【桑葛石原研翻译系列】私募基金和风险资本投资生物技术分析（2

作者：Punvi KaliaMichael GibneyGaurang Dholakia

2020年上半年，生物技术在私募基金和风险资本的投资活动中领先于医疗行业，吸引了近126亿美元的资金，高于去年同期的72.8亿美元。

根据标准普尔全球市场情报（S&P Global Market Intelligence）的分析，截至6月30日，生物技术行业在全球范围内宣布完成了342宗交易，包括并购和私募，其中主要投资者为风险投资、对冲基金和私募基金。

位居榜首的是黑石集团（Blackstone Group Inc）向Alnylam Pharmaceuticals Inc注资高达20亿美元的交易，用于基于RNA的药物开发和市场拓展。该交易之后，Sana Biotechnology Inc进行了7亿美元的私人配售，涉及Arch Venture Partners LP、Flagship Pioneering and Canada Pension Plan Investment Board和Invitae Corp的4.75亿美元配售交易，也得到了现有投资者Faralon Capital Management LLC和Driehaus Capital Management LLC的支持。

高盛投资银行在新冠研究报告中指出，疫情的转变可以归咎于吉利德公司、NeTaNa公司、Moderna, Sorrento等其他生物技术公司在相关疫苗的研发。

在与私募基金、风险资本或对冲基金签署的交易数量方面，医疗行业排名第四。根据标准普尔全球市场情报跟踪的1232宗交易，2020年上半年医疗行业交易的总交易价值为316.2亿美元。

2019年上半年，生物技术的投资数量最高，整个医疗行业1280宗涉及私募基金、风险资本或对冲基金的交易中获得234.4亿美元的投资。2018年上半年，该行业通过1296笔此类交易获得547.8亿美元，其中医疗服务行业首当其冲。

根据标准普尔全球市场情报对600多家投资机构的调查，只有44%的投资者预计私募基金和风险资本交易活动超过2019年。在私募基金市场调查中，经济不确定性成为投资公司未来最大的担忧。

普华永道分析师在一份年中生命科学报告中表示，预计私募基金交易将在2020年下半年增加。普华永道在7月23日的报告中指出：“在2020年上半年，私募基金投资活动基本上保持平稳，但仍有大量的资本可供使用。虽然可能看不到私募基金完成的大型交易，但预计机会投资者将在下半年重新投入并购，尤其是随着买家和卖家对估值的定价预期开始趋于一致。”

截至7月27日，美国共有420万例新冠病例。然而，北美各行业的投资交易总数为3575宗，为全球各地区最高。贝恩公司（Bain&Co.）在3月份指出，11月份美国总统选举的不确定性可能会将大量交易提前到上半年。

在亚太地区，中国设备制造商华大制造完成了通过IDG Capital Partners、西班牙贝卡资产管理公司SGIIC s.A和中信证券牵头的医疗行业最大的私募融资，并获得了10亿美元的投资。

日本医疗服务公司NichiiGakkan正在与贝恩资本私募基金有限公司（Bain Capital Pvt.Equity LP）进行一项收购交易，交易金额近15亿美元。此外，印度制药公司Piramal 宣布与凯雷集团（Carlyle Group）进行4.9亿美元的交易。

英国在1月份退出欧盟后，欧洲共有3023宗跨行业投资交易，法国医疗设施提供商Groupe Emera SA于当月早些时候宣布以6.683亿美元收购私人投资公司Naxicap Partners和Ardian。英国罗斯蒙特制药有限公司（Rosemont）也与总部位于伦敦的Incloxion签订了一项价值2.003亿美元的收购协议。

【原文】

Biotechnology draws $12.6B from private equity, venture capital activity in H1

Author:Punvi KaliaMichael GibneyGaurang DholakiaBiotechnology led the healthcare industry in investment activity from private equity and venture capital during the first half of 2020, drawing nearly $12.60 billion in funding, up from $7.28 billion for the year-ago period.The biotechnology sector either announced or concluded 342 deals globally as of June 30, comprising mergers and acquisitions and private placements, where the main investor was either a venture capitalist, a hedge fund manager or a private equity company, according to an analysis by S&P Global Market Intelligence.

Topping the list was The Blackstone Group Inc.'s deal for a capital injection of up to $2 billion into Alnylam Pharmaceuticals Inc., to fund the company's RNA-based medications both on the market and in late stages of development.That deal was followed by Sana Biotechnology Inc.'s $700 million private placement involving Arch Venture Partners LP, Flagship Pioneering and Canada Pension Plan Investment Board, and Invitae Corp.'s $475 million share placement deal supported by its existing investors like Farallon Capital Management LLC and Driehaus Capital Management LLC.The recent shift can be attributed to an uptick in interest in biotech companies like Gilead Sciences Inc., Moderna Inc., Sorrento Therapeutics, Inc. and others that are eyeing COVID-19 vaccines, Goldman Sachs said in a May report.

The healthcare industry stands at the fourth position in terms of the number of transactions signed with firms dealing in private equity, venture capital or hedge fund management. The aggregate transaction value for healthcare deals in the first half of 2020 was $31.62 billion based on 1,232 deals tracked by S&P Global Market Intelligence.Biotechnology also saw the highest investment activity in the first half of 2019, when the overall healthcare industry saw $23.44 billion in investments from 1,280 deals involving private equity, venture capital or hedge funds. For the first half of 2018, the industry grabbed $54.78 billion via 1,296 such deals, with healthcare services leading the pack.Only 44% of global investors expected private equity and venture capital deal activity to outpace 2019 this year, according to an S&P Global Market Intelligence survey of over 600 deal-makers. In the Private Equity Market Snapshot survey, economic uncertainty emerged as the biggest concern for portfolio companies in the coming 12 months.PwC analysts said in a mid-year pharmaceutical and life sciences report that private equity deals can be expected to rise in the second half of the year."Private equity has remained largely quiet during the first half of 2020, but still has significant dry-powder to deploy," PwC said in the July 23 report. "While we may not see many examples of private equity completing megadeals, we expect opportunistic buyers to leap back into M&A during the second half of the year, especially as buyers' and sellers' pricing expectations around valuations begin to align."The U.S. had 4.2 million coronavirus cases as of July 27. Nevertheless, North American investment deals totaled 3,575 across sectors — the highest per region globally. Bain & Co. in March noted that uncertainty around the U.S. presidential elections in November would likely push a high number of deals to the first half of the year in North America.

In the Asia-Pacific region, privately held Chinese device maker MGI Tech Co. Ltd. secured $1 billion in investment through the biggest private placement in the healthcare industry this year, led by IDG Capital Partners, Spain's Beka Asset Management SGIIC S.A and CITIC Securities Co. Ltd.Japanese medical services company NichiiGakkan Co., Ltd. is under a buyout deal with Bain Capital Pvt. Equity LP, with the transaction amounting to nearly $1.5 billion. Moreover, Indian pharmaceutical company Piramal Pharmaceutical Development Services Pvt. Ltd announced a $490 million private placement with Carlyle Group Inc.Europe saw 3,023 investment deals across sectors following the Brexit conclusion in January, with French healthcare facilities provider Groupe Emera SA announcing its $668.3 million acquisition by private investment firms Naxicap Partners and Ardian earlier that month. British company Rosemont Pharmaceuticals Ltd. also entered a $200.3 million acquisition deal with London-based Inflexion Pvt. Equity Partners LLP.

打赏