Venture Capital Investment in the Biotechnology
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Venture Capital Investment in the Biotechnology Industry. PricewaterhouseCoopers / Venture Economics / National Venture Capital Association MoneyTree  Survey March 2002. About The Quarterly MoneyTree Survey.

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Pricewaterhousecoopers

Venture Capital Investment in the Biotechnology Industry

PricewaterhouseCoopers / Venture Economics / National Venture Capital Association MoneyTree Survey

March 2002


About the quarterly moneytree survey

About The Quarterly MoneyTree Survey

  • PricewaterhouseCoopers has joined forces with Venture Economics and the National Venture Capital Association to produce MoneyTree Survey

  • ‘Core’ measure of equity investments in venture-backed companies in the United States

  • Companies have received at least one round of financing involving a professional VC firm or equivalent

  • Captures: tranches, not term sheets, foreign VCs, qualified private placement

  • Excludes: debt, bridge loans, recaps, roll-ups, IPO's, Pipe's, leasing, etc.

  • MoneyTree™ Survey in its 8th year

  • Results online at www.pwcmoneytree.com, www.ventureeconomics.com, www.nvca.org


Pricewaterhousecoopers

Let’s put the role of venture capital in the biotechnology industry into perspective…


Venture financing exceeds federal non defense r d budget

Venture Financing Exceeds Federal Non-Defense R&D Budget

Federal Non-Defense R&D

Source: PwC/VE/NVCA MoneyTree™ Database & AAAS Report Citing 2002 Federal Budget. Note Federal R&D statistics are constant 2001 dollars


Moneytree total investments in biotechnology 1995 2001

MoneyTree: Total Investments in Biotechnology- 1995 - 2001

($ in billions)

# of Deals

138

264

243

177

227

238

265

% of all Investments

10%

11.4%

13.6%

6.9%

3.7%

3.5%

8.1%


Pricewaterhousecoopers

Biotechnology Investments by Region1995-2001

North Central

$221

35 Deals

($ in millions)

Midwest

$571.1

100 Deals

New England

$2,584.3

276 Deals

Northwest

$611.6

60 Deals

NY Metro

$853.6

79 Deals

Sacramento/N. CA

$27.9

6 Deals

Philadelphia Metro

$802.4

122 Deals

Silicon Valley

$3,632.6

323 Deals

LA/Orange County

$375.2

69 Deals

DC/Metroplex

$463.8

69 Deals

San Diego

$1,501.9

175 Deals

Texas

$228.1

35 Deals

Southwest

$107.6

30 Deals

Colorado

$325.3

34 Deals

Alaska/

Hawaii

$0

0 Deals

South Central

$47.9

4 Deals

Southeast

$778.2

118 Deals


Pricewaterhousecoopers

Biotechnology Investments by RegionQ4 2001

North Central

$13

5 Deals

($ in millions)

Midwest

$42

5 Deals

New England

$246

18 Deals

Northwest

$20

2 Deals

NY Metro

$174

3 Deals

Sacramento/N. CA

0 Deals

Philadelphia Metro

$55

4 Deals

Silicon Valley

$174

10 Deals

LA/Orange County

$23

3 Deals

DC/Metroplex

$98

5 Deals

San Diego

$82

6 Deals

Southwest

$2

2 Deals

Texas

0 Deals

Colorado

$65

1 Deal

Alaska/

Hawaii

$0

0 Deals

South Central

0 Deals

Southeast

$9

3 Deals

Total: $1,004 – 67 deals


Investments by industry q4 2001

Investments by Industry Q4 2001

% Change in $ Amount from Q3 01

# of Deals

($ in millions)

211

36%

41.6%

67

(22.7%)

77

(3%)

102

(21.3%)

85

(9.9%)

34

(43.6%)

57

41

(23.7%)

52

7.2%

(2.7%)

29

NM

9

24

(31.4%)

46.1%

18

16

55%

NM

17

NM

7

86%

10

( NM = Not Meaningful)

Visit www.pwcmoneytree.com

for Industry Definitions

Q4 2001 Totals: $7,138 856 1.9%


Investments by industry percent of total u s investments

Investments by Industry - Percent of Total U.S. Investments

(% of Total Dollars)

Top 5 Industries – 1995 to 2001

‘95

‘96

‘97

‘99

‘00

‘01

‘95

‘96

‘97

‘98

‘98

‘99

‘00

‘01

‘95

‘96

‘97

‘98

‘99

‘00

‘01

‘95

‘96

‘97

’98

‘99

‘00

‘01

‘95

‘96

‘97

‘98

‘99

‘00

‘01


Life science investments percent of total u s investments

Life Science Investments - Percent of Total U.S. Investments

(% of Total Dollars)

Life Science Sectors – 1995 to 2001

’95

’96

‘97

‘98

‘99

‘00

‘01

‘96

‘97

‘98

‘99

‘00

‘01

‘95

‘95

‘96

‘97

‘98

‘99

‘00

‘01


Biotechnology investments by financing sequence q 4 2001

Biotechnology Investments by Financing Sequence - Q4 2001

% Change in $ Amount from Q3 01

# of Deals

($ in millions)

60%

8

20

(22%)

14

(40%)

48%

15

10

636%*

* Abnormally high change due to a $150 million investment and a $70 million investment


Pricewaterhousecoopers

Average Biotechnology Deal Size Compared to Average Deal Size for all Industries1995-2001

($ in millions)


Most active venture investors in biotechnology 2001

Most Active Venture Investors in Biotechnology - 2001

Venture Capital Firm

Location

Total Deals

J.P. Morgan Partners

Menlo Park, CA

13

13

MPM Capital

Cambridge, MA

11

InterWest Partners

Menlo Park, CA

10

Oxford Bioscience Partners

Boston, MA

Alta Partners

San Francisco, CA

10

9

Domain Associates

Princeton, NJ

Healthcare Ventures LLC

9

Princeton, NJ

Sprout Group

8

New York, NY


Pricewaterhousecoopers

Our Core Biotechnology Service Team:

Frank Feeman, audit partner

206/398-3562

Jon Kuchin, tax partner

206/398-3010

Dick Ottele, audit senior manager

206/398-3514


Pricewaterhousecoopers

pwc


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