CAPITAL RISQUE ET BIOTECHNOLOGIES DENIS LUCQUIN 23 OCTOBRE2012.

Présentation au sujet: "CAPITAL RISQUE ET BIOTECHNOLOGIES DENIS LUCQUIN 23 OCTOBRE2012."— Transcription de la présentation:

1 CAPITAL RISQUE ET BIOTECHNOLOGIES DENIS LUCQUIN 23 OCTOBRE2012

2 Confidential 2 CAPITAL RISQUE / VENTURE CAPITAL

3 Confidential CONTENTS 3 HISTOIRES (DINVESTISSEMENTS) LE CAPITAL RISQUE SOFINNOVA PARTNERS UNE GOUVERNANCE ADAPTÉE AU RISQUE FOOD FOR THOUGHTS

4 Confidential CLASSICAL START UP Seed investment in Dec. 03 of 4.5m with one scientist two fundraisings with Apax, HealthCap, and Maverick, for more than $70m Product CE marked More than 10 000 patients have now been treated worldwide at nearly 100 centers in 20 countries Sold to Medtronic for 850 M$ in April 2009 Revenue ramping up quickly from $33m for 2008 to more than $150m in 2010 4

5 Confidential SPIN OFF BY THE BOOK 4 founders ex Roche scientists 12 M CHF in April 1998 40 M CHF in April 1999 260 M CHF at IPO in April 2000 Today : 2000 people world wide Tracleer first marketed drug for pulmonary hypertension : FDA approval 02/02 30 M CHF in 2002 2 B CHF in 2009 5

6 Confidential SPIN OFF 4 founders ex DNP Inc executives 12 M$ in September 2009 32 M$ in May 2011 30 M$ in May 2012 with Lanxess (D) Today : 55 people raising 80 M$ Building the first commercial plant In renewable chemistry 6

7 Confidential LEADERS ON BREAKTHROUGH 7 Blyk

8 Confidential CONTENTS 8 HISTOIRES (DINVESTISSEMENTS) LE CAPITAL RISQUE SOFINNOVA PARTNERS UNE GOUVERNANCE ADAPTÉE AU RISQUE FOOD FOR THOUGHTS

9 Confidential 9 Intervention en fonds propres au capital de sociétés non cotées, présentant de fortes potentialités de croissance, dans lobjectif de réaliser la participation à terme. De lentreprise (en création) Copropriétaires Temporaires

10 Confidential LINTERVENTION EN FONDS PROPRES 10 LES OUTILS : Actions Obligations BSA (Bons de Souscription daction) Autres… dont le choix dépend de : l équilibre des pouvoirs dans lentreprise la valorisation de lentreprise

11 Confidential INVESTISSEMENT = MARIAGE TEMPORAIRE 11 Prise de participation Vie commune Vente de la participation Plus value Investisseu r Entrepreneu r

12 Confidential LE PACTE DACTIONNAIRE 12 UN CONTRAT DE MARIAGE LA GESTION DE LA VIE COMMUNE : COMPOSITION DU CONSEIL DADMINISTRATION, POUVOIRS DES DIRIGEANTS, CLAUSES DINFORMATION, CONVENTIONS DE VOTE POUR CERTAINES DÉCISIONS… LA GESTION DE LA SORTIE :, CLAUSE DAGRÉMENT, OBLIGATION DE SORTIE CONJOINTE, DROIT DE PRÉEMPTION, CLAUSE DINTRODUCTION EN BOURSE OU DE VENTE FORCÉE…

13 Confidential QUELLES SORTIES ? 13 INTRODUCTION SUR UN MARCHÉ BOURSIER RACHAT PAR UN GROUPE INDUSTRIEL AUTRES CESSIONS DE TITRES

14 Confidential CONTENTS 14 HISTOIRES (DINVESTISSEMENTS) LE CAPITAL RISQUE SOFINNOVA PARTNERS UNE GOUVERNANCE ADAPTÉE AU RISQUE FOOD FOR THOUGHTS

15 Confidential 1. TEAM Joined in 1997 17 years of VC Joined in 1991 23 years of VC Joined in 1983 28 years of VC Joined in 2001 10 years of VC Joined in 2005 6 years of VC Joined in 2001 & in 2006 11 years of VC A NTOINE Papiernik Managing Partner D ENIS Lucquin Managing Partner M ONIQUE Saulnier Managing Partner R AFAÈLE Tordjman Managing Partner A LESSIO Beverina Partner G RAZIANO Seghezzi Partner 15

