Venturekapital för breakthrough t maj 2015 1
Disclaimer THE INFORMATION CONTAINED HEREIN IS PROVIDED TO YOU FOR INFORMATIONAL PURPOSES ONLY AND IS NOT, AND MAY NOT BE RELIED ON IN ANY MANNER AS, LEGAL, TAX, INVESTMENT, ACCOUNTING OR OTHER ADVICE OR AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY AN INTEREST IN ANY PRIVATE INVESTMENT FUND (A HEALTHCAP FUND ) ADVISED BY HEALTHCAP ADVISOR AB (THE ADVISOR ). ANY PRIVATE OFFERING OF INTERESTS OR SOLICITATION WILL ONLY BE MADE PURSUANT TO A CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM (AN OFFERING MEMORANDUM ) AND SUBSCRIPTION DOCUMENTS, WHICH WILL BE FURNISHED TO QUALIFIED INVESTORS ON A CONFIDENTIAL BASIS AT THEIR REQUEST FOR THEIR CONSIDERATION IN CONNECTION WITH SUCH OFFERING. THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO, SUCH OFFERING MEMORANDUM, WHICH WILL CONTAIN ADDITIONAL INFORMATION ABOUT THE INVESTMENT OBJECTIVE, TERMS AND CONDITIONS OF AN INVESTMENT IN A HEALTHCAP FUND AND WILL ALSO CONTAIN TAX INFORMATION AND RISK DISCLOSURES THAT ARE IMPORTANT TO ANY INVESTMENT DECISION REGARDING SUCH FUND AND SHOULD BE READ CAREFULLY PRIOR TO ANY INVESTMENT DECISION REGARDING SUCH FUND. INVESTMENT IN A HEALTHCAP FUND WILL INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE INVESTMENT, AND NO ASSURANCE CAN BE GIVEN THAT SUCH HEALTHCAP FUND S INVESTMENT OBJECTIVE OR ANY TARGET RETURN WILL BE ACHIEVED OR THAT INVESTORS WILL RECEIVE A RETURN OF THEIR CAPITAL. BEFORE DECIDING TO INVEST, PROSPECTIVE INVESTORS SHOULD PAY PARTICULAR ATTENTION TO THE RISK FACTORS CONTAINED IN THE OFFERING MEMORANDUM. NO PERSON HAS BEEN AUTHORIZED TO MAKE ANY STATEMENT CONCERNING A HEALTHCAP FUND OTHER THAN AS SET FORTH IN AN OFFERING MEMORANDUM AND THE DEFINITIVE SUBSCRIPTION DOCUMENTS AND ANY REPRESENTATION OR INFORMATION NOT CONTAINED THEREIN MAY NOT BE RELIED UPON. CERTAIN INFORMATION CONTAINED HEREIN (INCLUDING FINANCIAL INFORMATION AND PROJECTIONS CONCERNING PORTFOLIO COMPANIES) HAS BEEN OBTAINED FROM PUBLISHED AND NON- PUBLISHED SOURCES, INCLUDING THE MANAGEMENT OF THE PORTFOLIO COMPANIES. IT HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE ADVISOR AND THE ADVISOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN. NOTHING CONTAINED HEREIN SHOULD BE RELIED UPON AS A PROMISE OR REPRESENTATION AS TO PAST OR FUTURE PERFORMANCE A HEALTHCAP FUND. EXCEPT WHERE OTHERWISE INDICATED HEREIN, THE INFORMATION PROVIDED HEREIN IS BASED ON MATTERS AS THEY EXIST AS OF THE DATE OF PREPARATION AND NOT AS OF ANY FUTURE DATE, AND WILL NOT BE UPDATED OR OTHERWISE REVISED TO REFLECT INFORMATION THAT SUBSEQUENTLY BECOMES AVAILABLE, OR CIRCUMSTANCES EXISTING OR CHANGES OCCURRING AFTER THE DATE HEREOF. THE INFORMATION CONTAINED HEREIN MUST BE KEPT STRICTLY CONFIDENTIAL AND MAY NOT BE REPRODUCED OR REDISTRIBUTED IN ANY FORMAT TO ANY OTHER PERSON OR ENTITY WITHOUT THE ADVISOR S EXPRESS WRITTEN APPROVAL. ALL IRRS PRESENTED ARE ANNUALIZED AND CALCULATED BASED ON THE ACTUAL DAILY INVESTMENT INFLOWS AND OUTFLOWS OF CASH AND UNREALIZED VALUES. UNLESS OTHERWISE INDICATED ALL RETURN FIGURES ARE GROSS, BEFORE EXPENSES, MANAGEMENT FEES AND CARRIED INTEREST, IF ANY. RETURNS CALCULATED AFTER EXPENSES, MANAGEMENT FEES AND CARRIED INTEREST, IF ANY, ARE AVAILABLE TO PROSPECTIVE