Panelist Chair
Download
Report
Transcript Panelist Chair
財團法人亞太金融研究發展基金會
Foundation of Pacific Basin Financial Research and Development
Panel Session XVII.
Capital Planning and Capital Market of Biotech Industry
創投(VC)與生技新藥製藥產業的相輔相成共生關係
Howard Lee Ph.D.
李 世 仁 博士
Easy Life Science Management, Inc.
July 9, 2011
EasyLife
1
SUMMARY
Bioindustry is a globally recognized main stream
growing industry
Venture Capital Fund vs. Knowledge Based
Industry
Direct Financing Products/Capital Market Analysis
Taiwan Healthcare Industry Opportunity
EasyLife
2
Worldwide consensus:
Knowledge-based Industries
Early 2009
US - Barack Obama:
bioindustry、new energy、
internet-communication、infrastructure
Taiwan - 劉 兆 玄:
bioindustry、green energy、
telecommunication、infrastructure
EasyLife
3
Executive Yuan: six growing focuses
in knowledge-based Industry
生技起飛 biotechnology
醫療照護 healthcare
精緻農業 agriculture
綠色能源 green energy
文化創意 culture
觀光拔尖 sightseeing
EasyLife
4
Biotechnology Index Chart in past 10 yrs
*BTK: AMEX Biotech Index, IXIC: NASDAQ Index, NBI: NASDAQ Biotech Index, DJI: Dow Jones Index
EasyLife
Source: Yahoo! Inc.
5
SUMMARY
Bioindustry is a globally recognized main stream
growing industry
Venture Capital Fund vs. Knowledge-Based
Industry
Direct Financing Products/Capital Market Analysis
Taiwan Healthcare Industry Opportunity
EasyLife
6
Innovative Source vs. Biotech Industry
Government
University
Research Institute
Hospital
Non-profit organization
Supply 85% innovative sources
Cradle of biotech industry
Death of Valley
Professional supports:incubation center、tech
transfer dept.、evaluation corp.
VC、Buyout fund、PE fund
Biotech Industry
EasyLife
Profit organization
Connection w/ financial industry
Connection w/ capital market
Connection w/ global biotech
industry cluster
7
Across Death of Valley
Firms play a key role in creating value from biomedical ideas by
finding opportunities for value creation and raising funding based
on the promise of value capture
EasyLife
8
Venture Capital Fund vs. Knowledge Based Industry
EasyLife
Venture Capital
Venture capital may be regarded as an
equity investment where investors
expect significant capital gains in return
for accepting the risk they may lose all
their equity
EasyLife
10
VC Fund vs. Direct Financing
Direct Financing vs. Indirect Financing
Direct Financing (involve in corp. management)
- Equity Investment
Indirect Financing (NOT involve in corp. management)
- Loan、Grant、Tax Incentive
UniMed
11
SUMMARY
Bioindustry is a globally recognized main stream
growing industry
Venture Capital Fund vs. Knowledge-Based
Industry
Direct Financing Products/Capital Market Analysis
Taiwan Healthcare Industry Opportunity
EasyLife
12
Capital Market and Related Players
Private Market
Public Offering Market
IPO
VC
[VC Fund]
[Investment Bank]
[Hedge Fund]
M&A ,
[Buy-out Fund]
EasyLife
Public Security Market
Follow-on
PIPEs
Debt
[Mutual Fund]
Consolidation
[Private Equity Fund]
13
Corp.
vs.
Capital
Market
BIO€ QUITY
Money Distribution in Capital Market
Mutual Funds
(Hedge Funds)
Private Equity Funds
Buy-out Funds
VC Funds
EasyLife
(Angel Fund)
14
Capital Market Status decides Industry Type
Large long term bio fund
Drug Industry
Small short term bio fund
Medical Device Industry
Small flexible Investment money
diversified
small and medium enterprise in biotech industry
EasyLife
15
Drug vs. Medical Device
High risk, high return
Need long term money
Need large smart money
IPO vs. M&A
Biotech Drug
Development
HIGH
Total
Return
LOW
Medical
Devices
LOW
EasyLife
Risk
“UnMet Need”
Low risk, low return
Early liquidity
High IRR
Early distributions
IPO vs. M&A
HIGH
16
Drug Development and Approval Process
•It takes 11 years on average for an experimental drug to travel from lab to medical chest.
