硅谷銀行-醫(yī)療保健行業(yè)趨勢-2024年中期報告（英）-2024-6正式版-WN8

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PublishedAugust6,2024

HEALTHCAREINVESTMENTSANDEXITS|MID-YEARREPORT2024

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If2023wastheyearofventuremarketshockandvolatility,2024maybetheyear

ofadjustmentandcautiousoptimism.Despiteahigher-for-longerinterestrate

environment,challengingpublicmarketsandsubsequentdroughtof

distributionstopaid-incapital(DPI),wesawslowbutsteadyincreasesin

healthcareventurecapital(VC)investment,impressiveVCfundraisingand

improvedinitialpublicoffering(IPO)activityinbiotech.

Eachsectorhasitsownstorytotellthisyear.Inbiopharma,theIPOwindow

finallyopenedwiderwith13IPOssofarandsixina15-dayspan.However,

publicdebutsslowedinQ2andremainchallengingforpre-clinicalandearly-

stagecompanies.Historicactivityinthepublicbiotechmarkets(including

record-highpublicM&A,follow-onandprivateinvestmentinpublicequity(PIPE)

activity)catalyzedinvestorreturnsandreinvigoratedtheprivatemarkets.

Investmentseemsbifurcatedintothe“haves”vs.the“havenots,”withVCs

increasinglyfocusedonqualityoverquantity.Formanydeals,investorscanbide

theirtimetoensureasolidsyndicateformsbeforemakingamove.In

biopharma,VCscontinuetofocusonadvancedclinicalassetsandwell-

characterizedmodalitieswhileeschewingearly-stageplatforms.Inhealthtech,

heightenedexpectationsarerootedinstronguniteconomicsandhealthy

marginsinsteadoftop-linerevenueandprojectedgrowthrates.

Acrossallsectors,valuationsareunderunprecedentedscrutiny.Atleast28%of

reporteddealsaredownorflatrounds1,markingthehighestlevelinrecent

history.What’smore,only14of29unicornsformedin2020and2021have

comebacktomarkettoraiseanotherround,meaningthe“markdown

hammer”hasyettofullydrop.

Healthtechinvestmentoverthelastfouryearshasbeentumultuous.The

pandemicusheredinamassivewaveofinvestmentasalleyesturnedtodigital

healthcare.Consequently,investmenthithigherhighs—anddroppedtolower

lows.However,thesectorisshowingsignsofrecovery,albeitslowly.Quarterly

investmentoverthelastthreequartersconsistentlyhoveredaround$3.2B—

markedlyhigherthanaveragequarterlyinvestmentin2019($2.5B).

HealthcareVCfundraisingremainedstrongdespitethehighestfederalfunds

rateindecades.InH12024,$9Bclosed(comparedto$7BinH22023),and89%

offundshittheirfundtargets.Manyfundraisesfollowedsuccessfulexits,

pointingtocontinuedconfidenceinthesector.Andyet,thesuccesswasn’t

distributedequally.Emergingmanagersstruggledtoclosefunds,andtime

betweenfundraiseshitarecordhighatamedianthreeyearsbetweenfunds.

Astheventuremarketcorrectedin2022and2023,investorsallocated

resourcestosupporttheirmostpromisingcompanies.Thisstrategyextended

into2024astheexitmarketremainedhistoricallychallenging,resultinginmore

insiderandbridgerounds.Afteryearsofpainandpressure,wemaybeturninga

corner.With2023’sshocktotheventuremarket,investorsquicklyturnedtheir

attentiontosupportingtheirmostpromisingcompanies.Thisstrategycontinued

thisyearastheexitmarketremaininghistoricallychallenging,resultinginmore

insiderandbridgerounds.Promisingly,we’veheardthatsomeinvestorsare

spendinglesstimeonportfoliomanagementrationalizationin2024.

Buildingon20yearsofresearchanddataanalysisofhealthcareVC,this

14theditionofHealthcareInvestmentsandExitsleveragesourproprietary

dataandstrongVCnetworktodeliverunmatchedindustryintelligence.

Fromourresearch,it’sevidentthat2024activityshowsthathealthcare

investmentisfindingapathforwarddespiteexperiencingstrongheadwinds.In

themarket,wearenowseeinghealthyandsustainableinvestmentrevitalize

optimismforasolid,albeitbumpy,secondhalfoftheyear.

JackieSpencer

HeadofRelationshipManagementfor

LifeScience&HealthcareBanking

jspencer@

Notes:1)Themethodologyforthisanalysishaschangedfrompriorreports.Downroundsaredefinedasdealswherethepre-money

valuationislowerthanthepriordeal’spost-moneyvaluation.Onlydealswithareporteddealsizeareconsideredforthisanalysis.

Source:PitchBookData,Inc.andSVBproprietarydata.

2

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MacroOutlookInvestorSentimentTrending

“TheFederalReservewantstoseeaconsistenttrendineconomicdata,namelyinflation

headingtowardits2.0%targetbeforejustifyingacutinthefedfundsrate.Employmenthas

weakenedrecentlybutremainssolid,andcoreinflationcontinuedtomovetowardthe

Fed’s2%long-termtarget.TheFedwilllikelycutratesinSeptemberandborrowingcosts

areexpectedtodecline.BroadmarketsanticipatetheFedwillreduceinterestratesfour

timesduringthisyear.AtSAM(SVBAssetManagement),ourforecastsuggeststheFedwill

lowerratestwicein2024,andwethinkthereareincreasedoddsthattheycutratesbyas

muchas50basispoints(bps)attheirSeptembermeeting.”

