In our mid-year Healthcare Investments and Exits report, we analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
The SVB State of the Markets report provides a quarterly update on the health and productivity of the global innovation economy. This quarter's report includes a special section on the booming Chinese tech industry.
Trends in Healthcare Investments and Exits: Mid-Year 2017Silicon Valley Bank
In our mid-year 2017 report on healthcare investing, SVB analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
Investment and fundraising in the healthcare ecosystem saw a banner first half of 2017, driven in part by advancements in artificial intelligence and machine learning for healthcare applications and a surge in Series A investments, particularly in biopharma.
In our annual Healthcare Investments and Exits report, SVB analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
At mid-year, U.S. healthcare venture fundraising
reached $4.5 billion, and is on pace to closely match
the 2017 record of $9.1 billion. Great trends/insights from SVB.
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.
For the first time, SVB surveyed technology and life science entrepreneurs based in Canada. Like their counterparts in the US, UK and China, Canadian startups are optimistic about the year ahead even amid economic volatility. And while eager to hire and fundraise, they recognize the challenges they face. Most startups say Canadian government support of the innovation economy is having a positive impact. When it comes to gender parity, 60 percent of Canadian startups have at least one woman in an executive position. Looking ahead, we asked which technologies will have the most promise a decade from now: Canadian startups say AI and life science.
The outlook for the Chinese tech sector is strong, with a large number of startups saying they expect more M&A opportunities. Access to talent and raising capital remain challenging. Compared to the US and UK, a higher percentage of Chinese startups have women in senior company roles and at least one woman on
the founding team.
For the 10th year, Silicon Valley Bank is proud to present
our Startup Outlook Report. The innovation economy has
expanded greatly in the US and abroad in the past decade,
and so has Startup Outlook. In our first report, we surveyed
300 people, most of them in California. The 2019 report
includes the perspectives of nearly 1,400 technology and
healthcare founders and executives primarily in major
innovation hubs across the US, the UK, China and, for the
first time, Canada.
The SVB State of the Markets report provides a quarterly update on the health and productivity of the global innovation economy. This quarter's report includes a special section on the booming Chinese tech industry.
Trends in Healthcare Investments and Exits: Mid-Year 2017Silicon Valley Bank
In our mid-year 2017 report on healthcare investing, SVB analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
Investment and fundraising in the healthcare ecosystem saw a banner first half of 2017, driven in part by advancements in artificial intelligence and machine learning for healthcare applications and a surge in Series A investments, particularly in biopharma.
In our annual Healthcare Investments and Exits report, SVB analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
At mid-year, U.S. healthcare venture fundraising
reached $4.5 billion, and is on pace to closely match
the 2017 record of $9.1 billion. Great trends/insights from SVB.
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.
For the first time, SVB surveyed technology and life science entrepreneurs based in Canada. Like their counterparts in the US, UK and China, Canadian startups are optimistic about the year ahead even amid economic volatility. And while eager to hire and fundraise, they recognize the challenges they face. Most startups say Canadian government support of the innovation economy is having a positive impact. When it comes to gender parity, 60 percent of Canadian startups have at least one woman in an executive position. Looking ahead, we asked which technologies will have the most promise a decade from now: Canadian startups say AI and life science.
The outlook for the Chinese tech sector is strong, with a large number of startups saying they expect more M&A opportunities. Access to talent and raising capital remain challenging. Compared to the US and UK, a higher percentage of Chinese startups have women in senior company roles and at least one woman on
the founding team.
For the 10th year, Silicon Valley Bank is proud to present
our Startup Outlook Report. The innovation economy has
expanded greatly in the US and abroad in the past decade,
and so has Startup Outlook. In our first report, we surveyed
300 people, most of them in California. The 2019 report
includes the perspectives of nearly 1,400 technology and
healthcare founders and executives primarily in major
innovation hubs across the US, the UK, China and, for the
first time, Canada.
In our annual 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.
Silicon Valley Bank's Life Science and Healthcare Startup Outlook Report examines how the industry's executives view 2017's opportunities and challenges. The report includes startups' thoughts on public policy issues as well as their expectations for fundraising and hiring.
Silicon Valley Bank’s Trends in Healthcare Investments and Exits report analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies. Report author Jon Norris also gives his annual forecast of what’s likely to happen in 2016.
Key insights from Silicon Valley Bank's Startup Outlook Report. SoCal startups are fueled by a flourishing ecosystem that includes a growing number of local equity capital sources from both venture capitalists and corporate investors. While their outlook is cautiously optimistic, they continue to hire.
In a new report, SVB Analytics examines the challenges facing stakeholders in the U.S. healthcare system, the solutions made possible by technology advancements and opportunities for entrepreneurs and investors.
Learn more here: http://www.svb.com/Blogs/Alex_Lee/Digital_Health__Mapping_Digital_Health_Solutions/
What does 2017 hold for the Innovation Economy? In the latest State of the Markets report, SVB Analytics took a rear-view approach, identifying the factors that mattered most in 2016 and examining which trends and themes will play out in 2017.
Silicon Valley Bank’s annual healthcare M&A report, Trends in Healthcare Investments and Exits, examines the merger and acquisition and IPO activity of private, venture-backed bio-pharma and medical device companies.
The study found that healthcare IPOs tripled in 2013, leading to record potential IPO/big exit returns of $12.5 billion.
For a detailed analysis access the report at: http://www.svb.com/healthcare-report_2014/.
**Report updated on 8/4/2014
What does the rest of 2016 hold for innovation companies? In a mid-year update on State of the Markets, the SVB Analytics team analyzed data from the first half of 2016 to identify key trends impacting SVB's clients.
The IPO Window Reopens:
We finally saw the IPO window crack open in Q3 2016, as proceeds from technology M&A are leaving investors flush with cash to reinvest and driving demand for IPOs and follow-on offerings.
In this third-quarter update on State of the Markets, my team analyzed investment and exit data to identify key trends impacting clients:
1. The number of IPOs exceeded private IPOs for the first time since Q2 2013, as crossover investors’ interest in large pre-IPO financings dropped off.
2. In the U.S., the pace of unicorn exits in Q3 exceeded new entrants.
3. After plummeting in the first half of 2016, values of publicly traded unicorns showed signs of recovery.
Learn more by reading the new State of the Markets report. As with any review of the markets, conditions can turn quickly. We are, however, confident that the fundamentals driving innovation will be strong through the end of 2016.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the US, UK and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the UK and China reports at www.svb.com/IEO.
Four months in, 2017 is shaping up to be a year of harvesting and replanting for the innovation economy.
The SVB Analytics team examined the private-company growth propelled by the large capital raises of 2014-15
and the subsequent plunge in large investments and exits in 2016. Given the activity we’ve seen in the first
quarter of 2017, we are forecasting significant harvesting of returns resulting from the last decade of sweeping
innovations.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the UK, US and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and China reports at www.svb.com/IEO.
Silicon Valley Bank presents its eighth annual Startup Outlook report, capturing the sentiment of about 1,000 tech and healthcare entrepreneurs at a time of rapid transitions around the globe.
U.K. startups are planning for Brexit, and tech and healthcare entrepreneurs tell Silicon Valley Bank that while they are less optimistic about future business conditions compared to recent years, most plan to hire and keep their headquarters in Britain.
What does the rest of 2016 hold for the innovation economy? SVB Analytics' State of the Markets Report provides a summary of key market indicators impacting the innovation economy, including venture capital funding and valuation trends, crossover investor activity, and what’s ahead for the second half of 2016.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in China, the US and UK are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and UK reports at www.svb.com/IEO.
New startup investment in the healthcare sector has undergone a gradual slowdown since Q4 2018. Explore more global trends in our report on the healthcare sector here http://bit.ly/hlt_sector
TRENDS IN PRIVATE COMPANY FINANCING & EXITS IN OPHTHALMOLOGYHealthegy
Presentation by Silicon Valley Bank at OIS@ASRS 2016.
Participant:
Jonathan Norris, Managing Director - Silicon Valley Bank
Powered by:
Healthegy
For more ophthalmology innovation
Visit us at www.ois.net
In our annual 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.
Silicon Valley Bank's Life Science and Healthcare Startup Outlook Report examines how the industry's executives view 2017's opportunities and challenges. The report includes startups' thoughts on public policy issues as well as their expectations for fundraising and hiring.
Silicon Valley Bank’s Trends in Healthcare Investments and Exits report analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies. Report author Jon Norris also gives his annual forecast of what’s likely to happen in 2016.
Key insights from Silicon Valley Bank's Startup Outlook Report. SoCal startups are fueled by a flourishing ecosystem that includes a growing number of local equity capital sources from both venture capitalists and corporate investors. While their outlook is cautiously optimistic, they continue to hire.
