180 $150 $120 Median Total Deal ($M) $195 $175 $185 $219 $300 Median Years to Exit 7.0 6.6 6.9 5.5 9.2 # of Structured Deals # of All-In Deals 0 2 4 6 8 10 12 14 16 18 20 2012 2013 2014 2015 1H 2016 #ofBigExits Source: CB Insights, PitchBook, press releases and SVB proprietary data In 1H 2016, 7 of 9 M&A device big exits were structured. There have never been more than 50% structured deals in any year. Looking at regulatory pathways in 1H 2016, the majority of deals (6 of 9) are 510k pathway. These companies typically require revenue ramp-up prior to acquisition. This helps to explain the longer time to exit and later- stage focus. VC-backed Device Big Exit M&A Deal Structure 2012–1H 2016
  24. 24. Dx/Tools Faces Exit Slowdown Healthcare Investments and Exits, Mid-Year 2016 Report 24 2015* While there have been multiple dx/tools acquisitions of public companies in 1H 2016, there have been only two private M&A big exits. Both deals were tools companies focused on drug discovery. Dx/tools IPOs in 2015 performed poorly, and there were none in 1H 2016. Q1 Q2 Q3 Q4 Total 2013 IPO 1 0 2 1 4 M&A 1 1 1 0 3 2014 IPO 2 2 3 0 7 M&A 2 3 0 5 10 2015 IPO 1 2 1 1 5 M&A 3 0 2 1 6 2016 IPO 0 0 0 M&A 1 1 2 Source: CB Insights, PitchBook, press releases and SVB proprietary data VC-backed Dx/Tools Exits by Quarter 2013–1H 2016
  25. 25. Dx/Tools Hits Big Exit M&A Slump Healthcare Investments and Exits, Mid-Year 2016 Report 25 Median Upfront ($M) $127 $350 $133 $184 $108 Median Total Deal ($M) $127 $450 $239 $189 $108 Median Years to Exit 5.6 8.2 6.0 4.5 6.1 # of Structured Deals # of All-In Deals The two 1H 2016 deals were commercial-stage tools companies with no milestones. A third tools deal was announced in early Q3 2016. Revenue traction is likely the main predictor of M&A success. In the dx space, uncertainty existed for most of 1H 2016. This was due to Medicare lab test pricing and FDA regulation of lab-developed tests. With more clarity on the horizon, activity should increase. Source: CB Insights, PitchBook, press releases and SVB proprietary data 0 1 2 3 4 5 6 7 8 9 10 2012 2013 2014 2015 1H 2016 #ofBigExits VC-backed Dx/Tools Big Exit M&A Deal Structure 2012–1H 2016
  26. 26. Glossary Big Exit Big Exits are defined as private, venture-backedmerger and acquisition transactions in which the upfront payment is $75 million or more for biopharma deals and $50 million or more for device and dx/tools deals. Initial Public Offering IPO is defined as a venture-backed company raising IPO proceeds more than $25 million. Deal Descriptions Structured Deal This is a pay-for-performance system that pays some of the consideration upfront, but sets milestones in development that must be achieved before the full value of the transaction will be realized. All-in Deal All consideration for the deal is paid when the deal closes. Big Exit Upfront Payments The upfront payment refers to payments in a structured deal that are made at the close of the deal; it does not include milestones. Big Exit Milestones to be Earned The milestones to be earned refer to payments in a structured deal that are made after the pre-determinedgoals are met. Total Deal Value The total deal value of a structured deal includes both the upfront payment and the milestones to be earned. Regulatory Definitions Non-approved Non-approvedrefers to a device company that has no regulatory approval for its product. CE Mark CE Mark refers to a device company that has a CE Mark-only product. CE Mark is a European Union designation that is less difficult to obtain than FDA approval, and the approval process typically has a faster timeline. U.S. Commercial Commercial refers to a device company that has an FDA-approved product, and typically is in commercial stage. Series A Series A companies are defined as U.S. companies raising their first round greater than $2 million in equity or backed by institutional or corporate venture capital. Indication Definition Neurology CNS, pain, and psychologycomprise neurology. Healthcare Investments and Exits, Mid-Year 2016 Report 26
  27. 27. About the Authors 27 Jonathan Norris JonathanNorrisisa managingdirectorfor SVB'sLifeScienceandHealthcarepractice.Norrisoversees businessdevelopmenteffortsfor bankingandlendingopportunitiesaswellasspearheadingstrategic relationshipswithmany healthcareventurecapitalfirms.He alsohelpsSVBCapitalthroughsourcingand advisingon limitedpartnershipallocations. Inaddition,he speaksatmajorinvestorandindustryconferencesandauthorswidelycitedanalyses ofhealthcareventurecapitaltrends.Norrishas morethansixteenyearsofbankingexperience workingwithhealthcarecompaniesandventurecapitalfirms.Norrisearneda bachelor'sdegreein businessadministrationfromtheUniversityofCalifornia,Riversideanda jurisdoctoratefrom SantaClaraUniversity. Managing Director Silicon ValleyBank jnorris@svb.com Paul Schuber PaulSchuberisanassociatewithSVBAnalyticsleadingvaluationengagementsandspecializinginthelife sciences.PriortoSVBAnalytics,Schuberfacilitatedclinicaltrialson behalfof pharmaceuticalsponsors andpre-clinicaltrialstoadvancemedicalschoolresearch,whichincludedwritingandimplementingIRB andIACUCprotocols.Schuber’shealthcareexperiencealsoconsistsof workingasanemergencymedical technicianandan electrocardiogramtechnician.Hehasa backgroundintechnologyaswell,workingin many roles,includingchieftechnologyofficerofan e-commercecompany. Schuberearneda master’sdegreeinthe businessofbiosciencefromKeckGraduateInstituteof Applied LifeScienceswhilealsostudyingatClaremontMcKennaCollegeatthe RobertDaySchoolofEconomics andFinance. ValuationsAssociate SVB Analytics pschuber@svb.com Healthcare Investments and Exits, Mid-Year 2016 Report
  28. 28. About Silicon Valley Bank For more than 30 years, Silicon Valley Bank has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. 28 This material, including without limitation to the statistical information herein, is providedfor informationalpurposesonly. The materialis based in part on information from third-party sourcesthat we believeto be reliable,but which have not been independentlyverifiedby us and for this reason we do not represent that the information is accurate or complete.The information should not be viewed as tax, investment,legal or other advice nor is it to be reliedon in making an investmentor other decision. You should obtain relevantand specific professionaladvice beforemaking any investment decision.Nothing relatingto the material should be construedas a solicitation,offer or recommendation to acquire or dispose of any investmentor to engage in any other transaction. SVB Analytics is a memberof SVB Financial Group and a non-bank affiliate of Silicon Valley Bank. Productsand servicesofferedby SVB Analyticsare not FDIC insured and are not depositsor other obligationsof Silicon Valley Bank. SVB Analytics does not provideinvestment,tax, or legal advice. Please consult your investment, tax, or legal advisors for such guidance. ©2016 SVB Financial Group. All rights reserved.Silicon Valley Bank is a member of FDIC and FederalReserve System. SVB>, SVB Financial Group,and Silicon Valley Bank are registeredtrademarks.0716-160 About SVB Analytics SVB Analytics, a non-bank affiliate of Silicon Valley Bank, serves the strategic business needs of entrepreneurs, corporates and investors in the global innovation economy. For more than a decade, SVB Analytics has helped global business leaders make informed decisions by providing market intelligence, research, and consulting services. Powered by proprietary data, SVB Analytics has a unique view into the technology and life science sectors. Healthcare Investments and Exits, Mid-Year 2016 Report

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