D ATA PA G E
2015—another banner year for biotech Walter Yang Excluding partnership monies, biotechs raised $110 billion in 2015, more than double 2014’s second-largest total of $54.9 billion. Follow-on offerings reached new heights of $29.7 billion, and debt accounted for $52.7 billion, driven by a handful of large caps, including a $10 billion
note by Gilead. Initial public offerings were $8 billion, down from 2014’s $9 billion high but ahead of the $3.3 billion 5-year average. Private financings reached a record $12.2 billion, led by a $450 million round by Moderna.
Stock market performance
Global biotech industry financing
The BioCentury 100 gained 5% on the year, while the NASDAQ Biotech index jumped 11%. 1800
Excluding partnerships, biotechs raised $110 billion, double 2014’s $54.9 billion. 70.3
Dow Jones S&P 500 Swiss Market
BioCentury 100 NASDAQ Biotech NASDAQ
Year
Index
1300
9/14
12/14
3/15
6/15
9/15
720 1,936 6,431
4,000
1,401 1,599 5,035
2,000
Asia-Pacific Europe Americas
309 325 3,267
101 242 1,283
151 163 800
189 45 774
2010
2011
40
2010 18 10 5
50
23.63 5.22 3.50 1.63 2.19
100
150
200
IPOs Amount raised ($ millions)
Change in stock price since offer1
Date completed
Inovalon (Goldman Sachs, Morgan Stanley, Citigroup)
685
-37%
11-Feb
3SBio (Morgan Stanley, Goldman Sachs, Citic Securities, China International Capital)
569
20%
10-Jun
Axovant (Jefferies, Evercore, RBC Capital)
362
20%
10-Jun
Shanghai Haohai (UBS)
305
-14%
23-Apr
NantKwest (BofA Merrill Lynch, Citigroup, Jefferies, Piper Jaffray)
238
-31%
28-Jul
Amount raised ($ millions)
Round number
Date closed
450
ND
6-Jan
320
1
16-Jul
Venture capital Company (lead investors)
2012
2013
2014
2015
2011 11 4 9
2012 12 7 6
2013 42 9 9
Therapeutics2
Immunocore2
Year
Americas Europe Asia-Pacific
Partnership
Amount raised ($ billions)
Moderna
0
Debt and other
29.8 37.23 5.34 4.15 1.01 1.96
Company (lead underwriters)
8,000 6,000
Venture
Notable 2015 deals
83 companies raised $8 billion via IPOs, down from 116 ($9.1 billion) in 2014.
10,000
IPO
Source: BCIQ: BioCentury Online Intelligence.
Global biotech initial public offerings Amount raised in IPOs ($ millions)
27.1 20.24 6.22 6.32 1.12 2.14
12/15
Month
2014 75 32 9
2015 49 25 9
Table indicates number of IPOs. Source: BCIQ: BioCentury Online Intelligence
Global biotech venture capital investment
Pharmaron (CITIC M&A Fund; Legend Capital)
280
ND
11-Dec
Denali Therapeutics2
217
1
14-May
Adaptive Biotechnologies (Matrix Capital)
195
6
6-May
Mergers and acquisitions Acquirer
Value3,4 ($ millions)
Date announced
Allergan5
Pfizer
$160,000
29-Oct
Pharmacyclics
AbbVie
$21,000
4-Mar
Salix
Valeant
$11,400
23-Feb
Synageva
Alexion
$8,788
6-May
Receptos
Celgene
$7,321
14-Jul
Target
Private biotechs raised $12.2 billion, up 32% from $9.2 billion in 2014. VC amount raised ($ millions)
© 2016 Nature America, Inc. All rights reserved.
2012
0 6/14
8.04 3.01
Follow-on
2013
30 14.69 6.10 10.01 3.90 2.55
2010 3/14
29.68
PIPES
2011
1050 800 12/13
12.20
47.6 22.11 9.23 11.12 9.09 3.42
2014
1550
npg
57.31
2015
14,000 12,000 10,000 8,000 6,000
141 1,334 3,745
225 1,206 3,905
213 1,132 4,876
286 1,661 4,150
322 2,082 6,822
930 2,577 8,690
Licensing/collaboration Asia-Pacific/other Europe Americas
4,000 2,000 0
2010
Americas Europe Asia-Pacific/Other
2011
2010 257 122 15
2012 2013 Year
2011 241 124 18
2012 259 119 15
2014
2015
Partner
Hanmi Pharmaceutical
Sanofi
4,341
Exclusive rights to develop and commercialize longacting diabetes compounds
Ionis Pharmaceuticals
AstraZeneca
4,065
Antisense therapeutics against undisclosed targets for cardiovascular, metabolic and renal diseases
Regeneron
Sanofi
2,665
Co-develop immuno-oncology candidates, including PD-1 inhibitor REGN2810, and a pipeline of preclinical mAbs and bispecific antibodies
CRISPR Therapeutics
Vertex
2,625
Discover and develop treatments using CRISPRs
uniQure
Bristol-Myers Squibb
2,357
1As
2013 280 140 20
2014 314 141 24
2015 313 126 24
Table indicates number of VC investments and includes rounds in which the amount raised was not disclosed. Source: BCIQ: BioCentury Online Intelligence
NATURE BIOTECHNOLOGY VOLUME 34 NUMBER 2 FEBRUARY 2016
Value4 ($ millions) Deal description
Researcher
2Lead
Exclusive access to uniQure’s gene therapy platform for multiple disease targets 3Value
of Dec. 31, 2015. investors not disclosed. includes milestones. 4Value at completion if deal closed in 2015. 5Proposed enterprise deal value. ND, not determined. Source: BCIQ: BioCentury Online Intelligence
Walter Yang is Research Director at BioCentury.
