新藥技術轉讓背景和發(fā)展趨勢課件

新藥技術轉讓背景和發(fā)展趨勢

2010年12月上海新藥技術轉讓概要國外行情案例示范資本市場近期動態(tài)如何應對疑問解答

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

不同階段技術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)藥并購案10年統(tǒng)計數字

010203040506070809Unit$億藥物研究+開發(fā)+銷售費用基礎研究

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藥品申報審批

Regulatory§$10millionormore藥品生產制造

Manufacturing§Hundredsofmillionstobillions市場營銷

Marketing§Hundredsofmillionstobillions

10年+10億美元多數無法收回$$

研發(fā)效率下降審批門檻在提高失敗幾率增大產品被告幾率增大早期投資缺乏生物技術公司融資路徑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$29,313BiotechAllianceswithBigCorpsAlliancefrom2005–Q320091,237dealsannouncedStageatSigningofDealDiscovery72551%LeadMolecule624%Preclinical14010%PhaseI786%PhaseII1168%PhaseIII1259%Approved17312%國外已公開的部分數據AggregatePaymentsinAnnouncedNewAlliances($M)

UpfrontEquityAnnouncedTotal2005-09Average$2,559

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