•Only 5 in 5,000 compounds screened in preclinical testing make it to human testing.
•1 of these 5 tested in people is approved.
Preclinical
Phase I
Phase II
Phase III
Testing
Years
3.5
1
2
3
Test
Laboratory
20 to 80
100 to 300
1,000 to 3,000
Population and Animal
Healthy Volunteers Patient Volunteers
Patient Volunteers
Studies
Purpose Access safety
Determine
Evaluate
Verify effectiveness,
and biological F
safety and
effectiveness.
monitor adverse
activity
I
dosage
Look for side
reactons from
L
effects
long-term use
E
Expedited review: Phase II and III
combined to shorten approval
I
N
process on new medicines for serious
D
and life-threatening diseases.
% of all
new drugs
that pass
EasyLife
70%
of INDs
33%
of INDs
27%
of INDs
FDA
F
I
L
E
1
Approval
Phase IV
Total = 10.5
Post-marketing
safety monitoring
Review
Process
Large-scale
manufacturing
Distribution
N
D
A
Education
20%
of INDs
17
Taiwan Biotech Industry : small & medium
enterprise with flexibility
食品生技
27%
農業生技
13%
環境生技
5%
特化生技
6%
生技服務業
13%
生物製劑
36%
2009 Taiwan Biotech Corp. Allotment
EasyLife
Source:MOEA經濟部生物技術與醫藥工業發展推動小組 2010
18
Taiwan TSE「Biotech Healthcare」Sector-18 Listed
Pharma:中化製藥(資本額NT$29.81億元)、永信藥品(資
本額NT$25.37億元) 、生達製藥、杏輝藥品、旭富、懷特
新藥(資本額NT$9.42億元)、台耀、中化生技
Reagent:亞諾法
Drug Store Channel:美吾華
Functional Food:葡萄王、景岳
Medical Device/Channel:五鼎、東貿、雃博、華廣
Exercise Instrument:必翔、喬山
* Daily Trading Volume:200k~4,000k shares
EasyLife
19
Taiwan OTC「Biotech sector」- 33 Listed
Pharma/Functional Food:東洋藥品、濟生、晟德、
南光、中天、天良、健喬信元、生泰、永日、杏昌、德英
Healthcare Service:盛弘、大學光學、訊聯、KY馬光
CRO/Reagent:進階、聯上
Marketing Channel/Functional Food:弘如洋、友華、
加捷、天騵
Medial Device/Channel:精華、寶利徠、合世、百略 、紅
電、邦拓、聯合骨科、晶宇、太醫、優盛、泰博、曜亞
* Daily trading volume:50k~4,000k shares
EasyLife
20
SUMMARY
Bioindustry is a globally recognized main stream
growing industry
Venture Capital Fund vs. Knowledge Based
Industry
Direct Financing Products/Capital Market Analysis
Taiwan Healthcare Industry Opportunity
EasyLife
21
台灣生技起飛鑽石行動方案
Taiwan Bioindustry Take-off Action Plan
Executive Yuan approved on 10/7/2009
SIC
BVC
資料來源:行政院科技顧問組
22
台灣生技起飛鑽石行動方案
Taiwan Bioindustry Take-off Action Plan
Direct and Proactive
- BVC (生技創投基金)
Indirect and Passive
- TFDA
- SIC (生技整合育成中心)
- Integration of research Institutions
(經濟部產業化研發中心)
EasyLife
23
Global Pharmaceutical Market Forecast
Sales
North
America
41%
Europe
27%
Emerging
Markets
13%
Japan
11%
Rest of World
8%
* Russia 2013 estimate based on September 2008 forecast
Source: IMS Health, Market Prognosis
Taiwan Bioindustry Opportunity
Taiwan is in critical position in between three largest
markets in the world
US
Taiwan
China
EasyLife
Japan
25
Howard Lee, Ph.D.
[email protected]
EasyLife