In a new report, SVB Analytics examines the challenges facing stakeholders in the U.S. healthcare system, the solutions made possible by technology advancements and opportunities for entrepreneurs and investors.
Learn more here: http://www.svb.com/Blogs/Alex_Lee/Digital_Health__Mapping_Digital_Health_Solutions/
What does 2017 hold for the Innovation Economy? In the latest State of the Markets report, SVB Analytics took a rear-view approach, identifying the factors that mattered most in 2016 and examining which trends and themes will play out in 2017.
Silicon Valley Bank’s annual healthcare M&A report, Trends in Healthcare Investments and Exits, examines the merger and acquisition and IPO activity of private, venture-backed bio-pharma and medical device companies.
The study found that healthcare IPOs tripled in 2013, leading to record potential IPO/big exit returns of $12.5 billion.
For a detailed analysis access the report at: http://www.svb.com/healthcare-report_2014/.
**Report updated on 8/4/2014
What does the rest of 2016 hold for innovation companies? In a mid-year update on State of the Markets, the SVB Analytics team analyzed data from the first half of 2016 to identify key trends impacting SVB's clients.
The IPO Window Reopens:
We finally saw the IPO window crack open in Q3 2016, as proceeds from technology M&A are leaving investors flush with cash to reinvest and driving demand for IPOs and follow-on offerings.
In this third-quarter update on State of the Markets, my team analyzed investment and exit data to identify key trends impacting clients:
1. The number of IPOs exceeded private IPOs for the first time since Q2 2013, as crossover investors’ interest in large pre-IPO financings dropped off.
2. In the U.S., the pace of unicorn exits in Q3 exceeded new entrants.
3. After plummeting in the first half of 2016, values of publicly traded unicorns showed signs of recovery.
Learn more by reading the new State of the Markets report. As with any review of the markets, conditions can turn quickly. We are, however, confident that the fundamentals driving innovation will be strong through the end of 2016.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the US, UK and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the UK and China reports at www.svb.com/IEO.
Four months in, 2017 is shaping up to be a year of harvesting and replanting for the innovation economy.
The SVB Analytics team examined the private-company growth propelled by the large capital raises of 2014-15
and the subsequent plunge in large investments and exits in 2016. Given the activity we’ve seen in the first
quarter of 2017, we are forecasting significant harvesting of returns resulting from the last decade of sweeping
innovations.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in the UK, US and China are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and China reports at www.svb.com/IEO.
Silicon Valley Bank presents its eighth annual Startup Outlook report, capturing the sentiment of about 1,000 tech and healthcare entrepreneurs at a time of rapid transitions around the globe.
U.K. startups are planning for Brexit, and tech and healthcare entrepreneurs tell Silicon Valley Bank that while they are less optimistic about future business conditions compared to recent years, most plan to hire and keep their headquarters in Britain.
What does the rest of 2016 hold for the innovation economy? SVB Analytics' State of the Markets Report provides a summary of key market indicators impacting the innovation economy, including venture capital funding and valuation trends, crossover investor activity, and what’s ahead for the second half of 2016.
Silicon Valley Bank’s annual Startup Outlook survey provides insight into how startups in China, the US and UK are feeling about the year ahead. The 2016 report finds that while startups across the globe are eternally optimistic, they are preparing for a new reality.
Learn more about the Startup Outlook Report and view the US and UK reports at www.svb.com/IEO.
New startup investment in the healthcare sector has undergone a gradual slowdown since Q4 2018. Explore more global trends in our report on the healthcare sector here http://bit.ly/hlt_sector
TRENDS IN PRIVATE COMPANY FINANCING & EXITS IN OPHTHALMOLOGYHealthegy
Presentation by Silicon Valley Bank at OIS@ASRS 2016.
Participant:
Jonathan Norris, Managing Director - Silicon Valley Bank
Powered by:
Healthegy
For more ophthalmology innovation
Visit us at www.ois.net
2018 StartUp Health Insights Global Digital Health Funding Report 2018 MidyearStartUp Health
The first half of 2018 has brought an increase in deal volume and a total of $6.1B invested in digital health companies across the globe - showing a heightened confidence in the sector.
2016 is on track to be the biggest year yet for digital health funding. Q3 was significant with almost $2.4B in deals, nearly half of which were international. We continue to see the market expand globally, with several large deals taking place both in the US and overseas.
Start up health Insights Digital Health Funding Rankings 2016 Mid Year RankingDexter Wee
Source : Startuphealth.com
Digital Health Funding Ranking 2016 Mid Year Report
Seed and Series A deals are 65 % of the funding rounds.
7600 startups around the world.
StartUp Health Insights 2016 Midyear ReportStartUp Health
The digital health market broke historic records for midyear funding as investment reached $3.9B. Seed and Series A financing rounds are substantially equal in number, demonstrating a still thriving early-stage innovation landscape. Most funding dollars are being funneled to Series A rounds, creating opportunities for companies with validated solutions.
The State of the Venture Capital Industry is an annual report produced by TrueBridge Capital Partners highlighting the trends in venture fundraising, investing, valuations, exits, and performance.
All data sourced from Dow Jones VentureSource, Dow Jones LP Source, CB Insights, PitchBook, and Cambridge Associates.
StartUp Health Insights Global Digital Health Funding Report Q3 2018StartUp Health
A new benchmark has been set in the digital health market in Q3 2018, surpassing 2017 Q3 funding by almost $2B, hitting an all
time high Q3 mark of $11.1B. Record numbers of mid- and late-stage deals serve as a stabilizing force, creating market maturity
parallel to fund growth. International investments surge with Beijing as the home of five of the top ten international deals, and
European cities serving up an abundance of early-stage deals. With investors outpacing their 2017 totals, the digital health
market continues to be one of the fastest growing segments of the healthcare industry.
Arterial’s annual review of global healthcare is considered by many family offices, research analysts and wealth management groups to be the leading, authoritative report on the economic and political drivers and activity within the life science sector.
Arterial provide readers with an in-depth analysis of the past years’ investment trends within biotech, medtech and pharmaceuticals. The report analyses deal flow between private and institutional investors, identifies trends by sub sector, product and geographical / regional placement and concludes with our predictions for the year and decades ahead.
Arterial’s annual review of global healthcare is considered by many family offices, research analysts and wealth management groups to be the leading, authoritative report on the economic and political drivers and activity within the life science sector.
Arterial provide readers with an in-depth analysis of the past years’ investment trends within biotech, medtech and pharmaceuticals. The report analyses deal flow between private and institutional investors, identifies trends by sub sector, product and geographical / regional placement and concludes with our predictions for the year and decades ahead.
2017 StartUp Health Insights Year End ReportStartUp Health
As predicted, digital health investment reached new heights in 2017 with $11.5B in funding across 794 deals. Looking beyond the
numbers provides insight into a sector transitioning to a more mature phase. Deal activity at the early stage has fueled a startup
wave and a maturing market with more later-stage opportunities is attracting new investment globally. 2018 is poised to be a
dynamic year in terms of digital health funding activity, M&A and breakout successes, and experimentation paving the way for
new advancements.
Our annual report finds significant numbers of startups continue to have no women in leadership, yet a growing percentage have programs in place to change that.
Silicon Valley Bank's Startup Outlook 2018 captures perspectives from US technology and healthcare entrepreneurs on the opportunities and challenges they see ahead for startups.
US startups tell SVB they are entering 2018 with confidence:
- Nearly two of three US startups believe that 2018 will be better than last year
- The number that plan to hire is at a five-year high
- Most startups expect M&A activity to stay strong
- Venture capital remains the go-to source for future funding
Read more at http://bit.svb.com/2DLLcgZ
How Paperless Payables Can Streamline Ops and Improve Cash FlowSilicon Valley Bank
Digitizing your accounts payable can make your whole company more agile by simplifying accounting and monitoring costs. Use Silicon Valley Bank’s checklist to help with your company’s transition to paperless payables.
Paying your suppliers by credit card is a smart financial move that is good for cash flow, financial management and overall expense reduction. But to access these gains, your vendors must first agree to accept your card payments.
The SVB Asset Management Economic Report, Q2 2017, is a review of and outlook on economic factors that impact global markets and business health.
In this edition, the team discusses the U.K.’s Article 50 notice and the FOMC’s current path towards normalization. The report also examines the Trump Administration’s first 100 days in office and current business sentiment.
Silicon Valley Bank presents its eighth annual Startup Outlook report, capturing the sentiment of about 1,000 tech and healthcare entrepreneurs at a time of rapid transitions around the globe.
U.S. startups are emerging from a healthy recalibration, and tech and healthcare entrepreneurs tell SVB that while they are less optimistic about future business conditions compared to recent years, they expect to hire, see improved exit paths and plan to tap venture capital to grow.