INVESTORS UPON REQUEST. IN CONSIDERING ANY PERFORMANCE DATA CONTAINED HEREIN, YOU SHOULD BEAR IN MIND THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE CAN BE NO ASSURANCE THAT A NEW HEALTHCAP FUND WILL ACHIEVE COMPARABLE RESULTS OR THAT THE RETURNS GENERATED BY A NEW HEALTHCAP FUND WILL EQUAL OR EXCEED THOSE OF OTHER FUND INVESTMENT ACTIVITIES OF THE ADVISOR OR THAT A NEW HEALTHCAP FUND WILL BE ABLE TO IMPLEMENT ITS INVESTMENT STRATEGY OR ACHIEVE ITS INVESTMENT OBJECTIVES. IN ADDITION, WHILE VALUATIONS OF UNREALIZED INVESTMENTS ARE BASED ON ASSUMPTIONS THAT THE ADVISOR BELIEVES ARE REASONABLE UNDER THE CIRCUMSTANCES, THE ACTUAL REALIZED RETURNS ON UNREALIZED INVESTMENTS WILL DEPEND ON, AMONG OTHER FACTORS, FUTURE OPERATING RESULTS, THE VALUE OF THE ASSETS AND MARKET CONDITIONS AT THE TIME OF DISPOSITION, ANY RELATED TRANSACTION COSTS AND THE TIMING AND MANNER OF SALE, ALL OF WHICH MAY DIFFER FROM THE ASSUMPTIONS ON WHICH THE VALUATIONS USED IN THE PRIOR PERFORMANCE DATA CONTAINED HEREIN ARE BASED. ACCORDINGLY, THE ACTUAL REALIZED RETURN ON ANY SUCH INVESTMENTS MAY DIFFER MATERIALLY FROM THE RESULTS INDICATED HEREIN. FURTHERMORE, PROSPECTIVE INVESTORS ARE ENCOURAGED TO CONTACT THE ADVISOR TO DISCUSS THE PROCEDURES AND METHODOLOGIES USED TO CALCULATE THE INVESTMENT RETURNS AND OTHER INFORMATION PROVIDED HEREIN. 2
HealthCap fokuserar på breakthrough terapier Om HealthCap HealthCap är en life science- fokuserad venture kapital- firma som investerar i bolag som utvecklar läkemedel och medicintekniska produkter med terapeu_sk användning HealthCaps team består bland annat av sex disputerade läkare och äger en djup förståelse för medicinska behov Sedan starten 1996 har HealthCaps fonder backat 101 bolag i Norden, resten av Europa och USA 3
HealthCaps fotavtryck 1996 33 6.9mdr börsintroduk_oner (IPOs) kombinerat börsvärde 6.8mdr rest kapital av pormöljbolag 6 900m fonder förvaltat kapital 101 investeringar 1/3 1/3 1/3 Norden Övriga EU USA 63 Avykringar med: 1md 2.2x gross X 18% gross IRR 11.5x realiserat kapital mul_pel på top 10 4
HealthCaps poryöljbolag tar produkter Ill marknad 21 Godkända läkemedelsprodukter $4 mdr årlig försäljning av lanserade läkemedel och medtech- produkter 25 20 15 10 5 0 11 Expected outcome 21 91% högre produk_vitet än industrigenomsniket Actual outcome $m 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 11 av de 21 godkända läkemedelsprodukterna är orphan drugs Approved Products Sources: HealthCap internal analysis, and industrial development averages from D. Brown and G. SuperI- Furga, Drug Discovery Today, 2003 Approved Products Note: Includes exited companies. Expected numbers have been calculated using industry average asriion rates and development Imes. HealthCap I & II, III, IV, V and VI have been treated as 17, 14, 11, 7 and 2 year old respecively (based on median investment). Sources Product sales: Company data and analyst esimates 5 5
HealthCaps investeringsfokus 1. Läkemedel och medicintekniska produkter med terapeu_sk användning och med breakthrough poten_al 2. Fokus på stora oadresserade medicinska behov inom _ll exempel onkologi och ovanliga sjukdomar (orphan drugs) 3. Kapitaleffek_va och globala affärsmodeller 4. De- riskade/validerade projekt 5. Starka patent 6. Högkvalita_va bolagsledning med interna_onell erfarenhet 6
