SPECIAL REPORT: Riding the Biotech Economic Tsunami - Surfing to Safety or Wipeout?

Published by: Decision Resources

Published: May. 20, 2009 - 37 Pages

Table of Contents

Executive Summary

Strategic Considerations

Stakeholder Implications

Overview

Public and Private Equity Financing

The IPO Downturn

VC Investment

Platform-Technology-Derived Therapeutic Companies

Therapeutic Platform Companies

Target-Based Therapeutic Companies

Increasing Trend Toward Research-Stage Development Programs

Mergers and Acquisitions

Products and Pipelines as Drivers for M&A

Platform Technologies as Drivers for M&A

Corporate Partnerships

Deal Structure and Assessing Deal Value

Target and Lead Discovery

Target Identification and Validation Deals

Target Identification and Drug Discovery Through Academic Alliances

Lead Discovery Deals

Lead Identification Deals

Target-Focused Screening

Library- and Chemistry-Focused Screening

Lead Optimization Deals

Medicinal and Fragment-Based Screening

Drug Delivery

Drug Profiling

Protein Optimization Deals

Molecular Diagnostics Deals

Therapeutic Platforms Deals

Protein Therapeutics and Monoclonal Antibodies

Nucleic-Acid-Based Therapeutics

Cell Therapy

Outlook for Biotech Investment and Trends

Tables

1. Biotechnology Initial Public Offerings, 2008

2. Blockbuster and Top-Selling Drugs Acquired Through Pharma-Biotech Acquisitions

3. Blockbuster and Top-Selling Drugs Acquired Through Biotech-Biotech Acquisitions

4. Select Target Discovery Corporate Partnerships, 2008

5. Select Academic Drug Discovery and Research Alliances, 2008

6. Select Lead Identification Corporate Partnerships, 2008

7. Select Lead Optimization Corporate Partnerships, 2008

8. Select Protein Optimization Corporate Partnerships, 2008

9. Select Molecular Diagnostics Partnerships, 2008

10. Select Therapeutic Platform Corporate Partnerships, 2008

Figures

1. Biotech Quarterly Initial Public Offerings and Venture Capital Investments, 2002-2008

2. Life-Sciences-Related Venture Capital Investments, 2008

3. Technology Focus of Biotech Series A Companies, 2008

4. Developmental Stage of Therapeutic Biotech Companies with Series A Investments, 2005 and 2008

5. Biotechnology M&As Worth More Than $100 Million, 2002-2008

Abstract

• Although the state of the economy is the dominant parameter that affects all industries, the biotech industry is especially sensitive to economic fluctuations. How are declines in capital markets affecting the biotech industry? What are the current trends in biotech IPO activity?
• Despite the economic downturn, venture capital (VC) firms continued to invest in biotechnology in 2008. What types of biotech companies are attracting VC investments? Which technology areas attracted the most investment? What types of start-up companies are able to obtain early-stage financing?
• Mergers and acquisitions (M&As) have long been a litmus test of the strategic objectives of pharmaceutical companies. M&As also have become an important instrument for biotech companies that are seeking to survive or become stronger. What are the current trends in pharma-biotech and biotech-biotech M&As? What factors drove M&A activity in 2008?
• Corporate partnerships with pharmaceutical companies have become supremely important to biotech companies as one of the few remaining sources of reliable capital. What technology areas are attracting the interest of pharmaceutical companies? What deal structures characterize current partnering trends?

• Public equity financing: IPO downturn, focus of companies going public in 2008.
• Private equity financing: VC investment, focus of companies, Series A financings.
• Mergers and acquisitions: trends in recent high-value, strategic pharma-biotech and biotech-biotech M&As, factors driving M&As, technologies of acquired companies.
• Corporate partnerships: deal structure and value, target and lead discovery, academic alliances, lead identification and optimization, lead profiling, protein optimization, molecular diagnostics, therapeutic platforms.
• Outlook for biotech investment and trends: VC activity and focus, areas of interest to Big Pharma, megadeals, profi tability of biotech companies.

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