The SVB Asset Management Economic Report, Q1 2017, is a review of and outlook on economic and market factors that impact global markets and business health.
In this edition, the team discusses the Fed's recent activity and its intentions to raise benchmark interest rates three times in 2017. The report also focuses on how the new U.S. administration will impact domestic and global economies.
Silicon Valley Bank 2017 State of the Wine Industry ReportSilicon Valley Bank
The Silicon Valley Bank 2017 State of the Wine Industry Report identifies trends and current issues facing the U.S. wine industry and offers data and observations wineries can use to develop their business strategies.
Silicon Valley Bank's wine report is based on its in-house expertise as one of the largest bankers to the West Coast wine industry for nearly 20 years, a proprietary database of more than a decade of winery financials, ongoing research, and an annual survey of 500+ West Coast wineries. Learn more at http://www.svb.com/wine-report/.
Major Forecasts for 2017:
- Wines sold between $12 and $25 will grow in demand as will high-end luxury wines with an established brand. We expect to see small price increases in these segments, with volume and price drops for bottles priced under $9.
- Premium wine sales will increase between 10 and 14 percent above 2016 levels.
- Per capita consumption faces crosscurrents with retiring wine-loyal baby boomers being replaced by less affluent millennials who are ambivalent about their alcoholic beverage of choice. If economic conditions continue to improve, however, per capita consumption should be slightly higher in 2017.
- Today, millennials are beginning to affect the lower price range of premium sales. Their presence is most visible in the $8 to $11.99 red blend category, but they gradually will shift from blends to varietal wines or imports as their incomes grow.
- Even with winery M&A facing headwinds from higher interest rates, winery acquisitions should remain quite active through 2017.
- Farm labor supply and costs are the dominant concerns in the wine business in 2017.
Migrate Your Payments Platform Without Disrupting Your BusinessSilicon Valley Bank
Switching to a more robust payment platform can deliver benefits including better approval ratios, enhanced reporting, quicker funding, global payment acceptance and improved security. We'll review five key questions to gain an understanding of platform transition steps and share a helpful checklist for creating a project plan.
When you need tighter controls and maximum spending visibility, the way your company pays is key. Try these five tactics for sharpening your use of company credit cards.
Women hold influential positions in technology companies around the world, but there’s clearly room for more women in the C-suites and the boardrooms of the world’s most innovative companies. In our Innovation Economy Outlook 2016 survey of 900 executives worldwide, 63 percent say they have no women on their boards, and 44 percent have no women in executive positions, although that varies greatly when you look at it geographically.
Defecation
Normal defecation begins with movement in the left colon, moving stool toward the anus. When stool reaches the rectum, the distention causes relaxation of the internal sphincter and an awareness of the need to defecate. At the time of defecation, the external sphincter relaxes, and abdominal muscles contract, increasing intrarectal pressure and forcing the stool out
The Valsalva maneuver exerts pressure to expel faeces through a voluntary contraction of the abdominal muscles while maintaining forced expiration against a closed airway. Patients with cardiovascular disease, glaucoma, increased intracranial pressure, or a new surgical wound are at greater risk for cardiac dysrhythmias and elevated blood pressure with the Valsalva maneuver and need to avoid straining to pass the stool.
Normal defecation is painless, resulting in passage of soft, formed stool
CONSTIPATION
Constipation is a symptom, not a disease. Improper diet, reduced fluid intake, lack of exercise, and certain medications can cause constipation. For example, patients receiving opiates for pain after surgery often require a stool softener or laxative to prevent constipation. The signs of constipation include infrequent bowel movements (less than every 3 days), difficulty passing stools, excessive straining, inability to defecate at will, and hard feaces
IMPACTION
Fecal impaction results from unrelieved constipation. It is a collection of hardened feces wedged in the rectum that a person cannot expel. In cases of severe impaction the mass extends up into the sigmoid colon.
DIARRHEA
Diarrhea is an increase in the number of stools and the passage of liquid, unformed feces. It is associated with disorders affecting digestion, absorption, and secretion in the GI tract. Intestinal contents pass through the small and large intestine too quickly to allow for the usual absorption of fluid and nutrients. Irritation within the colon results in increased mucus secretion. As a result, feces become watery, and the patient is unable to control the urge to defecate. Normally an anal bag is safe and effective in long-term treatment of patients with fecal incontinence at home, in hospice, or in the hospital. Fecal incontinence is expensive and a potentially dangerous condition in terms of contamination and risk of skin ulceration
HEMORRHOIDS
Hemorrhoids are dilated, engorged veins in the lining of the rectum. They are either external or internal.
FLATULENCE
As gas accumulates in the lumen of the intestines, the bowel wall stretches and distends (flatulence). It is a common cause of abdominal fullness, pain, and cramping. Normally intestinal gas escapes through the mouth (belching) or the anus (passing of flatus)
FECAL INCONTINENCE
Fecal incontinence is the inability to control passage of feces and gas from the anus. Incontinence harms a patient’s body image
PREPARATION AND GIVING OF LAXATIVESACCORDING TO POTTER AND PERRY,
An enema is the instillation of a solution into the rectum and sig
How many patients does case series should have In comparison to case reports.pdfpubrica101
Pubrica’s team of researchers and writers create scientific and medical research articles, which may be important resources for authors and practitioners. Pubrica medical writers assist you in creating and revising the introduction by alerting the reader to gaps in the chosen study subject. Our professionals understand the order in which the hypothesis topic is followed by the broad subject, the issue, and the backdrop.
https://pubrica.com/academy/case-study-or-series/how-many-patients-does-case-series-should-have-in-comparison-to-case-reports/
Antibiotic Stewardship by Anushri Srivastava.pptxAnushriSrivastav
Stewardship is the act of taking good care of something.
Antimicrobial stewardship is a coordinated program that promotes the appropriate use of antimicrobials (including antibiotics), improves patient outcomes, reduces microbial resistance, and decreases the spread of infections caused by multidrug-resistant organisms.
WHO launched the Global Antimicrobial Resistance and Use Surveillance System (GLASS) in 2015 to fill knowledge gaps and inform strategies at all levels.
ACCORDING TO apic.org,
Antimicrobial stewardship is a coordinated program that promotes the appropriate use of antimicrobials (including antibiotics), improves patient outcomes, reduces microbial resistance, and decreases the spread of infections caused by multidrug-resistant organisms.
ACCORDING TO pewtrusts.org,
Antibiotic stewardship refers to efforts in doctors’ offices, hospitals, long term care facilities, and other health care settings to ensure that antibiotics are used only when necessary and appropriate
According to WHO,
Antimicrobial stewardship is a systematic approach to educate and support health care professionals to follow evidence-based guidelines for prescribing and administering antimicrobials
In 1996, John McGowan and Dale Gerding first applied the term antimicrobial stewardship, where they suggested a causal association between antimicrobial agent use and resistance. They also focused on the urgency of large-scale controlled trials of antimicrobial-use regulation employing sophisticated epidemiologic methods, molecular typing, and precise resistance mechanism analysis.
Antimicrobial Stewardship(AMS) refers to the optimal selection, dosing, and duration of antimicrobial treatment resulting in the best clinical outcome with minimal side effects to the patients and minimal impact on subsequent resistance.
According to the 2019 report, in the US, more than 2.8 million antibiotic-resistant infections occur each year, and more than 35000 people die. In addition to this, it also mentioned that 223,900 cases of Clostridoides difficile occurred in 2017, of which 12800 people died. The report did not include viruses or parasites
VISION
Being proactive
Supporting optimal animal and human health
Exploring ways to reduce overall use of antimicrobials
Using the drugs that prevent and treat disease by killing microscopic organisms in a responsible way
GOAL
to prevent the generation and spread of antimicrobial resistance (AMR). Doing so will preserve the effectiveness of these drugs in animals and humans for years to come.
being to preserve human and animal health and the effectiveness of antimicrobial medications.
to implement a multidisciplinary approach in assembling a stewardship team to include an infectious disease physician, a clinical pharmacist with infectious diseases training, infection preventionist, and a close collaboration with the staff in the clinical microbiology laboratory
to prevent antimicrobial overuse, misuse and abuse.
to minimize the developme
QA Paediatric dentistry department, Hospital Melaka 2020Azreen Aj
QA study - To improve the 6th monthly recall rate post-comprehensive dental treatment under general anaesthesia in paediatric dentistry department, Hospital Melaka
Medical Technology Tackles New Health Care Demand - Research Report - March 2...pchutichetpong
M Capital Group (“MCG”) predicts that with, against, despite, and even without the global pandemic, the medical technology (MedTech) industry shows signs of continuous healthy growth, driven by smaller, faster, and cheaper devices, growing demand for home-based applications, technological innovation, strategic acquisitions, investments, and SPAC listings. MCG predicts that this should reflects itself in annual growth of over 6%, well beyond 2028.