HealthCaps investeringsstrategi fokuserar på maximalt värdeskapande 1. Finansiell utväxling genom as bygga starka investeringssyndikat Illsammans med andra investerare För varje krona HealthCap har investerat i life science- bolag har i genomsnik ykerligare 6 kronor _llkommit från andra externa investerare Som ek resultat har HealthCap lyckats akrahera utländskt riskkapital _ll svenska forsknings- och utvecklingsbolag 2. Finansiera bolaget Ill vikiga värdehändelser Finansiera bolag vid räk _llfälle för ak minimera onödig utspädning och på så vis skapa maximalt värdeskapande och uthållighet 7
HealthCap investerar i Idiga svenska bolag Wilson HealthCap startade Wilson Therapeu_cs 2012 Wilsons sjukdom är en sällsynt metabol sjukdom Läkemedel som har doserats _ll hundratals pa_enter Akraherat utländskt riskkapital via ek starkt interna_onellt investeringssyndikat med andra europeiska VCs (Abingworth, MVM, Neomed) OncopepIdes Omstart av bolaget med ny strategi Förbäkrad version av ek etablerat cancerläkemedel I investeringssyndikat med Industrifonden Glionova HealthCap startade Glionova 2014 Läkemedel med ny mekanism för behandling av glioblastom Starkt nordiskt investeringssyndikat (Industrifonden och Novo) 8
ES starkt momentum för biotech Amount raised in Biotech IPOs, globally ($m) Sedan 2012 har det globalt sek gjorts 230 börsintroduk_oner inom biotech $17 miljarder i finansiering $m - Många i _dig utvecklingsfas Stark M&A trend där stora läkemedelsbolag har köpt innova_va biotechbolag - Många i _dig utvecklingsfas Exempel på HealthCap IPOs: Källa : BioCentury. Data från 4 maj, 2015. HealthCap Advisor AB 9 10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 9 054 3 902 2 683 1 115 2012 (25 IPOs) 2013 (60 IPOs) 2014 (114 IPOs) 2015 YTD (31 IPOs)
Exempel på aktuella framgånger bland HealthCaps poryöljbolag HealthCap IV var den första professionella investeraren 2005 Nyk prostatacancer läkemedel godkänt 2013 Avykrat _ll Bayer för $2.9 miljarder 2014 HealthCap VI var den första professionella investeraren 2011 Fokus på sällsynta diagnoser (orphan drugs) En av de största biotech- IPOs på Nasdaq 2014 Börsvärde på $2.3 miljarder HealthCap VI var den första professionella investeraren 2013 Samma grundare som Algeta Övertecknad IPO på Oslobörsen 2015 vilken reste NOK 575m i finansiering HealthCap VI investerade 2014 Svenskt biotechbolag med en amerikansk strategi Amerikanska stora investerare kom in 2015 HealthCap Advisor AB 10
Slutsats HealthCap anser as det statliga riskkapitalet bör ge den svenska life science- sektorn extra växtkrab. VikIgt as det är: 1. Marknadskomplekerande i en global konkurrens 2. Kompetent och bidrar affärsmässigt _ll företagen så ak livskraviga nya _llväxtbolag skapas 3. Fungerar som en hävstång genom syndikering med privata investerare 4. Lockar hit mer interna_onellt kapital genom bildandet av starka investeringssyndikat med utländska investerare 11
Slutsats HealthCap anser as det bästa säset as uppnå desa är genom as: Använda det statliga riskkapitalet _ll ak investera i eller parallellt med redan befintliga fonder som är specialiserade på life science och som leds av etablerade life science- investerare 12