CB-Insights：2021_年_Q3_全球医疗健康投融资报告1_229页_13mb

State of Healthcare Q3 2021 Summary

Core Content

The State of Healthcare report for Q3 2021 provides an overview of global dealmaking, funding, and exits in the private-market healthcare sector. It highlights key trends in investment activity, valuation growth, and regional performance.

Main Points

• Global Healthcare Deals Reach Record High: In Q3 2021, there were 1,904 healthcare deals, the highest on record, up 15% from the previous quarter. This represents a 41% increase YoY.
• Funding Trends: Total funding in Q3 2021 reached $30.7B, a slight decline from Q2 2021, but a 41% increase YoY. YTD funding has already exceeded 2020 levels by 20%, reaching $39.6B.
• Unicorns and Valuations: The global healthcare unicorn count reached 91, with 10 new unicorns added in Q3 2021, all from the US. The total valuation of these new unicorns is $18.7B.
• Asia's Rising Influence: Asia-based startups accounted for 38% of total deals in Q3 2021, the highest deal share ever. Asia also saw the only sequential funding growth, rising 18% from the previous quarter to $8.6B.
• Mega-Rounds: In 2021 YTD, $100M+ mega-rounds have already surpassed 2020 totals by 35% in deal count and 46% in funding. Q3 2021 saw 75 mega-rounds, with the US and Asia leading.
• Early-Stage Activity: Early-stage deal share rebounded from a multiyear low in 2020, reaching 54% of YTD deals. Asia and the US accounted for 40% and 37% of these early-stage deals, respectively.
• Financing Timelines: The median time between Series C and D raises has decreased from 21 months in 2015 to 16 months in 2021 YTD, indicating accelerated progression through later stages.
• Late-Stage Valuations: Median late-stage valuations jumped from $292M in 2020 to $471M in 2021, a 60% increase. Late-stage deal sizes also increased, reaching $46M in 2021.
• Exit Trends: Total exits in Q3 2021 decreased by 5% QoQ, with a slowdown in both IPO and M&A activity. However, SPAC exits reached an all-time high with 11 completed, and the median SPAC exit valuation surpassed $1.2B, more than double the median IPO valuation.

Key Information

Funding Highlights

• Global Funding: $30.7B in Q3 2021, $39.6B YTD.
• YTD Funding Growth: 21% increase compared to 2020.
• Mega-Round Funding: $100M+ deals accounted for 43% of total funding in Q3 2021.
• Average Deal Size: 39% higher in 2021 YTD compared to 2020.

Regional Trends

• Asia:
  • Deal share: 38% (highest ever).
  • Funding: $8.6B (only region with QoQ growth).
• US:
  • Deal share: 42% (lowest ever).
  • Mega-rounds: $18.3B raised in Q3 2021.
• Other Regions:
  • Canada, Europe, and LatAm showed mixed trends, with Canada and Europe seeing growth in deal size, while LatAm had a decline in median deal size.

Deal Stage Trends

• Early-Stage:
  • Share: 54% YTD, up from 2020's 50%.
  • Top Companies:
    • CytoLynx Therapeutics ($45M)
    • Anivive ($44M)
    • Neukio Biotherapeutics ($40M)
• Mid-Stage (Series A):
  • Top Companies:
    • OrbusNeich ($200M)
    • GentiBio ($157M)
    • HilleVax ($135M)
• Late-Stage (Series B):
  • Top Companies:
    • Laronde ($440M)
    • Sonoma Biotherapeutics ($265M)
    • Prime Medicine ($200M)
• Series C:
  • Top Companies:
    • Abogen ($700M)
    • MediTrust Health ($308M)
    • Exo ($220M)
• Series D:
  • Top Companies:
    • Cityblock Health ($400M)
    • XtalPi ($400M)
    • Carbon Health ($350M)
• Series E+:
  • Top Companies:
    • Olive ($400M)
    • Netskope ($300M)
    • Cybereason ($275M)

Investor Trends

• VC Dominance: VC accounted for 30% of investor deal share in Q3 2021.
• Other Investors:
  • Private Equity: 10%
  • Corp and CVC: 15%
  • Angel: 6%
  • Incubator/Accelerator: 5%
  • Asset/Investment Management: 10%

Conclusion

Q3 2021 marked a significant turning point in the global healthcare sector, with record-breaking deal activity, a rebound in early-stage investments, and substantial growth in late-stage valuations and deal sizes. Asia emerged as a key player, surpassing the US in deal share and showing the only sequential funding growth. Despite a slight decline in total exits, SPAC exits reached an all-time high, indicating a shift in exit strategies. The overall trend suggests a dynamic and rapidly evolving healthcare investment landscape.