According to Chris Mouchabhani, Managing Partner at M Capital Group, “Despite all economic scenarios that one may consider, beyond overall economic shocks, medical technology should remain one of the most promising and robust sectors over the short to medium term and well beyond 2028.”
There is a movement towards home-based care for the elderly, next generation scanning and MRI devices, wearable technology, artificial intelligence incorporation, and online connectivity. Experts also see a focus on predictive, preventive, personalized, participatory, and precision medicine, with rising levels of integration of home care and technological innovation.
The average cost of treatment has been rising across the board, creating additional financial burdens to governments, healthcare providers and insurance companies. According to MCG, cost-per-inpatient-stay in the United States alone rose on average annually by over 13% between 2014 to 2021, leading MedTech to focus research efforts on optimized medical equipment at lower price points, whilst emphasizing portability and ease of use. Namely, 46% of the 1,008 medical technology companies in the 2021 MedTech Innovator (“MTI”) database are focusing on prevention, wellness, detection, or diagnosis, signaling a clear push for preventive care to also tackle costs.
In addition, there has also been a lasting impact on consumer and medical demand for home care, supported by the pandemic. Lockdowns, closure of care facilities, and healthcare systems subjected to capacity pressure, accelerated demand away from traditional inpatient care. Now, outpatient care solutions are driving industry production, with nearly 70% of recent diagnostics start-up companies producing products in areas such as ambulatory clinics, at-home care, and self-administered diagnostics.
The dimensions of healthcare quality refer to various attributes or aspects that define the standard of healthcare services. These dimensions are used to evaluate, measure, and improve the quality of care provided to patients. A comprehensive understanding of these dimensions ensures that healthcare systems can address various aspects of patient care effectively and holistically. Dimensions of Healthcare Quality and Performance of care include the following; Appropriateness, Availability, Competence, Continuity, Effectiveness, Efficiency, Efficacy, Prevention, Respect and Care, Safety as well as Timeliness.
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We understand the unique challenges pickleball players face and are committed to helping you stay healthy and active. In this presentation, we’ll explore the three most common pickleball injuries and provide strategies for prevention and treatment.
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Trends in Healthcare Investments and Exits 2018 - Mid-Year Report
1. Trends in Healthcare
Investments and
Exits 2018
Innovation Wave Drives Robust Activity
MID-YEAR REPORT 2018
Follow @SVB_Financial Engage #SVBHealthcare
2. Table of Contents
Trends in Healthcare Investments and Exits Mid-Year 2018 2
Mid-Year 2018 Key Highlights 3
Healthcare Investments and Fundraising 5
SVB Deep Dive: Tools Driving Synthetic Biology in Life Science 18
Healthcare Exits and IPOs 20
Biopharma Unicorns: 2013 – 2018 21
Second Half of 2018 Outlook 29
Glossary 30
About the Authors 31
4. Mid-Year 2018 Highlights: Exits
Biopharma IPOs Are Poised to Blow Past 2017 Numbers
Trends in Healthcare Investments and Exits Mid-Year 2018 4
• 75 VC-backedbiopharmaunicornshavereached
valuationsof$1 billionorhighersince2013– either
throughacquisition orin thepublicmarkets.This year
is shapinguptobeanotherstrongyear. These
biopharmaexitsarecreatingthemomentumfor
strongfundraisingand investment.
• In 1H2018, 30biopharmacompanieswentpublic–
comparedto31 IPOs forallof2017.
• BiopharmaM&Ais slowing,as largerroundsand
highervaluationsmakeearly-stageM&Aless
appealing.
• Instead, companieslookingtogopublicare
replenishingthebiopharmaIPO queue.This is fueled
by largepre-moneyIPO valuationsdrivenby
continuedtopcrossoverinvestoractivity.
• DeviceM&Ais stable,buttheIPO marketis favoring
neuro-focusedcompanies,withthreeIPOs in 1H
2018.
• PMA/DeNovopathwaycompaniescontinueto
achievebetterM&Avalues,highermultiplesand
fastertimestoexitthan510(k) companies.
• However,overthelast twoyears, 510(k) device
valuesand multipleshaveincreased.
• Dx/ToolsM&Aactivity is increasing,butthesedeals
havelowerupfrontvaluesand longertimesto exit.
• Thereare manylater-stageDx/Toolscompaniesthat
areshapingupas acquisition candidates, with25
still-privatecompaniesvaluedat $150 millionor
higher.
5. 5
Healthcare Investments and Fundraising:
Biopharma Advancements Drive
Investor Activity
Trends in Healthcare Investments and Exits Mid-Year 2018
6. Trends in Healthcare Investments and Exits Mid-Year 2018 6
U.S. HC Venture Fundraising Stays on Torrid Pace
U.S. Healthcare Venture Fundraising*, 2009 – 2018
$5.2
$1.8
$3.7 $3.6
$3.9
$6.1
$7.5
$7.2
$9.1
$4.5
2009 2010 2011 2012 2013 2014 2015 2016 2017 1H 2018
Fundraisingisonpacetomatchthe2017
totalof$9.1B–countertoourearly2018
predictionthattheannualtotalwould
decline.Aconfluenceofeventsisdriving
investmentandfundraisingtonewlevels.
Rapidtechnologicaladvances,leadingto
clinicalbreakthroughs,arebenefiting
patientsandinvestorsalike.Inthis
environment,quickexitsareunderpinningan
explosionof activity,particularlyin
biopharma,attractingnewpoolsofcapital
andgiantinvestmentsbytraditionalandnon-
traditionalinvestors,includingtechinvestors.
Withtheentryof artificialintelligence(AI)
andmachinelearning(ML),thesetech
investorsseehugeopportunitiesindrug
developmentandthetoolsrequiredtohelp
identifycuresfor arangeofdiseases.
ThebiopharmaIPOwindowisrewarding
investorswithquickvaluationstep-ups
(manycompanieshadIPOswithintwoto
threeyearsofSeriesA).Thispathtoliquidity
istranslatingintorenewedexcitementby
limitedpartnerswhoare eagertokeepthe
investmentcyclegoingbysupportinglarger
venturefundraisesatafasterpace.
*SVB calculates only the dollars allocated to healthcare by U.S. venture funds orfunds investing
primarily in the U.S.
Source:PitchBook and SVB proprietary data.
HC VC $ Fundraised
($ BILLIONS)
7. 36
18
14
16
5
32
19
12
12
9
19
17
11
6
3
Oncology
Platform
Orphan/Rare
Disease
Neuro
Anti-
Infective 2016 2017 1H 2018
2016* 2017* 1H 2018
# of Investments 122 128 77
Total Series A Funding ($M) $2,299 $2,259 $2,632
Corporate Investments (%) 26% 31% 16%
Trends in Healthcare Investments and Exits Mid-Year 2018 7
Biopharma Series A Deals Set Blazing Pace
U.S. Series A Biopharma Investments, 2016 – 1H 2018
$1,395M
$987M
$650M
$281M
$2,362M
*2016 &2017 numbers amended based on PitchBook financing updates. Financing data through 6/15/18.
Source:PitchBook and SVB proprietary data.
2017 Median Series A Funding by Quarter ($M)
75th
Quartile
25th
Quartile
2018 Median Series A Funding by Quarter ($M)
$19.1
$6.9 $5.9 $11.0
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2017Q1 2017Q2 2017Q3 2017Q4
$8.0
$32.5
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2018Q1 2018Q2
By mid-year, biopharma Series A investments reached $2.6B, already surpassing the full-year 2017 total.
The activity was punctuated by a total of $1.8B invested in 15 big-money deals. Four deals each raised $250M+ (Allogene, Harmony, Viela and
Cellularity), and an additional 11 deals each raised $50M+.
Series A investment is on pace to reach 150 deals in 2018. Tech, angel and incubator/accelerator investors drove Q1 deal-making. Large
venture healthcare syndicates (with corporates) led Q2 activity in fewer deals, driving up the Q2 2018 median deal value to more than $30M.
Oncology
Platform
Orphan/
Rare Disease
Neuro
Anti-
Infective
Series A Deals
Series A by Indication
8. Trends in Healthcare Investments and Exits Mid-Year 2018 8
Venture and Crossovers Lead Biopharma Activity
Most Active New Investors* in Biopharma, 2017 – 1H 2018
*Most ActiveNew Investors in biopharma defined as Top 60 venture and corporate investors based on new investments in 2016–2017.
Financing data through 6/15/18. Platform companies have technologies with multiple ornon specified indications.
