[市場調查報告書] 生物科技的出口策略

Abstract

Establishing the most effective route to exit for a biotech venture is critical in ensuring value is maximized for key stakeholders and the associated technology. However, more critical than selection of exit strategy is the planning and effective execution of exit. Fledgling biotech companies owe their existence to the promise of a valuable exit for the early-stage funder. As a result, each and every biotech company must be able to demonstrate that all plans and actions are effective steps towards the realization of success exit, even where the method and timing of exit are largely undecided. - Biotech Exit Strategies - report provides a detailed review of current and future trends in biotech exit strategies and uses real-life case studies to illustrate the key challenges and critical success factors involved in executing an exit for biotech investors. The report provides a unique strategic analysis for successfully dealing with the prevailing challenging financial conditions facing biotech companies and investors.

Executive Summary

An introduction to biotech exit strategies
Biotech exit trends
IPO exit strategies
M&A exit strategies
Alliances and licensing exit strategies
Building the path to exit

Chapter 1 An introduction to biotech exit strategies

Summary
Introduction
The biotechnology funding lifecycle
IPO as an exit strategy
M&A as an exit strategy
Alliance/licensing as an exit strategy
Developing a path to exit

Chapter 2 Biotech exit trends

Summary
Introduction
Biotechnology funding trends
IPOs are down and will be for a while...
M&A is up...
Licensing is down slightly but still delivering value...
Biotechnology productivity trends
Biotech exit strategy trends
IPO trends
M&A trends
Alliances/licensing trends
Future exit strategy trends
Reverse mergers
Creative financing
The quasi-public corporation

Chapter 3 IPO exit strategies

Summary
Introduction
The traditional exit strategy
Key benefits
Key challenges
Case study insights
Bioheart - 2008' s only US IPO
MolMed - 2008' s biggest IPO
Acorda - Two rounds of follow-on offerings in 2008
Talecris Biotherapeutics - IPO registration leads to acquisition
Alimera Sciences - Proposed IPO withdrawn
Key success factors
Timing is everything...
Products, products, products...
Commercial validation from partners and investors...
Corporate management talent...

Chapter 4 M&A exit strategies

Summary
Introduction
The emerging exit strategy
Key benefits
Key challenges
Case study insights
Piramed - 2008 big pharma acquisition
U3 Pharma - 2008 Japanese pharma acquisition
OncoGenex Technologies - 2008 reverse merger
IDM Pharma - Reverse merger at risk of delisting
Protein Sciences - 2008 terminated biotech acquisition
Key success factors
Clinical validation...
Commercial potential...
Existing relationships...
Committed management...

Chapter 5 Alliances and licensing exit strategies

Summary
Introduction
The part exit strategy
Key benefits
Key challenges
Case study insights
Adnexus - Laying the tracks for an eventual buy-out
MacroGenics - Generating a funding catalyst
ChemoCentryx - Blockbuster strategic alliance, but no IPO
Anacor - Key partnerships but no IPO
Phenomix - Licensing instead of IPO
Key success factors
The right deal with the right partner at the right time...
Reinforcing the long-term exit strategy...
Creating, not limiting opportunities...

Chapter 6 Building the path to exit

Summary
Introduction
Defining the objectives
Asset-level exit
Enterprise-level exit
Keeping options open
Setting the parameters
Clinical
Commercial
Financial
Building on success
Responding to failure

Chapter 7 Appendix

Research sources
Bibliography

List of Figures

Figure 1.1: The biotechnology funding lifecycle
Figure 1.2: The biotechnology path to exit
Figure 2.3: Global biotech funding trends (US$bn), 2004-08
Figure 2.4: Global IPO trends, 2004-08
Figure 2.5: Biotech M&A trends, 2004-08
Figure 2.6: Biotech alliance and licensing deal trends, 2004-08
Figure 2.7: Biotech alliance and licensing value trends (US$m), 2004-08
Figure 2.8: New product approvals - leading biotechs versus leading pharma, 2004-08
Figure 2.9: R&D productivity - leading biotechs versus leading pharma (US$bn), 2004-08
Figure 2.10: Number and value (US$bn) of US biotech IPOs, 2004-08
Figure 2.11: Number and value (US$bn) of M&As, 2004-08
Figure 2.12: Biotech alliances and licensing trends (US$m), 2004-08
Figure 2.13: Biotech alliances and licensing trends by development stage, 2004-08
Figure 3.14: Average IPO exit values in US (US$m), 2004-08
Figure 4.15: Average major biotech M&A exit values, 2004-08
Figure 5.16: Average licensing/alliance part exit values (US$m), 2004-08
Figure 6.17: Defining biotech exit objectives
Figure 6.18: Setting biotech exit parameters

List of Tables

Table 3.1: Leading US IPOs (US$m), 2004-08
Table 3.2: Bioheart profile: 2008' s only US IPO
Table 3.3: MolMed profile: 2008' s biggest IPO
Table 3.4: Acorda profile: 2008' s only double follow-on offering
Table 3.5: Talecris Biotherapeutics profile: 2008 proposed IPO leads to M&A
Table 3.6: Alimera Sciences profile: 2008 proposed IPO withdrawn
Table 4.7: Leading private biotech M&A deals, 2006-08
Table 4.8: Piramed profile: 2008 big pharma M&A exit
Table 4.9: U3 Pharma profile: 2008 Japanese pharma M&A exit
Table 4.10: OncoGenex Technologies profile: 2008 reverse merger
Table 4.11: IDM Pharma profile: reverse merger at risk of delisting
Table 4.12: Protein Sciences profile: terminated 2008 biotech M&A exit
Table 5.13: Leading private biotech licensing and alliance deals (US$bn), 2006-08
Table 5.14: Adnexus profile: strategic alliance leading to 2007 M&A exit
Table 5.15: MacroGenics profile: strategic alliance as a 2008 funding catalyst
Table 5.16: ChemoCentryx profile: strategic alliance but no 2008 IPO
Table 5.17: Anacor profile: two key partnerships but no 2008 IPO
Table 5.18: Phenomix profile: 2008 strategic alliance instead of IPO

生物科技的出口策略

Biotech Exit Strategies: Delivering value to investors in a challenging funding market