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News and Information Article
NORWALK, Conn., Jan. 12 // -- During the year ended December 31,
2005, the size of the health care venture capital market grew to nearly $7.3
billion invested, according to Irving Levin Associates, Inc. Compared with
2004, the amount of total dollars invested increased by more than 5%, but
compared with 2003, it increased by close to 32%. The total number of health
care venture capital deals increased by 11% in 2005, compared with 2004.
Biopharmaceuticals accounted for the greatest amount of venture capital
invested in a single sector, with nearly $2.1 billion committed during the
year, based on 102 deals with disclosed prices. Medical Devices and
Pharmaceuticals each accounted for approximately $1.4 billion in venture
capital. There were 97 investments with disclosed prices in Medical Devices,
and 70 in Pharmaceuticals. Biotechnology secured nearly $1.3 billion in 86
venture capital transactions announced during 2005.
Health Care Venture Capital Deal and Dollar Volume, Q4:03 to Q4:05
Quarter/Year Number of Deals Total Funding, in Billions
Q4:03 81 $1.8
Year-End Total, 2003 386 $5.5
Q1:04 97 $2.0
Q2:04 111 $2.0
Q3:04 94 $1.3
Q4:04 97 $1.6
Year-End Total, 2004 399 $6.9
Q1:05 122 $2.0
Q2:05 116 $1.9
Q3:05 97 $1.7
Q4:05 108 $1.7
Year-End Total, 2005 443 $7.3
For the year ended December 31, 2005, the median investment size was $11.3
million, representing a slight decrease from 2004, when the median investment
size was $12.0 million. However, the median investment size increased by
nearly 19% in 2005, compared with 2003.
"Strategic corporate investors account for some of the health care venture
capital funding recorded last year," commented Stephen M. Monroe, Senior
Editor. "The IPO market may be lackluster, but big pharma is hungry for
novel, proprietary therapies."
Results for the fourth quarter indicate that more health care venture
capital deals were closed during the fourth quarter of last year than in
either of the corresponding quarters of the two preceding years. For the
quarter ended December 31, 2005, there were 108 health care venture capital
investments announced, representing an 11% increase over both the previous and
year-ago quarters. The amount of total dollars invested during the fourth
quarter of 2005-more than $1.7 billion-shows an increase of 6%, compared with
the year-ago quarter, but almost no change compared with the third quarter of
2005.
"Investments in biotechnology are trailing off as more pharmaceuticals are
developed using biological compounds and processes or biotechnology platforms,
leading to a proliferation of investments in the development of
biopharmaceuticals," noted Gretchen S. Swanson, Associate Editor, "but the
health care market in general is still appealing to venture capitalists and
even spawning new venture firms."
For the year ended December 31, 2005, MPM Capital led the top ten venture
firms by number of investments, having participated in 17 investments,
followed by Alta Partners, Domain Associates and HealthCap, each with 15
investments. The most active venture capital investors in the health care
sectors during the fourth quarter ended December 31, 2005 were 3i Group and
Abingworth Management, each with five investments.
Top Ten Venture Capital Firms, by Participation in Number of Health Care
Investments
For the Quarter ended For the Year ended
December 31, 2005 December 31, 2005
Firm Investments Firm Investments
3i 5 MPM Capital 17
Abingworth 5 Alta 15
Alta Partners 4 Domain 15
Canaan Partners 4 HealthCap 15
CDIB 4 3i 11
InterWest Partners 4 HBM funds 11
MPM Capital 4 Montreux 11
ProQuest Investments 4 SV Life Sciences 11
Venrock Associates 4 Abingworth 10
HBM funds 4 Frazier Healthcare 10
Healthcare Corporate Finance News (http://www.hcfnews.com) reports bi-weekly on
financial events in the fast-paced venture capital, private and public equity,
and merger and acquisition markets. This well-researched newsletter 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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