Source:PitchBook and SVB proprietary data.
26
20
17
15
13
12
11
10
9
8
7
New investors joining the most
active list include 5AM, 6
Dimensions, HBM, Third Rock,
Versant and crossovers RA
Capital and Rock Springs.
By indication, the most active
investors in platform
companies were Arch, Orbimed
and Third Rock (4+ deals
each), in oncology were 6
Dimensions, Celgene, GV,
Orbimed, Osage, Versant and
Vivo (4+ deals each) and in
orphan/rare were 5AM,
Orbimed and RA Capital (3+
deals each).
# OF DEALS
Corporate Investor
9. 44
30
18
13
9
5
8
7
3
3
3
3
5
2
4
1
1
6
1
2
Oncology
Platform
Orphan/Rare Disease
Neuro
Anti-Infective
Auto-Immune
Metabolic
Early Stage Late Stage Undesignated
Trends in Healthcare Investments and Exits Mid-Year 2018 9
Oncology and Platform Deals Capture Most Interest
Most Active New Investments* in Biopharma by Indication, 2017 – 1H 2018
$2,486M
$907M
$2,276M
$999M
$639M
$648M
$286M
Underscoring the recent influx of capital over the past two years from the most active investors, every top indication in 1H 2018 other than
oncology has already surpassed investment levels for full-year 2016.
Waves of new biopharma investment are pushing funding for platform companies to levels similar to oncology and driving a comeback for
orphan/rare drugs.
*Most ActiveNew Investments in biopharma defined as Top 60 venture and corporate investors based on new investments in 2016–2017.
Platform companies have technologies with multiple ornon specified indications. Early Stage defined as Series A &B; LateStage defined as Series Cand later.
Financing data through 6/15/18.
Source:PitchBook and SVB proprietary data.
# DEALS | $ MILLIONS
Platform
Orphan/Rare
Ophthalmology
Auto-immune
Trends:
10. Trends in Healthcare Investments and Exits Mid-Year 2018 10
Robust IPOs Lead to Soaring Private Valuations
Series A/B Deals, Size and Valuation by Most Active Investors*, 2013 – 1H 2018
14.3
25.522.8
28.5
22.0
44.0
28.7
42.2
28.6
44.946.0
58.0
0.0
20.0
40.0
60.0
Series A Series B
2013 2014 2015 2016 2017 1H 2018
Median Round Size by Series
Median 2-Year Series A to Series B Step-ups
0.8
3.2
2.3
0.0
1.0
2.0
3.0
4.0
Series A - Series B
2014-2016 2015-2017 2016-1H 2018
Roundsizesbythemost
activeinvestorshave
explodedin1H2018.
Thishasbeenledbytop
15crossoverinvestors,
whohaveshiftedfrom
laterstage(SeriesC/D)to
earlierstage(SeriesA/B)
withtheexpectationof
quickIPOs.For IPOs
involvingtop15
crossoverinvestors,it
tookamedian7.5months
fromtheirlastprivate
financingtogopublic.
Higherpre-moneyIPO
valuationsareleadingto
largerstep-upsfrom
SeriesA toB,allowing
companiestoraisemore
moneyandincrease
valuations.SeriesA toB
valuationstep-upshave
soaredto3.2xin2017
and2.3xin1H2018.
*Most ActiveBiopharma Investors by Indication defined as Top 42 venture and corporate investors calculated as new (first-time) investments into companies.
Crossover investors defined as public-minded investors who opportunistically invest in private deals. Numbers denote median values.
Financing data through 6/15/18.
Source:PitchBook and SVB proprietary data.
11. 4
6
5
5
3
7
11
8
7
3
4
7
2
2
4
5
2
Non-Invasive
Monitoring
Orthopedic
Neuro
Cardiovascular
Imaging
Ophthalmology
2016
2017
1H 2018
2016* 2017* 1H 2018
# of Investments 60 59 37
Total Series A Funding ($M) $284 $333 $232
Corporate Investments (%) 12% 21% 8%
$120M
$78M
$86M
$79M
$45M
Trends in Healthcare Investments and Exits Mid-Year 2018 11
Non-Invasive Monitoring Drives Device Series A
U.S. Series A Device Investments, 2016 – 1H 2018
HC Insurers/Providers
Medical Device
Digital/Wellness/NIM
$29M
Biopharma
*2016 &2017 numbers amended based on PitchBook financing updates. Financing data through 6/15/18.
Source:PitchBook and SVB proprietary data.
Device Series A in 1H 2018 is slightly ahead of the 2017 pace, measured by deals and dollars.
Hospital digitization technologies offered by non-invasive monitoring and imaging companies are driving 1H 2018 Series A activity. However, neuro-
focused companies lagged.
Since 2017, health insurers/providers and Chinese companies have led corporate investments in Series A device. J&J is the only traditional corporate
to do a Series A deal since 2017, completing 3 early-stage investments.
Series A Deals
Series A by Indication
Series A Corporate Investors: 2017 – 1H 2018
12. Trends in Healthcare Investments and Exits Mid-Year 2018 12
Traditional Venture Investors Support Device
Most Active New Investors* in Device 2017 – 1H 2018
7
5
4
3
# OF DEALS
New Enterprise Associates and Aperture Venture Partners join the most active new investor list.
Early-stage groups like Keiretsu and FundRx are aggregating angel interest when approaching device investments.
Corporate investor activity has declined. The most active corporate investors, J&J and Boston Scientific, are also major acquirers.
*Most ActiveNew Investors in medical devicedefined as Top 21investors based on new investments in 2016–2017.
Financing data through 6/15/18.
Source:PitchBook and SVB proprietary data.
Corporate Investor
13. 5
4
5
3
1
4
2
1
1
4
3
4
2
2
1
1
2
4
1
1
Cardiovascular
Neuro
Orthopedic
Surgical
Metabolic
Vascular
Non-Invasive
Monitoring
ENT
Aesthetics/
Dermatology
Early Stage Late Stage Undesignated
Trends in Healthcare Investments and Exits Mid-Year 2018 13
Device Investing Stays Consistent
Most Active Device Investors by Indication*, 2017 – 1H 2018
$338M
$182M
$149M
$219M
$84M
$100M
$73M
$76M
# DEALS | $ MILLIONS
$200M Orthopedic
NIM
Drug Delivery
Trends:
*Most ActiveDevice Investors defined as Top 35 venture and corporate investors calculated as new investments into companies in 2016 –2017.
Early Stage defined as Series A & B; Late Stage defined as Series Cand later.
Financing data through 6/15/18.
Source:PitchBook and SVB proprietary data.
While active investor activity by indication is closely mirroring previous years, non-invasive monitoring (which has received a lot of early
stage Series A interest) and drug delivery investment have not scaled as expected.
Three neuro IPOs and a pair of uro/gyn M&A deals may spur additional interest in those areas.
Cardiovascular
Neuro
Metabolic
Surgical
ENT
Orthopedic
Vascular
Non-invasive
Monitoring
Aesthetics/
Dermatology Logos represent $25M+ financings
14. 1.7
2.2
0.6
1.7
0.8
1.1
1.4
1.2 1.2
2.0
1.4
0.7
0.0
1.0
2.0
3.0
Series A - Series B Series B - Series C Series C - Series D
2013-2015 2014-2016 2015-2017 2016-1H 2018
4.3
6.5
10.0 11.0
5.0
10.3
8.0
15.0
6.3
8.2
15.3
22.2
6.6
10.0
15.0
20.0
5.7
8.0
17.9
20.0
8.3
14.4
27.0
13.0
0.0
10.0
20.0
30.0
Series A Series B Series C Series D
2013 2014 2015 2016 2017 1H 2018
Median Round Size ($M) by Series 2013 – 1H 2018
Median 2-Year Series/Series Step-ups 2013 – 1H 2018
Trends in Healthcare Investments and Exits Mid-Year 2018 14
Device Round Sizes Increase as Later-Round Valuations Drop
Median Round Size and Valuations (Pre/Post) by Series, 2013 – 1H 2018
Device round sizes have increased for Series A-C, up 2x in 1H 2018 over 2013.
Series A to B valuation step-ups have recently reached as high as 2x. But Series C to D valuations are flat or down rounds, as later-stage investors
may be bargain hunting with limited capital. This hampers returns for early-stage investors.
Medical device companies funded between 2013and 1H2018.
