20192019@SVB_Financial#SVBHealthcare 20192201935IPO242019353637 201932019•201896IPO•20192018•AIIPO•A•20192018•2018•/A2018/2019*A* 201942019•201930IPO5613IPO•FDA42%•2019IPO61010•2019IPO58Auris2018•140%•PersonalisAdaptive Biotechnologies/2019IPO•2015IPO10/86410IPO 20195 201962009-2019**20192019614PitchBook[A] 201910201810Third Rock VenturesFlagship PioneeringHealthQuestCapital5AM VenturesArboretum VenturesAtlas Venture2019[B] IPOAIPO20182019/$52$18$37$36$39$61$75$72$91$96$58$0B$5B$10B20092010201120122013201420152016201720181H 20190%50%100%2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q2>$50M$25-$50M$10-$25M$5-$10MUnder $5MA2019>$5000$2500-$5000$1000-$2500$500-$1000<$500$100$50$020172019B 0100200300$0B$3B$6B$9B2017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q2BiopharmaDx/ToolsMedical DeviceTotal Deals20197/20172019/领域（亿美元）美国欧洲合计美国欧洲合计美国欧洲合计生物制药$63.42$18.41$81.83$150.35$27.38$177.73$64.10$13.24$77.34诊断/工具$43.67$3.63$47.30$50.75$4.40$55.15$17.84$3.75$21.64医疗器械$25.33$4.97$30.30$35.85$5.11$40.94$20.38$2.24$22.62总计$132.42$27.01$159.44$236.95$36.90$273.84$102.37$19.23$121.6020192019614PitchBook2017201820181210Rakuten, Relay23andMe20182742019 201810%IPO2018IPOAB/2019$90$60$30$0/ 201982017-2019A*A*A20020192019614PitchBook10AAC美国交易201720182019年上半年投资数量13314962A轮融资总额（亿美元）$26.39$45.87$18.71企业创投投资占比（%）29%17%27%融资额中位数（万美元）$1000$1200$1000[A] A2019[B] 2013AIPO[C] 15IPO欧洲交易数201720182019年上半年投资数量704222A轮融资总额（亿美元）$8.67$6.86$4.69企业创投投资占比（%）32%24%32%融资额中位数（万美元）$800$1300$9001721172954101627354817132021Anti-InfectiveOrphan/Rare DiseaseNeurologyPlatformOncology201720181H 2019$10.29$14.73$4.83$5.31$11.45$6.59$2.73$6.15$2.59$5.73$6.5$3.71$3.09$1.14$0.03美国和欧洲A轮投资额（按适应症类别）交易数量（投资额/亿美元）B2019 34201817161413121120199AB20182019**2018201920192019614Alexandria2002018930AREE, Inc.PitchBookRA CapitalPerceptive AdvisorsRedmileDeerfieldEcoR1CormorantFidelityForesite152019201921IPOA20185AARCH Venture PartnersF-PrimeOrbiMedVersant Ventures5AM VenturesBioInnovationCapitalLongitude CapitalMPM CapitalNew Enterprise AssociatesSofinnovaPartnersThird Rock Ventures2018AB 202438333Total Biopharma520264257313655731182735284797Anti-InfectiveOrphan/Rare DiseaseNeurologyPlatformOncology201720181H 2019201910201720192019614PitchBook| $55.14$25.131541%8000BioNTechSanofiPfizerTizonaAbbVieKynCelgene/20172018AlexionCaelumVivet152019CFIUS2019201923%2018$26.47$41.86$11.27$16.73$14.09$4.97$8.09$16.68$11.18$9.22$10.80$6.41$2.06$177.73$81.83$77.342019Deals$125M$200M2019Deals $80M$100M2019Deals $100M$125M2019220191.25-220191-1.2520198000-12019/ 2019112018-2019*PitchBook20192019614PitchBook2018725$1.33$9.132019327$5000$4.502018813$1.43$7.29/2019521$1.21$7.312019128$1$11/201854$1.25$71.25201831$1.01$9.512018323$8200$4.01201936$1.35$6.752018625$1.01$5.762018215$2.50$4.802018720$2.30$6.502019115$5000$5201835$1$44*962015201985.31.152.66.231584IPO98IPOPeloton97/1020181220$3.50$8.342018419$4.12$6.872019220$1.50$52018928$8000$4.152019422$1.42$5.68201958$1.08$6.23 2019122019A20020192019614PitchBookA31$17.617A$3.1719$6.086A$1.0713$3.173A$1.3338$18.3114A$7.537$89006A$74007$5.425A$2.4211$1.59A$1.2410$5.276A$2.49 74109481046895149353312510VascularNon-Invasive MonitoringSurgicalNeurologyImagingCardiovascularOrthopedic201720181H 2019201913A2017-2019A*[A] A2019201720182019EloupesProprio[B] 20192018/7/5[C] 10A3VergentElucidaOnconanoAXandexHyalexBiolinq美国交易2017年2018年2019年上半年投资数量577838A轮投资总额（亿美元）$4.38$6.79$2.97企业创投投资占比（%）19%8%18%融资额中位数（百万美元）$4$7$4*A20020192019614PitchBookA10AAC欧洲交易2017年2018年2019年上半年投资数量252013A轮投资总额（亿美元）$1.92$2.57$0.63企业创投投资占比（%）8%0%0%融资额中位数（百万美元）$4$6$5$41$62$7$57$50$34$71$112$7$78$56$14$29$41$134$42$172$30$41$92$60A/B2019 754320191420182019**2018201920192019614PitchBook2019Beta BionicsDexcom, Novo NordiskCalaHealthNovartisHistoSonicsVarian Medical SystemsTrice MedicalSmith & NephewDeerfieldUSVPLife Science PartnersRTW InvestmentsKhoslaVenturesMedical Technology Venture PartnersHeuristic CapitalAccelerator/VC SOSVPortfoliaAlliance of Angels 147244175Total Medical Device13191610102118121015252729336101720201926Non-Invasive MonitoringImagingVascularSurgicalNeurologyOrthopedicCardiovascular201720181H 2019201915201720192019614PitchBook2018201950001020181543Beta BionicsBiolinqOptiScan/Think SurgicalOrthoSensorBarricaidActive Implants20191$4.14$6.51$3.13$2.37$3.37$3.58$3.53$5.05$1.73$5.04$5.05$1.36$3.17$2.36$2.86$1.19$3.60$2.55$1.02$1.97$1.86$30.30$40.97$22.62| 201920195000-1 20191620182019*PitchBook2019201961420192019614PitchBook20181.5*2019AurisMyoscienceAvedroIPO15DeerfieldFidelityWellingtonPerceptiveCormorant/VikingKKRArrowMarkEventideNFLS-PivotalRichardKing Mellon MubadalaInvestment CompanyEndeavor VisionLifeScience PartnersLightstoneGildeAllyBridgeLongitudeSV Health2018年7月3日$500万融资$1.55亿投后估值2018年7月10日$3100万融资$1.66亿投后估值20181128$2.20$21.602018328$5500$1.652018年8月28日$1.32亿融资$6.07亿投后估值2018年2月21日$1.18亿融资$3.98亿投后估值/2018年3月9日$7500万融资$4.50亿投后估值2019510$3900$5.09201837$4500$2.352018725$1300$3.882018126$6800$1.682018531$2000$1.60201852$2500$1.5020181220$2000$1.502