Biotech financing

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To our clients and friends The poet and author Robert Louis Stevenson famously advised: “Don’t judge each day by the harvest you reap, but by the seeds you plant.” These are wise words, especially so in today’s uncertain financial climate. Whether large or small, public or private, biotech companies across the industry have taken advantage of the capital that has flowed freely these past two years. They have filled (or refilled) their coffers with cash to drive future R&D and business development agendas. As a result, they are well-prepared for what increasingly looks to be a period of protracted market volatility. As we reflect on the financing highlights of 2015, there is no question that companies find themselves at a crossroad. How will access to capital affect strategic business decisions, particularly the ability to seed future innovations? In the future, will society be able to reap the full gains of novel biopharma products given current resource constraints? This is not the first time our industry has found itself at a crossroad. Thirty years ago this year, we published our first ever biotechnology report, Biotech 86: At the Crossroad. At the time, the report’s authors pondered the fate of a very nascent industry, wondering “whether the industry would endure or exist for only a moment in time.” Thanks to a combination of extraordinary scientific progress, business model creativity and, yes, a little luck, the biotech industry has not only survived, but prospered. It has also changed — and so have we. As our digital capabilities evolve, we want to take advantage of new tools that enable more timely delivery of our content. Thus, we are moving away from issuing a single large, annual report to the serial publication of our insights. Over the course of the next three months, we will release specific, concise perspectives on not just biotech financing, but also deals and financial performance. To put these findings in context, we will also publish a “Year in review” summary, highlighting the key messages and their future implications. Rest assured, via this new format, you will still be able to access the key data you’ve come to expect from Beyond borders. But we also hope to plant the seeds for a bountiful harvest of even better biotech analysis. Please visit our new digital home, Vital Signs (ey.com/vitalsigns), and our Twitter feed (@EY_LifeSciences) to access our latest content and provide feedback. Glen T. Giovanetti Global Life Sciences Leader 2 Beyond borders 2016 — Biotech financing
Contents Financing Slowdown ahead? Biotech’s financial reservoirs are full Venture financing accelerates Key financing insights 4 5 6 7 8 United States Europe Appendix 12 19 26 Global biotechnology contacts List of commercial leader companies Data exhibit index 26 28 29 Beyond borders 2016 — Biotech financing 3
Page 1: Beyond borders 2016: Biotech financ
Page 5 and 6: Slowdown ahead? Since the US garner
Page 7 and 8: Venture financing accelerates While
Page 9 and 10: Biotechs in the US and Europe raise
Page 11 and 12: US and European biotechnology IPOs
Page 13 and 14: Innovation capital in the US by yea
Page 15 and 16: Innovation capital raised by leadin
Page 17 and 18: US biotechnology IPOs by year Capit
Page 19 and 20: Biotech financing: Europe Europe Eu
Page 21 and 22: Innovation capital raised by leadin
Page 23 and 24: Top European venture financing, 201
Page 25 and 26: Top European biotech IPOs, 2015 Com
Page 27 and 28: Italy Rome Antonio Irione antonio.i
Page 29: Data exhibit index Page 8 9 10 10 1
Page 32: EY | Assurance | Tax | Transactions

Biotech financing

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