Source:PitchBook and SVB proprietary data as of 5/31/18
15. 26
20
8
42
22
9
16
7
4
R&D Tool
Dx Test
Dx Analytics
2016 2017 2018
2016* 2017* 1H 2018
# of Investments 54 73 27
Total Series A Funding ($M) $481 $548 $224
Corporate Investments (%) 21% 20% 17%
Trends in Healthcare Investments and Exits Mid-Year 2018 15
Dx/Tools Series A Activity Declines from Record 2017
U.S. Series A Dx/Tools Investments, 2016 – 1H 2018
$678M
$374M
$201M
Streamlined Dx Tests
Neuro-Focused
3D Tissue Bioprinter
Oncology-Focused
NGS-Enabling Tools
$5M+ Investments in 1H 2018
Dx/Tools Series A funding and deals decreased in 1H 2018 after a strong 2017.
Dx Analytics companies had fewer deals but raised larger rounds in 1H 2018 with a median deal size of $18M.
AI/ML dominated $10M+ Series A deals in 2017 (7/13), but only had one deal at $5M+ (PAIGE.AI) in 1H 2018.
*2016 &2017 numbers amended based on PitchBook financing updates.
Dx Tests are yes/no tests. Dx Analytics provide more information for diagnosis/treatment. R&D tools advance researchers’ capabilities.
Financing data through 6/15/18.
Source:PitchBook and SVB proprietary data.
Series A Deals
Series A by Subsector 2016 – 1H 2018
16. 8
6
5
4
Corporate Investor
Trends in Healthcare Investments and Exits Mid-Year 2018 16
New Tech Investors Join Most Active Dx/Tools List
Most Active New Investors* in Dx/Tools, 2017 – 1H 2018
# OF DEALS
The list of tech-focused investors active in Dx/Tools is impressive: Andreessen Horowitz and Alumni Ventures Group in 1H 2018 joined return
investors AME Cloud Ventures, Data Collective, Google Ventures, Khosla Ventures and Tencent. We anticipate new tech-focused venture and
corporate investors to become more active as opportunities to leverage software-based big data solutions emerge.
*Most ActiveDx/Tools Investors calculated based onnew (first-time) investments into companies from
2017 to 1H2018. Financing data through 6/15/18.
Source:PitchBook and SVB proprietary data.
17. Dx Test
Dx
Analytics
R&D Tool
Trends in Healthcare Investments and Exits Mid-Year 2018 17
Dx/Tools Sector Dips in 1H 2018 but R&D Tools Surge
Most Active Dx/Tools Investors* by Subsector, 2017 – 1H 2018
$1,889M
$1,146M
$1,443M
16 ($1,837M) 5
Dx/Tools saw $801M in investments by the most active investors in 1H 2018, compared to $2.8B invested in full-year 2017.
Dx Analytics funding dropped to $322M with a focus on early-stage (seed and Series A/B). Dx Tests financing fell off the cliff from 2017,
with just $52M in investments in 1H 2018; four big-money deals (including GRAIL and Guardant) pushed up investment totals in 2017.
On the bright side, R&D Tools soared to 20 deals, with investments totaling $427M. That represents more than half of 1H 2018 Dx/Tools
funding. 34% of R&D Tools investments were in tools that accelerate synthetic biology research, as detailed in the following slides.
Logos represent $25M+ financings
# DEALS | $ MILLIONS
Dx Tests
Dx
Analytics
R&D Tools
*Most ActiveDx/Tools Investors calculated based onnew investments into companies from 2017 to 1H2018.
Dx Tests are yes/no tests. Dx Analytics provide more information for diagnosis/treatment. R&D tools advance researchers’ capabilities.
Financing data through 6/15/18.
Source:PitchBook and SVB proprietary data.
2017 1H 2018
$52M
28 ($1,121M) 8 ($322M)
33 ($719M) 20 ($427M)
18. $0
$50
$100
$150
$200
$250
$300
$350
$400
$450
2015 2016 2017 2018
Design Editing Synthesis Engineering
Trends in Healthcare Investments and Exits Mid-Year 2018 18
SVB Deep Dive: New Tools Accelerating Synthetic
Biology in Life Sciences
Investment by Synthetic Biology Subsector
Computational design technologies provide data-backed suggestions for optimizing experiments and new molecules. CRISPR editing technologies simplify genemodifications.
DNA/RNA synthesis technologies create DNA/RNA. Organism engineering technologies introduce DNA/RNA orediting tools into cells ororganisms.
Financing data through 6/15/18.
Source:PitchBook, press releases and SVB proprietary data.
Computational Design
Organism Engineering
CRISPR
Editing
DNA/RNA
Synthesis
Large-scale synthetic biology is being
simplified by innovations like
CRISPR gene editing and machine
learning. A new flood of therapeutics
investment built around genome
engineering is leveraging these
groundbreaking technologies.
This analysis focuses on companies
making these tools that do not have a
clinical or agricultural/industrial
product pipeline.
Buoyed by $100M+ investments in
Zymergen, Twist Bioscience and
Gingko Bioworks, sector financing
has grown since 2015. While most
investment has been in organism
engineering, nucleic acid synthesis
has dominated 1H 2018.
DEAL SIZE | $ MILLIONS | 2015 – 1H 2018
19. Trends in Healthcare Investments and Exits Mid-Year 2018 19
SVB Deep Dive: Innovation in DNA/RNA Synthesis
Companies with Venture-Backed Deals, Total Raised to Date
HARDWARE ADVANCES BIOCHEMICAL ADVANCES
>$50M
High-Throughput,Silicon
Platformthat Reducesthe
Needed Volumesfor DNA
SynthesisReactions
Pairs High-Throughput
SiliconPlatformwith Error
Detectionand Annealing
for CheckingDNA Quality
Developinga Microfluidic,
AutomatedSystemto Bring
DNA Synthesisinto the Lab
UtilizesReusable
EnzymesfromDead
Cellsto Produce RNA
Template-FreeDNA
Synthesisthrough
ProprietaryEnzymes
Template-FreeDNA
Synthesisthrough
ProprietaryEnzymes
DNA/RNA synthesis technologies create DNA/RNA.
Financing data through 6/15/18.
Source:PitchBook, press releases and SVB proprietary data.
TOTALRAISEDTODATE
Semiconductor-based technology popularized by Twist Bioscience has now made high-throughput DNA/RNA synthesis possible.
Evonetix builds upon this platform by integrating multiple reaction sites on the chip surface to error-check the synthesized DNA,
and Synthomics aims to bring synthesis capabilities into labs by automating the entire process in a microfluidics-based device.
Greenlight Biosciences, DNA Script and Molecular Assemblies utilize biocompatible enzymes to avoid error-prone synthesis steps.
Integrating this enzymatic approach into recent hardware advances is ushering in a new era of synthetic biology research.
$5–50M<$5M
20. 20
Healthcare Exits and IPOs:
Biopharma IPOs Surge
while M&A Slows
Trends in Healthcare Investments and Exits Mid-Year 2018
21. Trends in Healthcare Investments and Exits Mid-Year 2018 21
Investors Find Blessing in 75 Biopharma Unicorns*
VC-backed Biopharma $B+ M&A, Current Public Values, 2013 – 1H 2018
Public Unicorns by IPO Vintage: 46 Deals
$B+ M&A Unicorns by Year: 19 Private/10 Public
*Unicorn defined as venture-backed company since 2013that achieved an M&A with $B+ total deal
value oris a public company (IPO since 2013) valued at $B+ as of 6/15/18.
Source:PitchBook, press releases and SVB proprietary data.
The hot biopharma sector has created a blessing of 75 unicorns between 2013 and 1H 2018. Half of private M&A unicorns were pre-clinical or Phase
I (10/19), while all of the public M&A unicorns were Phase III (9) or commercial (1).
Not all biopharma companies are build-to-sell. In fact, 61% of unicorns (46/75) have gone public and become stand-alone high-value companies. Of
the 46 public unicorns, top 15 crossover investors participated in 31 of these deals prior to the IPO.
2013 2014 2015 2016 2017 2018
2013 2014 2015 2016 2017
Private M&A Public M&A
22. 33
67
42
28
31
30
12
14
22
20
14
5
2013
2014
2015
2016
2017
1H 2018
IPO M&A
23
8 10 5 4
55
29 25
19 16
Oncology Orphan/Rare Disease Neuro Anti-Infective Platform
M&A IPO
$-
$5
$10
$15
$20
$25
$30
2013 2014 2015 2016 2017 1H 2018
M&A Upfront M&A Milestones Pre-Money IPO
Trends in Healthcare Investments and Exits Mid-Year 2018 22
Biopharma M&A Slows as IPOs Heat Up
VC-backed Biopharma Big Exits & IPOs, 2013 – 1H 2018
Source:PitchBook, press releases and SVB proprietary data.
$17.7B
$21.3B
$26.9B $26.5B
$18.7B $20.0B
Exit Values by Year
$ BILLIONS
Top Exits by Indication
2013 – 1H 2018
As is typical in a hot IPO market,M&A activityslowed significantlyin 1H
2018. By mid-year,30 biopharma IPOs had priced– comparedto 31 for all of
2017.
