EPV_Pharma_Year_in_Review_2013_Report

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1、Pharma&Biotech2013inreviewPharma&Biotechin2013Iftherehadbeenanyquestionaboutthesustainabilityofthelifesciencesector’srecoveryByANyMEASUrEThEUSPUBLICin2012itwasfirmlyansweredin2013.TheNasdaqMArkETSLASTyEArPAINTEdAbiotechnologyindexendedtheyearatarecordPICTUrEOfrUdEhEALThfOrhigh,

2、USinvestorsbecamehighlyreceptivetoIPOsLIfESCIENCECOMPANIES,frOM–eventhemorehigh-riskpropositions–andThESMALLESTBIOTEChTOThEsecondaryfundraisingsnolongercausedLArgESTdrUgMAkEr.shareholderstofleeinalarmatbeingaskedformoremoney.ByanymeasuretheUSpublicmarketslastyearpaintedapicture

3、ofrudehealthforlifesciencecompanies,fromthesmallestbiotechtothelargestdrugmaker.Therewereofcourseclinicalandregulatorydisappointmentsandsurprises,andthebouncebackinEuropewasmoremeasured,asistypicallythecase.ButUSinvestorenthusiasmforthesectorpromptedasurgeinvaluationsacrossthei

4、ndustry.Partlyasaresult,theamountspentonM&Agrewsubstantially,evenasthenumberoftransactionsdipped.Muchoftheconsolidatingactivitywaslefttothespecialtypharmasectorasbigpharmacontinuedtostayawayfromthesetransactions,preferringtosharetheriskwithpartnershipdeals.Theincreasingcomplexi

5、tyofbothtakeoverdealsandlicensingtransactions–withfeatureslikecontingentmilestonesnowthenorm–showshowdistributingtheburdenofriskremainsahighpriorityforthebuyersinthemarket.2Pharma&Biotechin2013Copyright©2014EvaluateLtd.andEPVantage.Allrightsreserved.Pharma&Biotechin2013Still,pr

6、icesnegotiatedinlicensingdealsdidholduplastyear,althoughactivityagainappearedThEBUOyANCyOf2013todip.WithrefinancingpossiblethiscouldwellhASShOWNNOSIgNOfhaveattractedthefocusofmanytraditionallydEfLATINgINThEfIrSTdeal-hungrysmallcompanies.WhatwasclearlyfEWMONThSOf2014.evidentwere

7、thenumerousbroadandfar-reachingresearchcollaborationsstruckbetweenearly-stagedrugresearchersandthebigbeastsoftheindustry,aspartofanongoingdriveforr&dexternalisation.Intheprivatesphereventurefinancingstabilisedafteracoupleofdifficultyears,althoughwithabigproportionofthecashraise

8、dgoingtolate-stagecompaniesitwasclearthatmanyVCshadthe