Norsk Bioteknologiindustri:

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Anne-Lise Rasmussen
7 år siden
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1 Norsk Bioteknologiindustri: Gryende industriklynge med vekstsmerter Carl Chr. Gilhuus-Moe Partner, NeoMed Bioteknologi i sentrum Oslo 25. september 2007

2 Norwegian Cluster & Locomotives Nyco Hafslund Amersham GE-Imaging Nycomed VingMed Sound GE-Ultrasound Lærdal Lærdal Medical Dynal Invitrogen Axis Shield Nycomed Diagnostics Axis-Shield 1

3 Success Criteria People/Management Entrepreneurs with integrity and proven track record of success. The ability to communicate ideas and articulate a clear vision is very important Science Strong Science applied in strategically important areas with higher commercial potential Market/Commercial Timing Hard technology position crucial factor of success. Being first into a technology sector has key advantages, particular in relation to intellectual property Intellectual Property Strong Intellectual Property and patents of critical importance Co-Investors When like minded investor emerge in parallel it increases the attractiveness of the investment case 2

4 Need for Biotech Innovation BIG PHARMA BIOTECH COMPANIES Fill thinning pipeline Access to revenues, marketing and distribution Challenges faced by pharma companies Insufficient number of drugs (1.3 per company pa vs 3.0 needed to sustain growth) Patent expiration High costs of in-house drug development Advantages offered by biotech companies Innovation Entrepreneurial environment attracts top talent Cost-effective option for big pharma drug development Big pharma desperately needs access to biotech 3

5 The Venture Capital Fund Manager can assist the entrepreneur in: Setting up a competent board of directors Recruiting new key personnel and build organization Developing business strategies Building a strong investor syndicate capable of funding the business to reach its value potential Internationalising the company and building business relations Monitoring competitors and determining the addressable markets Developing and executing the exit strategy 4

6 About NeoMed Deeply experienced investment team Optimal blend of global, industrial, scientific and financial experience Experienced in identifying and building companies over four economic cycles Team with shared responsibility Right structure to uncover and deliver value NeoMed IV is the right size at about 100m with 4 partners avoids investment pressure can support portfolio companies with follow-on investment can lead deals and be invited into leading syndicates Trans Atlantic reach with knowledge of life science industry and exit markets. Invited into US syndicates to bring European therapeutic and organisational knowledge and experience Spread of ages amongst partners to address succession Strong track record Gross IRR s/multiples NeoMed II (1998) of 19.8%/1.6x NeoMed III (2001) of 24.7%/2.2x 6 exits in NeoMed II, 5 exits & 3 IPOs in NeoMed III fund, 1 IPO NeoMed IV (Very) strong performance compared with all categories of VC funds of same vintages 5

7 NeoMed Investment Focus Focus sectors Biotechnology Therapeutics and vaccines Diagnostics Medical equipment, devices and supplies Investment criteria High quality, proven management team Groundbreaking products, technologies or services Strong scientific basis Unmet medical need Robust business model Potential for exceptional growth Near term milestones Clear path to exit Bioinformatics Healthcare services 6

8 Consistent Investment Strategy Focus on medical products with intellectual property protection Therapeutics and vaccines Diagnostics Medical instruments, devices and supplies Bioinformatics Healthcare services Early stage venture NeoMed Investment Range Mid stage Late stage venture venture Pre IPO Public Mature Public Portfolio company characteristics Product development stage (clinical trials) Not yet profitable 7

9 Investment Focus Clinical Phases I and II Risk of failure per compound % Years 0 Risk Discovery (Cell culture) PregLem Minnow NovaShunt Endosense Windy Hill Medical Preclinical (animals) NeoMed Investment Phase Volcano CytoCore Kuros Axovan Clavis Phase I Santhera Aderis Novexel Paion Phase II EUSA Pharma Pharmion Xanthus Thommen Medical Phase III Company Value Cumulative Cost NDA Review Company value (MUS$) Source: NeoMed / Various (all examples are taken from NeoMed Innovation III and IV) 8

10 Deal Flow- NeoMed IV Extensive international deal network = competitive advantage High quality dealflow is critical >500 deals since mid 2005 <5% Norwegian Selective screening Investment rate ~ 2% overall Investment rate ~5% Norway >500 proposals 67% fail Stage 1 25% fail Stage 2 0,2 % 19,0 % Scandinavia 6% fail Stage 3 42,2 % Europe (Other) North America RoW 2% 38,5 % 10 investments 9

11 A Norwegian Perspective Solid scientific base Life science (certain sectors) Medical technology Strong R&D expertise Collaboration Clinical development High quality staff Qualified, motivated, loyal, stable, English speaking, international, cost effective Centralized hospitals with large patient population Negligible home market Few sizeable Life Sciences companies Limited company development experience Commercial / financial Business development Marketing Small VC community Limited Life Sciences activity Limited international network & financing experience Venture capital investors will provide international network and experience in the product and company development process. 10

12 Norwegian Cluster Centralized large hospital with close University connection Core expertise in selected medical areas with opinion leading international scientific network Growing mutual support between established academia and the emerging industry Small dedicated, highly specialized start up entities with niche focus, identifying near term small, and long term large (and hidden), market opportunities International marketing effort from day one (as opposed to domestic focus in the US start-ups) 11

13 Valg av Strategisk Arena Oppfinnelseshøyde/beskyttelse Produktområde: Brukere/målgrupper/geografiske ambisjoner Konkurrentanalyse Finansiell styrke/posisjon for de 2 3 største Partner/eier-forhold Nødvendige lisenser Utviklingsplan med REALISME!! 12

14 Valg av Strategisk Arena Hvilke produkt (anvendelsesområder) gir størst realistisk mulighet for lønnsom, kommersiell utnyttelse av vår unike (patenterte?) teknologibase? 13

15 Hovedutfordring: Etablere og Bygge The winning team Bygge bro og gjensidig tillit mellom: Internasjonalt posisjonerte vitenskapelige fagfolk Generalister innen oppbygging av medisinske/medisinsk tekniske bedrifter Internasjonalt erfarne, faglig skolerte markedsførere: Teknologi kremmere Hovedmål: Dynamisk/Stabilt Styre og Stab 14

16 Konklusjon I: Utarbeid en realistisk plan med: Høyde for uforutsett motgang Hensyn til etablerte konkurrenters motaksjon(er) Vurdering av inntreden fra nye konkurrenter Ha en akseptabel modell for eierandeler til investorer som besitter komplementære kunnskaper 15

17 Konklusjon II: Selektere SMÅ, men verdensomspennende nisjer hvor selskapet (i noen grad) kan gå i fred Men: Hvor disse små nisjer har et betydelig utviklingspotensiale som SELSKAPET forutser bedre enn alle de andre 16

18 Konklusjon III: Finansiering: Sats på flere hester samtidig Offentlige (NFR, Innovasjon Norge, EU midler etc. Private ( angel investors, venture kapital, etc.) Vær maksimal økonomisk og kostnadsbevisst også (særlig) når du har fått penger i kassen! 17

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