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News and Information Article
NORWALK, Conn., Oct. 11 // -- Total venture capital funding
raised by health care companies during third quarter 2006 increased by
close to 30%, compared with the year-ago quarter. In the three months ended
September 30, 2006, a total of 110 health care venture capital investments
with disclosed prices were confirmed, amounting to nearly $2.2 billion in
funding, according to Healthcare Corporate Finance News. Compared with the
second quarter 2006, however, dollar volume increased only slightly. Esprit
Pharmaceuticals announced the largest deal, a $91 million Series B
financing.
Health Care Venture Capital Investments
Third Quarter Ended September 30, 2006
Sector Number of Deals Dollar Amount
(in millions)
Pharmaceuticals 19 $685.5
Biopharmaceuticals 22 $573.4
Medical Devices 35 $520.2
Biotechnology 19 $282.0
Other 10 $114.5
E-Health 5 $24.6
"This year may have the largest dollar amount of venture capital
invested in health care so far this decade," noted Stephen M. Monroe,
Managing Editor. For the nine months ended September 30, 2006, health care
companies have already raised $6.39 billion, nearly the amount raised in
all of 2004.
Several deals were announced concurrently with a licensing agreement,
merger, acquisition, spin-out or product launch. "Corporate investors are
taking an increasingly active role in funding start-up health care
companies with late-stage product candidates, as well as nurturing research
and development companies that have strategic potential," commented
Gretchen S. Swanson, Associate Editor. Corporations or corporate venture
capital affiliates that contributed to venture financings during the third
quarter include Roche Venture Fund, Teva Pharmaceuticals, Novo Nordisk,
MedImmune Ventures, Lilly Ventures and Novartis Bioventures. In addition,
Safeguard Scientific, Dow Chemical Company, Medtronic and Johnson & Johnson
Development Corporation invested.
Medical device companies accounted for the most deals (32%) during the
three months ended September 30, 2006, but pharmaceutical companies
garnered the greatest amount of funding (31%) in one sector.
Biopharmaceutical deals accounted for 26% of total dollars invested and 20%
of the total number of deals announced. Biotechnology and Pharmaceuticals
were each responsible for 17% of the number deals announced, but the
biotechnology deals only account for 13% of the total funding for the
quarter. Many of these companies are developing protein-based therapeutics
to address major unmet medical needs, including cancer, inflammation and
metabolic and autoimmune disorders, but a few are targeting specialized
indications.
The most active venture capital firms for the third quarter ended
September 30, 2006 were led HBM Partners and Sofinnova Partners, which each
contributed to seven venture financings, followed by Bio*One Capital and
InterWest Partners, which each invested in six deals. New Enterprise
Associates, BA Venture Partners and Domain Associates also participated in
some of the largest rounds. Listed below are the top venture capital
investors in health care for the quarter, ranked by participation in number
of deals.
Third Quarter Ended September 30, 2006
Most Active Venture Capital Firms Number of
Investments
HBM Partners 7
Sofinnova Partners 7
Bio*One Capital 6
InterWest Partners 6
Domain Associates 5
Novo A/S 5
Charter Life Sciences 4
GIMV 4
Prospect Venture Partners 4
Skyline Ventures 4
SV Life Sciences 4
Three Arch Partners 4
TVM Capital 4
Venrock Associates 4
Versant Ventures 4
Alta Partners 4
3i Group 4
Healthcare Corporate Finance News (http://www.hcfnews.com ) reports weekly on
financial events in the fast-paced venture capital, private and public
equity, and merger and acquisition markets for health care companies, and
provides subscribers with access to a searchable online database of health
care venture capital deals. This monthly newsletter and weekly email update
is published by Irving Levin Associates, Inc., a leading financial
publisher and source of market intelligence since 1948. For more
information, please call 1-800-248-1668.
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