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

1. US
Venture
Capital
-­‐
History
and
recent
investments
April
9,
2014
Healthcare
2030
1

2. Importance
of
VC
in
USA
• One
of
Private
Equity
Investments
• Provides
money
to
early-­‐stage,
high-­‐potenHal,
high
risk
growth
startup
companies,
in
exchange
of
equity
in
the
investees.
• Biotechnology,
IT
and
soOware
• 11%
of
private
sector
jobs
from
venture-­‐backed
companies
• 21%
of
US
GDP
from
venture-­‐backed
revenue
2

3. History
• Wealthy
individuals
and
families
– The
Wallenbergs,
Vanderbilts,
Whitneys,
Rockefellers,
and
Warburgs
• ARDC
and
J.H.
Whiney
&
Company
(
1946)
• ARDC(American
Research
and
Development
CorporaHon)
– Founded
by
Georges
Doriot,
former
dean
of
Harvard
Business
School
and
founder
of
INSEAD
– Investment
of
$70,000
in
Digital
Equipment
CorporaHon
turned
out
$355
million
(1957
à
1968)
with
annualized
IRR
101%.
– Invested
in
over
150
companies
unHl
it
merged
with
Textron
in
1972
• J.H.
Whitney
&
Company
– Founded
by
John
Hay
Whitney
and
Benno
Schmidt
– Invested
Florida
Foods
CorporaHon,
nutriHon
beverage
for
solders
(Minute
Maid)
– ConHnued
investments
in
leveraged
buyout
transacHons
unHl
2005
3

4. Early
Venture
Capital
and
the
Growth
of
Silicon
Valley
• 1958,
Small
Business
Investment
Act
– License
private
small
business
investment
companies
(SBICs)
to
help
financing
and
management
of
small
entrepreneurial
businesses.
– Electronic,
medical
or
data-­‐processing
technology
– First
venture-­‐backed
startup:
Fairchild
Semiconductor,
funded
by
1959
by
Venrock
Associates
– CompensaHon
structure
:
1.0~1.5%
of
annual
management
fee
+
a
carried
interest
(
~20%)
– Kleiner,
Perkins,
Caufield
&
Byers
(KPCB),
Sequoia
Capital
in
1972
– NaHonal
Venture
Capital
AssociaHon
(1973)
• 1974,
Employee
ReHrement
Income
Security
Act
(ERISA)
– Relaxed
criteria
of
ERISA
allowed
corporate
pension
funds
to
invest
in
venture
capitals.
– The
first
major
fundraising
year,
1978
4

5. Pre-­‐boom
Period(1980s~1995)
• Pre-­‐boom
period
– Early
success:
Digital
Equipment
CorporaHon,
Apple
Inc.,
Genentech
– Over
650
VC
firms
by
the
end
of
the
1980s
– From
$3
billion
to
$31
billion
AUM
(Asset
Under
Management)
– IPO
marketed
closed
in
mid
1980s
– Stock
market
crash
in
1987
– Many
VC
firms
moved
to
leveraged
buyout
– Successful
VCs
focused
on
improving
operaHons
at
their
porjolio
companies
5

6. Boom,
Bubble(1995~2000)
and
Crash
• San
Hill
Road
in
Menlo
Park
and
Silicon
Valley
– Internet
and
biotechnology
– Human
Genome
Project
&
BioinformaHcs
• Celera
versus
Gilead
– New
Economy
(Pax
Americana)
• Market
crash
– March,
2000
– Write-­‐off
and
“under-­‐water”
and
secondary
market
– 2003:
50
%
of
2001
in
terms
of
investment
• Slow
revival
– 2004~2007
– Raised
$25.1
B
in
2006
6

7. Top
VCs
in
Life
Sciences
#
Company
AUM
($B)
West
East
Europe
Asia
Israel
1
New
Enterprise
Associates
13.0
1977
✔
✔
✔(China,
India)
2
Kleiner
Perkins
Caufield
&
Byers
7.0
1972
✔
✔(China)
3
OrbiMed
Advisors
8.0
1989
✔
✔
✔(China,
India)
✔
4
Bessemer
Venture
Partners
4.0
1911
✔
✔
✔(India)
✔
5
Polaris
Venture
Partners
3.5
1996
✔
✔
✔(Dublin)
7
Canaan
Partners
3.4
1987
✔
✔(India)
✔
8
Idex
Ventures
3.25
1996
✔
✔(Geneva,London)
9
Altas
Venture
3.0
1986
✔
11
Domain
Associates
2.7
1985
✔
✔
12
MPM
Capital
2.6
1996
✔
✔
✔(Munich)
15
Venrock
2.2
1969
✔
✔
16
Frasier
Healthcare
2.0
1991
✔
19
Alta
Partners
2.0
1996
✔
25
Burrill
&
Co
1.5
1994
✔
26
ARCH
Venture
Partners
1.5
1986
✔
✔
✔(Dublin)
27
Third
Rock
Ventures
1.3
2007
✔
✔
AUM:
Asset
Under
Management
7

8. Structure
of
VC
Funds
Limited
Partners
(Investors)
(Public
pension
funds,
corporate
pension
funds,
insurance
companies,
high
net-­‐worth
individuals,
family
offices,
endowments,
foundaHons,
fund-­‐of-­‐funds,
sovereign
wealth
funds)
Venture
Capital
Fund
(Limited
Partnership)
Investment
Venture
Capital
Firm
(General
Partner)
Investment
Investment
Ownership
of
the
Fund
Fund/Investment
Management
-­‐
Management
fee
-­‐
Carried
interest
8