TravisDugan,CFA

ManagingDirector

PortfolioManagement

tdugan@

Asurgeinactivityputs2024onpaceto

eclipse2021innumberofdeals,though

investmentdollarsaretrackingwellshort

ofpandemic-eralevels(62%of2021

investmentlevels1).Downandflatrounds

continuetoclimbasinvestorsrebalance

equitywhilemanagingtheneedforlarger

reservesofdrypowdertosupporttheir

winners.

1.Mega-Deals

71mega-deals2closedinH12024,a50%increaseyearoveryear.

2.AdministrativeAISolutions3

$1.5BinvestedinH12024,growingmorethan3xyearoveryear.

HealthtechBiopharmaDx/ToolsDevice

Privateinvestmentdollarsweredown

slightlyinthefirsthalfof2024($7.8B)

comparedtothesecondhalfof2023

($8.1B).Despitemanycompaniesstill

managingtheburdenofoutsized

valuations,AIisabrightspot.Since2019,

thenumberofhealthtechAIdealshas

increasedover4x,outpacingallother

sectors.Inthepublicmarkets,healthtech

isstillsearchingforthefirstIPO.

2024startedasaverysolidyearfor

biopharmawithall-time-highpublic

financingactivity,aflurryofmega-deals,

andabriefsprintforIPOs(sixin15days).

Althoughsuccesseshavebeen

concentratedamongthestrongestfew,the

biopharmamarketisshakingofftherust

andbuildingmomentum.

Despitebeingtheonlysectorbesides

biopharmatohaveIPOs(twoinQ22024),

Dx/Toolsissufferingfromhistoricallylow

M&Aactivity-onpaceforthelowest

numberofprivateDx/ToolsM&Asince

2013.Ontheprivateinvestmentside,

valuationsaretakingahit.SeriesAmedian

valuationsareattheirlowestpoint($20M)

since2019andare38%offthehighsetin

2022.

Likediagnostics,thedevicemarketis

experiencinganexitsdrought.DeviceM&A

istrackingtothelowestlevelsince2008.

DespitenoIPOstodatein2024,thereis

positivityintheprivatemarket.Median

SeriesAvaluationsareatanall-timehigh

($24M),up20%fromthepreviouspeakin

2022.

Notes:1)USandEuropeandealsthatincludeaninstitutionalventureinvestor,corporateventureinvestor,orisequaltoorgreaterthan$2M,regardless

ofinvestor.2)Deals$100Mandaboveareconsideredmega-deals.3)Non-exhaustiveexamplesofadministrativeartificialintelligence(AI)solutions

includevirtualassistant,notetaking/EHRdocumentationandrevenuecycleoperationssolutionsleveragingAI.

Source:PitchBookData,Inc.andSVBproprietarydata.

HEALTHCAREINVESTMENTS&EXITS|MID-YEARREPORT20243

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Togetthefullreport,reachouttoyourSVBpointofcontact

What’sinside:

4

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JackieSpencer

HeadofRelationship

ManagementforLifeScience

&HealthcareBanking

jspencer@

RaysaBousleiman

VicePresident

HealthcareVentureCapital

RelationshipManagement

rbousleiman@

MiloBissin

KaleFrank

MarketManager

ManagingDirector

LifeSciences

Biopharma,Dx/Tools

mbissin@

kfrank@

JulieEbert

JackieSpencerleadstheUSRelationshipManagement

teamforLifeScienceandHealthcareAcceleratorand

Growth.Jackieandherteamarefocusedonproviding

bankingandfinancingsolutionstoinnovativecompanies

inthesector.SincejoiningSVBin2007,Jackiehas

workedacrossboththetechnologyandhealthcare

practicesfromemergingmarkettolate-stagecorporate

finance.

JackiegraduatedfromSt.Mary’sCollegeofCalifornia

withhonors,receivingabachelor’sinfinance.

RaysaBousleimanmanagesrelationshipswith

traditionalVCfirmsfocusedonhealthcareandlife

scienceinvestments.Sheisalsoresponsiblefor

conductingdata-drivenanalysesontheglobal

healthcareinnovationeconomythatSVBserves.Prior

toSVB,Raysaworkedasahealthcareconsultant

focusingonhealthsystemsrevenuecycle

managementandoperations.

RaysagraduatedfromtheUniversityofSouthern

Californiawithhonors,receivingabachelor’sinhuman

biology.

KaleFrankleadstheBiopharmaandDx/Toolspractice

fortheBayAreaandPacificNorthwest.Heandthelife

scienceteamprovideinsights,advice,venture

financingandbankingsolutionstohelpcompanies

scalefromSeriesAandbeyond.

KalehasbeenatSVBfornineyearsandhasworkedin

bankingfor13.

HegraduatedfromtheUniversityofNotreDamewith

honors.

ManagingDirector

LifeSciences

jebert@

DennisHe

ManagingDirector

LifeSciences

dhe@

BenJohnson

TimotLamarre

Researcher

MarketInsights

AlexanderLennox-Miller

SeniorResearcher

MarketInsights

Thankyoutothefollowingforlendingtheirsubject-matter

expertisetothisreport:

HeadofEarlyStage

LifeScienceandHealthcare

bjohnson@

PeterSletteland

tlamarre@alennoxmille@

ManagingDirector

CreditSolutions

psletteland@

Allnon-SVBnamedcompaniesareindependentthirdpartiesandarenotaffiliatedwithSiliconValleyBank,adivisionofFirst-CitizensBank&TrustCompany.HEALTHCAREINVESTMENTS&EXITS|MID-YEARREPORT20245

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