The biopharma IPO queueis substantial,and 2H 2018 activity will likely
push the full year total to between40 and 45 – far surpassing our early 2018
predictionof 28 to 32.
Thoughthe numberof deals declined,total M&A deal valuein 1H 2018
alreadyhas blownpast the total for full-year2017. However,hugemilestones
drive thesedeals: 3 involvepotentialearn-outsof $900M or higher.
Oncologyled the 1H 2018 M&A/IPO exit pack (10), followedby platform(7),
orphan/rare(4) and aesthetics/dermatology(4). Aesthetics/dermatologyis a
surprise becauseof its relativelysmall investmentlevels.
# of Exits by Year
23. Trends in Healthcare Investments and Exits Mid-Year 2018 23
Smaller Early-Stage Deals Dominate Biopharma M&A
VC-backed Biopharma Big Exit M&A by Stage* 2013 – 1H 2018
*Stage defined as last completed clinical trial in most advanced asset.
Source:PitchBook, press releases and SVB proprietary data.
1
5
7
2
5
1
2
3
4
8 2
3
4
4
10
9
5
2
1 1
1
3
1
1
1
2013 2014 2015 2016 2017 1H 2018
While overall M&A activity is down,
1H 2018 saw 4 early-stage exits –
which signals that pre-clinical/Phase
I deals may hit the typical annual
total of 7 to 11 exits.
The 1H 2018 median milestone earn-
out of $900M is nearly double the
median from 2015 to 2017.
Smaller early-stage deals, with
median investment of $17M, are
providing quick times to exit of 3.1
years. They are also yielding a 7x
median upfront multiple on invested
capital, making the deals attractive
to investors.
To exit at an early stage, companies
typically need to show a minimum 3x
to investors. However, early-stage
investment rounds are shifting to
$50M and higher, and with the
median M&A upfront value at $123M,
a 3x return is out of reach. Instead,
these companies are heading to the
public markets with pre-money IPO
valuations far exceeding the private
upfront M&A value, providing a hefty
step-up from the last private round
and generating large IPO proceeds to
continue asset development.
Median Upfront($M) 213 225 200 200 171 123
Median Total Deal($M) 457 413 570 600 461 1040
Median Years to Exit 5.6 4.0 4.2 5.9 3.5 3.1
Phase III
Phase II
Phase I
Pre-Clinical
Commercial
$7.0B
$8.0B
$16.6B
$21.2B
$8.9B
$9.9B
# of Big Exits
24. $182
$129
$193
$140
$294
$327
0
50
100
150
200
250
300
350
400
450
500
2013 2014 2015 2016 2017 2018
$71 $61 $71
$53
$85
$100
0
20
40
60
80
100
120
140
2013 2014 2015 2016 2017 2018
IPO Pre-Money Value*
$ MILLIONS
Trends in Healthcare Investments and Exits Mid-Year 2018 24
Biopharma Pre-Money Values Drive Hot IPO Scene
VC-backed IPOs by Pre-Money Valuation and Dollars Raised, 2013 – 1H 2018
Source:PitchBook, press releases and SVB proprietary data.
*Pre-money IPO valuation divided by venture capital invested. Private valuations sourced through PitchBook.
2013 2014 2015 2016 2017 1H 2018
IPOs Raised $100M+ 8 12 13 1 12 17
% of IPOs Raised $100M+ 24% 18% 31% 4% 39% 57%
IPO Proceeds
$ MILLIONS
75th
Quartile
25th
Quartile
IPO Median Pre-Money IPO Median Dollars Raised
Half of H1 2018 IPOs raised at least $100M, spurred on by pre-money IPO valuations hitting cycle-highs. The median step-up from
last round private money to pre-money IPO was 1.2x. About half of the IPOs were pre-clinical/Phase I (14/30).
Top 15 crossover investors remain major players, as an impressive 21 of 30 IPOs included at least one top 15 crossover investor in
the private syndicate. These IPOs had a higher median pre-money value ($341M) and better step-up from last round private money
(1.3x). Historically, these IPOs perform better in the public markets.
1H 1H
25. 21
12 11
5
8
1
4
4
6
3
Cardiovascular Vascular Access Surgical Neuro Ophthalmology
M&A IPO
$-
$1
$2
$3
$4
$5
$6
$7
$8
2013 2014 2015 2016 2017 1H 2018
M&A Upfront M&A Milestones Pre-Money IPO
2
10
11
3
3
3
12
18
19
13
14
6
2013
2014
2015
2016
2017
1H 2018
IPO M&A
Trends in Healthcare Investments and Exits Mid-Year 2018 25
Device M&A Activity Stable but IPO Window Cracks Open
VC-backed Device Big Exits & IPOs, 2013 – 2017
Exit Values by Year
$ BILLIONS
Top Exits by Indication
2013 – 1H 2018
Source:PitchBook, press releases and SVB proprietary data.
$2.8B
$6.4B
$7.6B
$4.9B $4.9B
$2.6B
The slow start to the year is typical for device, and activity
should increase in 2H 2018. J&J and Boston Scientific
continue acquiring venture-backed companies, but
Medtronic and Abbott remain quiet after huge public
acquisitions in 2015 and 2017. Further consolidation among
large device companies could hurt M&A exits.
The three device IPOs in 1H 2018 equal full-year 2017
activity. Neuro-focused IPOs by Inspire Medical Systems,
electroCore and Neuronetics have performed well and could
lead to a few more IPOs by revenue-generating device
companies in 2H 2018.
# of Exits by Year
26. 1 1
4
2
3
1
3
1
5
4
3
8
15
10
7
8
5
0
2
4
6
8
10
12
14
16
18
20
2013 2014 2015 2016 2017 1H 2018
Trends in Healthcare Investments and Exits Mid-Year 2018 26
Device M&A Upfront Deal Values Dip
VC-backed Device Big Exit M&A by Stage 2013 – 1H 2018
By indication, 1H 2018 M&A
exits were cardiovascular (2),
uro/gyn (2), orthopedic (1) and
non-invasive monitoring (1).
Cardiovascular has remained
strong for the last 5 years.
Building on a two-year trend, 4
of 6 device deals had milestone
earn-outs.
The sole PMA/De Novo
acquisition was for a non-
approved device and the four
510(k) acquisitions had FDA
approvals.
Median Upfront($M) 127 180 125 120 131 113
Median Total Deal($M) 175 185 141 380 283 263
Median Years to Exit 6.6 6.9 7.0 8.1 7.7 13.4
U.S. Commercial
CE Mark Only
Non-approved
$2.3B
$4.3B
$3.7B
$4.4B
$4.7B
$1.6B
Source:PitchBook, press releases and SVB proprietary data.
# of Big Exits
27. 510(k) Big Exits (29 Deals)
2015 – 1H 2018
2015 – 2016
(18 Deals)
2017 – 1H 2018
(11 Deals)
Median Upfront Value ($M) $105M $125M
Median Upfront Deal Multiple 2.2X 3.5X
Median Total Deal Value ($M) $110M $250M
Median Total Deal Multiple 2.6X 5.7X
Trends in Healthcare Investments and Exits Mid-Year 2018 27
PMA/De Novo Deals Exit Pre-FDA Approval
VC-backed Device M&A by Pathway, 2015 – 1H 2018
2015 – 1H 2018 Stage at Exit
Median
Invested
($M)
Median
Upfront
($M)
Median
Upfront
Multiple
Median
Total Deal
($M)
Median
Total Deal
Multiple
Median
Time to
Exit
(Years)
510(k)M&As
29 Exits $46 $110 3.1x $135 3.6x 9.1
PMA/DeNovo
510(k)M&As
22 Exits
$45 $225 4.0x $353 6.8x 5.5
BiopharmaM&As
60 Exits $37 $200 4.4x $578 12.5x 4.2
1
2
9 11
27
32
28
1
≥ Phase IDevelopment StageCE Mark OnlyFDA-Approved < Phase I
Device M&A continues the trend of early-stage PMA/De Novo exits
and commercial-stage 510(k) exits.
The median upfront deal value of 510(k) companies has increased
and the total deal value has more than doubled from 2015 – 2016
to 2017 – 1H 2018. This has resulted in higher deal value
multiples, with upfront multiples increasing from 2.2x to 3.5x.
Source:PitchBook, press releases and SVB proprietary data.
28. 2
7 5
2
4
4
11
5 4
5
0-1.0x 1.1-2.0x 2.1-4.0x 4.1x-7.0x 7.1-10.0x >10.1x
IPO M&A
Despite experiencing a large 1H 2018 bump in M&A activity and with
immense private capital invested, Dx/Tools M&A deals were smaller
with long times to exit.