127
2015—another banner year for biotech Walter Yang Excluding partnership monies, biotechs raised $110 billion in 2015, more than double 2014’s second-largest total of $54.9 billion. Follow-on offerings reached new heights of $29.7 billion, and debt accounted for $52.7 billion, driven by a handful of large caps, including a $10 billion
note by Gilead. Initial public offerings were $8 billion, down from 2014’s $9 billion high but ahead of the $3.3 billion 5-year average. Private financings reached a record $12.2 billion, led by a $450 million round by Moderna.
Stock market performance
Global biotech industry financing
The BioCentury 100 gained 5% on the year, while the NASDAQ Biotech index jumped 11%. 1800
Excluding partnerships, biotechs raised $110 billion, double 2014’s $54.9 billion. 70.3
Dow Jones S&P 500 Swiss Market
BioCentury 100 NASDAQ Biotech NASDAQ
Year
Index
1300
9/14
12/14
3/15
6/15
9/15
720 1,936 6,431
4,000
1,401 1,599 5,035
2,000
Asia-Pacific Europe Americas
309 325 3,267
101 242 1,283
151 163 800
189 45 774
2010
2011
40
2010 18 10 5
50
23.63 5.22 3.50 1.63 2.19
100
150
200
IPOs Amount raised ($ millions)
Change in stock price since offer1
Date completed
Inovalon (Goldman Sachs, Morgan Stanley, Citigroup)
685
-37%
11-Feb
3SBio (Morgan Stanley, Goldman Sachs, Citic Securities, China International Capital)
569
20%
10-Jun
Axovant (Jefferies, Evercore, RBC Capital)
362
20%
10-Jun
Shanghai Haohai (UBS)
305
-14%
23-Apr
NantKwest (BofA Merrill Lynch, Citigroup, Jefferies, Piper Jaffray)
238
-31%
28-Jul
Amount raised ($ millions)
Round number
Date closed
450
ND
6-Jan
320
1
16-Jul
Venture capital Company (lead investors)
2012
2013
2014
2015
2011 11 4 9
2012 12 7 6
2013 42 9 9
Therapeutics2
Immunocore2
Year
Americas Europe Asia-Pacific
Partnership
Amount raised ($ billions)
Moderna
0
Debt and other
29.8 37.23 5.34 4.15 1.01 1.96
Company (lead underwriters)
8,000 6,000
Venture
Notable 2015 deals
83 companies raised $8 billion via IPOs, down from 116 ($9.1 billion) in 2014.
10,000
IPO
Source: BCIQ: BioCentury Online Intelligence.
Global biotech initial public offerings Amount raised in IPOs ($ millions)
27.1 20.24 6.22 6.32 1.12 2.14
12/15
Month
2014 75 32 9
2015 49 25 9
Table indicates number of IPOs. Source: BCIQ: BioCentury Online Intelligence
Global biotech venture capital investment
Pharmaron (CITIC M&A Fund; Legend Capital)
280
ND
11-Dec
Denali Therapeutics2
217
1
14-May
Adaptive Biotechnologies (Matrix Capital)
195
6
6-May
Mergers and acquisitions Acquirer
Value3,4 ($ millions)
Date announced
Allergan5
Pfizer
$160,000
29-Oct
Pharmacyclics
AbbVie
$21,000
4-Mar
Salix
Valeant
$11,400
23-Feb
Synageva
Alexion
$8,788
6-May
Receptos
Celgene
$7,321
14-Jul
Target
Private biotechs raised $12.2 billion, up 32% from $9.2 billion in 2014. VC amount raised ($ millions)
© 2016 Nature America, Inc. All rights reserved.
2012
0 6/14
8.04 3.01
Follow-on
2013
30 14.69 6.10 10.01 3.90 2.55
2010 3/14
29.68
PIPES
2011
1050 800 12/13
12.20
47.6 22.11 9.23 11.12 9.09 3.42
2014
1550
npg
57.31
2015
14,000 12,000 10,000 8,000 6,000
141 1,334 3,745
225 1,206 3,905
213 1,132 4,876
286 1,661 4,150
322 2,082 6,822
930 2,577 8,690
Licensing/collaboration Asia-Pacific/other Europe Americas
4,000 2,000 0
2010
Americas Europe Asia-Pacific/Other
2011
2010 257 122 15
2012 2013 Year
2011 241 124 18
2012 259 119 15
2014
2015
Partner
Hanmi Pharmaceutical
Sanofi
4,341
Exclusive rights to develop and commercialize longacting diabetes compounds
Ionis Pharmaceuticals
AstraZeneca
4,065
Antisense therapeutics against undisclosed targets for cardiovascular, metabolic and renal diseases
Regeneron
Sanofi
2,665
Co-develop immuno-oncology candidates, including PD-1 inhibitor REGN2810, and a pipeline of preclinical mAbs and bispecific antibodies
CRISPR Therapeutics
Vertex
2,625
Discover and develop treatments using CRISPRs
uniQure
Bristol-Myers Squibb
2,357
1As
2013 280 140 20
2014 314 141 24
2015 313 126 24
Table indicates number of VC investments and includes rounds in which the amount raised was not disclosed. Source: BCIQ: BioCentury Online Intelligence
NATURE BIOTECHNOLOGY VOLUME 34 NUMBER 2 FEBRUARY 2016
Value4 ($ millions) Deal description
Researcher
2Lead
Exclusive access to uniQure’s gene therapy platform for multiple disease targets 3Value
of Dec. 31, 2015. investors not disclosed. includes milestones. 4Value at completion if deal closed in 2015. 5Proposed enterprise deal value. ND, not determined. Source: BCIQ: BioCentury Online Intelligence
Walter Yang is Research Director at BioCentury.
127