9. Roles
in
VC
Firms
• Venture
capitalist
or
general
partner
(managing
director)
• Venture
partner
• Principal:
mid-­‐level
investment
officer
• Associate:
junior
apprenHce
posiHon
• Entrepreneur-­‐in-­‐residence
(EIR):
non-­‐binding,
temporary
relaHonship
for
6~18
months
9

10. Trends
• Asset-­‐centric
&
virtual
operaHon
• Investors
as
co-­‐founders
• M&A
as
preferred
exit
10

11. Key
Features
• AcHve
investors
• IniHal
investment
and
composiHon
of
BOD
• Milestone-­‐based
follow-­‐on
investment
• VC’s
iniHaHves
in
BOD
and
management
• Pride
as
company-­‐building
experts
11

12. Epizyme
• Dr.
Kasumi
Shiosaki,
ex-­‐Millennium
PharmaceuHcals
– Started
working
at
MPM
Capital
as
EIR
in
2001
– Co-­‐founded
and
served
as
CEO
posiHon
unHl
March
2010
• ScienHfic
founders:
Dr.
Li
Zhang
(UNC
Chapel
Hill)
and
H.
Robert
Horvitz
in
2008
• MPM
Capital
and
Kleiner
Perkins
Caufield
&
Byers
invested.
• R&D
on
epigeneHc
enzymes
(histone
methyltransferase
etc)
– EPZ-­‐5676
(DOT1L
inihibitor)
in
Phase
I
in
collaboraHon
with
Celgene
– EPZ-­‐6438
(EZH2
inhibitor)
for
NHL
in
Phase
1/2
in
collaboraHon
with
Eisai
• Went
public
on
May,
2013
(Market
cap.
$760m)
12
"My
skill
is
that
I
can
convince
people
to
walk
off
the
cliff.”
-­‐
Dr.
Kasumi
Shiosaki

13. Stromedix
• Dr.
Mike
Gilman,
ex-­‐Biogen-­‐Idec
execuHve
• Atlas
Ventures’
EIR
on
January
2006
• Searching
investment
opportuniHes
in
fibrosis
area
with
Atlas
Ventures
• Founding
Stromedix
by
in-­‐licensing
Biogen-­‐Idec’s
anH-­‐
integrin
αvβ6
mAb(STX-­‐100)
at
its
preclinical
stage
• Atlas
led
the
investment
of
$30
m
in
early
2007
• Biogen-­‐Idec
acquired
Stromedix
at
$487.5m
aOer
the
iniHaHon
of
Phase
2
clinical
trial
for
IPF
on
Feb.,
2012
13

14. Stromedix
• Entrepreneurs’
and
investors’
perspecHve
– Avoiding
NIH(not-­‐invented-­‐here)
syndrome
– Chance
to
review
opportuniHes
comprehensively
– In-­‐licensing
assets
de-­‐prioriHzed
by
original
developers
– Capital-­‐efficient
development
(
total
headcount
6,
all
studies
contracted
to
CRO)
• Biogen-­‐Idec’s
perspecHve
– Avoiding
non-­‐performing
aging
of
de-­‐prioriHzed
assets
– OpHon
to
license
(or
M&A)
14
• EIR
&
VC
firms
• Asset-­‐centric
• Virtual
operaHon
• M&A

15. Zafgen
• Incubator
(Altas
Ventures)
and
co-­‐lead(Third
Rock
Ventures)
• Fat-­‐burning
drug(ZGN-­‐433)
in
P2
for
severely
obese
paHents
• Drug
target:
methionine
aminopepHdase
2(MetAP2)
• 2008
in-­‐licensed
from
CKD
Pharma
and
fundraising
of
$14m
• P1
MAD
with
obese
volunteers
(31
F,
Dec,
2009
~
Oct,
2010)
– Data
announced
on
Jan
5,
2011
• P1
MAD
with
extremely
obese
volunteers
(25
F,
Jun,
2011
~
Nov,
2011)
– $33
m
raised
• P2
with
extremely
obese
paHents
(160,
M/F,
Aug
2012
~May
2013)
– Data
announced
on
Nov,
15
2013
and
$45m
raised
on
Dec,
4,
2013
• P2
with
Prader-­‐Willi
Syndrome
paHents(17,
M/F,
Jun
2013~
Nov
2013)
– Data
announced
on
Jan
15,
2014
• Tom
Hughes
(former
head
of
metabolic
research,
NovarHs)
joined
in
Sep,
2008
15

16. Juno
TherapeuHcs
• CAR
Technology
(Chimeric
AnHgen
Receptor
Technology)
• Combined
forces
of
Fred
Hutchinson
and
Memorial
Sloan-­‐Kevering
Cancer
Center)
• Series
A
$120m
from
ARCH
Venture
Partners
and
others)
on
Dec.
4,
2013
• Founding
investor:
ARCH
Venture
Partners
and
Alakska
Permanent
Fund
• ScienHfic
founder
• CEO:
Hans
Bishiop
(former
COO
of
Dendreon)
• CFO
and
Head
of
corporate
development:
Steve
Harr
(M.D.
former
Managing
Director
and
Head
of
Biotechnology
Investment
Banking
at
Morgan
Stanley)
16

17. Editas
Medicine.
• Editasmedicine.com
• $43
in
series
A
• Founding
investors:
Third
Rock
Ventures,
Polaris
Venture
partners,
and
Flagship
Ventures
• ScienHfic
founders
• CRISPR/Cas9
Gene
ediHng
technology
• Rare
geneHc
disease
17