Many high-value companies remain private. Of 28 companies with
$150M post-money valuations since 2015, only 3 have exited:
Assurex, Astute and Natera.
Tech companies continue to expand into healthcare through Dx/Tools
investments: Google, Fitbit, Microsoft and Nikon were new corporate
investors in 1H 2018 deals. Looking ahead, tech acquisitions of Dx
Analytics companies are likely in the next two years as tech
companies expand their healthcare footprint and move from
investment to acquisition.
4
6
5
1
3
10
8
5
7
2013
2014
2015
2016
2017
1H 2018
IPO M&A
$-
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2013 2014 2015 2016 2017 1H 2018
MeanYearstoIPO 10.9 6.5 7.7 N/A N/A 4.1
Mean Years to M&A 9.1 10.3 7.4 6.4 2.6 4.7
Trends in Healthcare Investments and Exits Mid-Year 2018 28
Dx/Tools M&A Is Up but Values Decline
VC-backed Dx/Tools Exits & IPOs, 2013 – 1H 2018
IPO/Exit Multiples*
2013 – 1H 2018
$1.0B
$1.4B $1.5B
No
Exits
Source:PitchBook, press releases and SVB proprietary data.
*Exit multiple calculated as upfront deal value divided by private invested capital.
Dx Tests are yes/no tests. Dx Analytics provide more information for diagnosis/treatment. R&D Tools advance researchers’ capabilities.
MedianUpfront($M) 350 133 164 225 N/A 105
Median Total Deal ($M) 450 239 164 325 N/A 130
Median Years to Exit 8.2 6.0 3.6 8.5 N/A 8.1
$1.6B
Exit Values by Year
$ BILLIONS
$2.8B
# of Exits by Year
R&D Tools
Dx Analytics
Dx Tests
29. Second Half of 2018 Outlook
Trends in Healthcare Investments and Exits Mid-Year 2018 29
• Wepredictfull-year2018U.S. healthcareventurefundraisingwillreach$9 billion,closelymatchingtherecord
$9.1billionsetin 2017.
• Whilethepaceofbiopharmainvestmentsmay slowin 2H2018,continuinglargeroundsizes likelywillpropel
theannualinvestmenttotaltoa recordhigh.
• BiopharmaM&Ais likelytoreachbetween11 and 13 deals fortheyear. Mostcompanieswillpushtothepublic
marketstoseekhigher-valueIPOs. Weexpectbetween40and 45IPOs for2018, absentunexpectedmarket
fluctuations.
• SeriesCand D dealswilldriveinvestmentin thedevicesector;however,SeriesD valuationresetscoulddilute
early-stageinvestors.
• DeviceM&Aactivity shouldpickup,withquick PMA/DeNovoexitsand improvingmultiplesfor510(k) exits.
WeexpectanotherthreeIPOs in 2H2018,whichwouldbedoublethe2017number.
• Dx/Toolsinvestmentwillfallshortofrecordyear 2017.Investmentin 2H2018willcontinuetofocusonR&D
Toolscompanies.
• Thefieldofsyntheticbiologywillcontinuetogrowas pioneeringcompaniesmakehardwareand biochemical
advancesin DNA/RNAsynthesis.
• HighlyvaluedR&DToolsand liquid biopsycompaniesmay testthepublicmarketsin theU.S. orHongKong,
and weexpectadditional DxTests M&Aactivity.
30. Trends in Healthcare Investments and Exits Mid-Year 2018 30
Glossary
Big Exits
Big Exits defined as a private, venture-backed merger and acquisition
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 defined as a venture-backed company raising IPO proceeds of $25
million or more.
Deal Descriptions
Structured Deal defined as a pay-for-performance acquisition where
some of the deal value is paid upfront when the deal closes, but also
contains additional value based on milestones that must be achieved.
All-in Deal defined as an acquisition where the full deal value is paid
on deal close.
Upfront Payments defined as initial proceeds from an acquisition paid
upon the close of a structured deal; it does not include milestones.
Milestones to be Earned defined as proceeds from an acquisition that
are paid once predetermined milestones are met.
Total Deal Value defined as the full value of the acquisition, including
any milestones to be earned.
Time to Exit defined as the time from the close of a company’s first
institutional round of financing to the exit.
Corporate Investor
Corporate Investor defined as both corporate venture and parent
company investment into venture-backed companies
Regulatory
Non-approved defined as a device company that has no regulatory approval
for its product.
CE Mark Only defined as a device company that has CE Mark approval but
has not received FDA approval. CE Mark is a European Union designation
that is typically less difficult to obtain than FDA approval, and the approval
process often has a faster timeline.
U.S. Commercial defined as a device company that has received FDA
approval of its product and usually is in commercial stage.
Series A
Series A defined as all first-round institutional or corporate venture
investment, and all first-round investments equal to or greater than $2M
regardless of investor.
Indication Definitions
Neurology (neuro) defined as CNS, pain and psychology companies.
Non-Invasive Monitoring defined as medical data collection through sensors
and other technology.
Dx Tests defined as proprietary Yes/No diagnostic tests.
Dx Analytics defined as actionable data analytics to help determine/direct
treatment.
R&D Tools defined as research equipment/services for biopharma and
academia.
Top 15 Crossover Investor
Top 15 Crossover Investor defined as public-minded investor who
strategically invests in private companies. Top 15 list includes: Cormorant
Asset Management, Deerfield Management, EcoR1 Capital, Fidelity
Investments, Foresite Capital Management, Jennison Associates, Partner
Fund Management, Perceptive Advisors, RA Capital Management, Redmile
Group, Rock Springs Capital, Sectoral Asset Management, Viking Global
Investors, Wellington Management and Woodford Investment Management.
31. JonathanNorris
ManagingDirector
SiliconValleyBank
jnorris@svb.com
@jonnysvb
RitishPatnaik
HealthcareConsultant
rp2616@stanford.edu
AndrewOlson
SeniorManager
SVBStrategicAdvisory
aolson@svb.com
BillSideris
SeniorAssociate
SVBStrategicAdvisory
bsideris@svb.com
About the Authors
Trends in Healthcare Investments and Exits Mid-Year 2018 31
AsaManagingDirector,JonathanNorrisspearheadsstrategicrelationshipswithmanyhealthcareventurecapitalfirms.In
addition,hehelpsSVBCapitalthroughsourcingandadvisingonlimitedpartnershipallocationsanddirectinvestments.
Jonathanspeaksatmajorinvestorandindustryconferencesandauthorswidelycitedanalysesofhealthcareventurecapital
trends.Hehas17+yearsofbankingexperienceworkingwithhealthcarecompaniesandventurecapitalfirms.Jonathanearned
aB.S.inBusinessAdministration fromtheUniversityofCalifornia,Riverside,andaJ.D.fromSantaClaraUniversity.
AsaHealthcareConsultant,RitishPatnaikhelpeddevelopSVB’sDx/ToolsandSyntheticBiologyclassificationschemes.Healso
helpedanalyzethedatasets,generatenewslidesandputtogethertakeaways forinvestmenttrendspresentedinthisreport.
Ritish ispursuinga Ph.D. inBioengineeringandM.S. inManagementScienceandEngineeringat StanfordUniversitywherehe
is using bioinformatics and magnetics to create a liver cancer liquid biopsy test. He is a co-founder in Luso Labs, a startup that
bringsaffordablecervicalcancerscreeningworldwide.Ritish earnedaB.S.inBiomedicalEngineeringatColumbiaUniversity.
AndrewOlson is part of SVB’s strategicadvisory groupwherehe partners with both early-stageand larger biotech
companiesto helpthem navigatethe strategicinvestingand M&A landscape.
Beforejoining SVB, Andrewwas a managementconsultantat ZS Associates,wherehe focusedon forecasting,pipeline
strategyand market researchfor pharmaceuticaland biotechcompanies.He holds a B.A. in Chemistryfrom Carleton
Collegein Northfield,Minnesota,and a Ph.D. in Chemistryfromthe Universityof California, Berkeley.
As part of SVB’s strategic advisorygroup,Bill Sideris helpsclientsrefine and executetheir strategicinvestingand
M&A strategyas theycreatethe next generationof medicaltechnologies.
Prior to joining SVB,Bill worked as an R&D engineerat AbbottLaboratoriesfocusedon medicaloptics.Bill also co-
foundedCardian Inc.,a private medicaldevicecompanydevelopinga clinicalstage cardiovascular technologyfor
stroke prevention.Bill completedhis PDEng at the TechnicalUniversityof Delft in BioproductDesignand holds both a
B.S. and M.S. in BiomedicalEngineeringfrom the Universityof Houston.