新藥技術(shù)轉(zhuǎn)讓背景和發(fā)展趨勢(shì)課件

新藥技術(shù)轉(zhuǎn)讓背景和發(fā)展趨勢(shì)

2010年12月上海新藥技術(shù)轉(zhuǎn)讓概要國(guó)外行情案例示范資本市場(chǎng)近期動(dòng)態(tài)如何應(yīng)對(duì)疑問(wèn)解答

NumberofDealsandTotalValuebyYear(1999-2008)Source:DeloitteRecapLLC,2009生物技術(shù)公司價(jià)值回升中期項(xiàng)目交易案例晚期項(xiàng)目交易案例臨床二期項(xiàng)目交易案例晚期臨床項(xiàng)目交易條款生物技術(shù)股權(quán)投資

不同階段技術(shù)許可的典型簽約條款13Pre-clinicalPhaseIPhaseIIPhaseIIIvs.5yearsagoUpfront$3-10M$5-15M$10-25M$40-100M3xIND$2-5MNANANA3xPhIIStart$3-8M$5-10MNANAPhIIIStart$10M$10-15M$25MNANDAFiling$5M$5M$10M$30M1stApproval$5M$10M$30M$50M2-3x2nd–3rdApproval$10M$20M$45M$70MRoyaltyTiers9-13%12-15%14-20%18-26%1.2xSource:DeloitteRecapLLC,2009BiggestGrowthinValuehasbeenatClinicalProofofConcept14Source:Windhover’sStrategicTransactionsDatabase,June2007Upfrontonly(nomilestonesorroyalties):avg.of$35MNo.ofTransactions$Millions全球生物醫(yī)藥并購(gòu)案10年統(tǒng)計(jì)數(shù)字

010203040506070809Unit$億藥物研究+開(kāi)發(fā)+銷售費(fèi)用基礎(chǔ)研究

BasicResearch§$0.5–5millionperYear§Upto$25millionTotalforaProject臨床前研究和早期臨床

PreclinicalandEarlyClinical§$1–10millionperYear§Upto$30millionTotalforaProject晚期臨床

LateClinical§$10–200millionperYear§Upto$1billionTotalforsomeProducts藥品申報(bào)審批

Regulatory§$10millionormore藥品生產(chǎn)制造

Manufacturing§Hundredsofmillionstobillions市場(chǎng)營(yíng)銷

Marketing§Hundredsofmillionstobillions

10年+10億美元多數(shù)無(wú)法收回$$

研發(fā)效率下降審批門檻在提高失敗幾率增大產(chǎn)品被告幾率增大早期投資缺乏生物技術(shù)公司融資路徑Startup/SeedFunding($500K-$5M)–AngelsandFriends&FamilyprovideSeedcapitalandIntellectualCapitalGrantFunding($500K-$5M)–NIHandNSFSBIRGrantsVentureCapital($5-50M)–Preferredsharestructure–Syndicateroundsamongmultipleinvestors/funds–Typicallyprovide2-3yearsofcapital–Lookforexitin3-4years,fundsseektoaverage3XreturnInvestmentBanks,MutualFunds,HedgeFunds($60M+)–PublicOfferings–IPO,SPO(CommonShares)–PrivateOfferings–PIPEdeals(PreferredShares)àInaddition,partneringdealsprovidessignificantamountsofnon-dilutivefinancingtofundbiotechcompanies生物醫(yī)藥投資者看中什么?TheDisappearanceofSmallCapBiotech($200M-$1B)Overthepastthreeyearsthiscategoryhasshrank

Companiesthatareshortofcashandwithoutnewsflowhavebeen

punishedinthemarketplaceandmovedintomicro-capterritoryIndustryconsolidationeliminatedmanycompaniesPharmaandBiotechacquisitionsatbargainpricesMergersofequalsinthehopesofsurvivingthestormInstitutionalInvestorsaretypicallylookingtoinvest$10-50MTheycan’tdothatwithmicro-capswithoutaffectingthestockpriceInvestorswanttoseemoresmallcapBiotechsInvestorswanttobuyintoBiotechs’riskIdeallyPhaseII/IIIdataoutcomeswithin6-12monthsPharma/BiotechBiotech/Biotech73dealsbetween2004-0838PublicCompanies(52.1%)35PrivateCompanies(47.9%)44ProductCompanies(60.3%)29PlatformCompanies(39.7%)29LargeMoleculeFocus(39.7%)44SmallMoleculeFocus(60.3%)AverageValuation$1,853.4MMedianValuation$387.0MTotalValue$135,295.9M90dealsbetween2004-0833PublicCompanies(36.7%)57PrivateCompanies(63.3%)72ProductCompanies(80.0%)18PlatformCompanies(20.0%)22LargeMoleculeFocus(24.4%)68SmallMoleculeFocus(75.6%)AverageValuation$340.9MMedianValuation$105.0MTotalValue$30,677.9MDefiningBigCorpsofBioPharmaLicensingDefiningthe‘BigCos’IntegratedBiopharmacompaniesRevenuegeneratingandprofitableValuationinexcessof$1billionTop40BigCossign90%ofdeals,bytotaldollarvalueBiotechTherapeuticOut-licenseDealswithBigCorp(2004-Q32009)70distinctBigCorps1,237alliances$139billionannouncedtotalvaluePaymentsinalliances($M)UpfrontEquityAnnouncedTotal2005-09Total$12,159$2,857$139,238AnnualAverage$2,559$601$29,313BiotechAllianceswithBigCorpsAlliancefrom2005–Q320091,237dealsannouncedStageatSigningofDealDiscovery72551%LeadMolecule624%Preclinical14010%PhaseI786%PhaseII1168%PhaseIII1259%Approved17312%國(guó)外已公開(kāi)的部分?jǐn)?shù)據(jù)AggregatePaymentsinAnnouncedNewAlliances($M)

UpfrontEquityAnnouncedTotal2005-09Average$2,559

$601$29,3132008$3,572$299$37,2962009YTD$1,448$533$17,1502009est.$1,931$711$22,867如何準(zhǔn)備和談判技術(shù)合作GettingPreparedtoPartnerGatherinformationfrompotentialpartnersWhatarethecriticalquestionsaboutyourprogram?Howcanyouanswer/addressthesequestions?SupportwithR&D,marketresearch,KOLs,reimbursementandregulatoryPreparepartneringmaterialsandrunanefficientprocessWhatroledoestheassethaveincorporatedevelopment?Whatstructureareyoulookingfor?Summarizeandpreparea5minutepitchUtilizeatopd