16 Confidential DEEP EXPERTISE 16 Founded in 1972, independent partnership since 1997 Paris-based with a European focus and a US connection 1.2b under management Last fund (Sofinnova Capital VI, 260m) closed in December 2009 Team of nine investment professionals, Active investment style, typically lead or co-lead with Board seat Focus on the creation of World Leaders from Europe Focus on value: Early stage Attractive valuations Large ownership stakes Focus on key vertical markets: Biopharmaceuticals Therapeutic devices Renewable chemistry History of success: Actelion (exit 2002), Preglem (2010), Novexel (2009) Movetis (2010), Nicox (Exit 2002) CoreValve (Exit 2009), Fovea (Exit 2009) …. A LEADING EUROPEAN VENTURE CAPITAL FIRM DEDICATED TO EARLY STAGE, SPIN-OFFS IN TECHNOLOGY, LIFE SCIENCES & CLEANTECH A LONG HISTORY A CLEAR STRATEGY

17 Confidential STRATEGY SERIES A FOCUS SEEDING THE BEST INNOVATIVE COMPANIES GAME CHANGING TECHNOLOGY WITH BROAD APPLICATIONS LOWEST VALUATIONS – HIGHEST OWNERSHIP EXPLOSIVE RETURN POTENTIAL START-UPS EXTRACTING VALUE FROM CORPORATES LATE STAGE ASSETS AT EARLY STAGE VALUATIONS CORE TEAM EXPERTISE RETAINED SHORTER HOLDING PERIOD LOWER TECHNICAL RISK SPIN-OFFS 17

18 Confidential STRATEGY BIOPHARMA CLEAN ENERGY MEDTECH INDUSTRIA L BIOTECH INVESTMENT FIELDS 18

19 Confidential FUND RETURNER MENTALITY BETTING ON GAME- CHANGING COMPANIES AGGRESSIV E HIGH % OWNERSHIP UNTIL EXIT AIMING FOR THE 10X STRATEGY SEED POOL 19

20 Confidential 1. 1. SOFINNOVA PARTNERS SA SOFINNO VA CAPITAL I (1989) 38 M SOFINNO VA CAPITAL II (1994) 47 M SOFINNO VA CAPITAL III (1998) 120 M SOFINNO VA CAPITAL IV (2001) 330 M SOFINNO VA CAPITAL V (2005) 385 M 20 SOFINNO VA CAPITAL VI (2008) 260 M

21 Confidential BUSINESS MODEL FCPR CONSTITUTION DUN PORTEFEUILLE EN 3 à 5 ANS FONDS I Année 1Année 10 3 à 5 ans Appe l DISTRI B APPEL CAPIT AL DISTRI B APPEL CAPIT AL DISTRI B APPEL CAPIT AL FONDS II 21

22 Confidential SELECTED INVESTORS PENSION FUNDS ATT (US); CERN (CH); Canton de Genève(CH); Malakof Mederic (FR); Lucent (US); Hermes (UK); BP Pension (UK) INSURANCE COMPANIES Skandia (SE); Nippon Life (JP); CNP (FR) FUNDS OF FUNDS JP Morgan AM(US); HarbourVest Partners (US); Fondinvest (FR); Partners Group (CH); LGT Capital Partners (CH); Alpinvest (NL) INSTITUTIONNAL INVESTORS The Wellcome Trust (UK); CDC Entreprise (FR); European Investment Fund (Lux); IFIC (Koweit) HIGH NET WORTH INDIVIDUALS CORPORATIONS Dow, IBM, GSK, EDF 22

23 Confidential CONTENTS 23 HISTOIRES (DINVESTISSEMENTS) LE CAPITAL RISQUE SOFINNOVA PARTNERS UNE GOUVERNANCE ADAPTÉE AU RISQUE FOOD FOR THOUGHTS

24 Confidential JOURNÉE TYPE DUN VC : 24 10 % RAPPORTER À SES INVESTISSEURS » Ses clients 40 % « COACHER LES ENTREPRENEURS » » Sa matière première 50 % « LOBSESSION DE DIRE NON » » Son terrain 1 À 2 FOIS PAR AN : « PASSER À LACTE » » Son engagement 24

25 Confidential 1 % 25

26 Confidential LE COLLECTIF COMME PRINCIPE DE GOUVERNANCE ORIGINE : PREMIÈRE DÉCISION DU GROUPE Deal flow hebdomadaire EN COURS DÉTUDE : Confrontation au groupe COMITE DINVESTISSEMENT : LESSENCE DU PARTNERSHIP Unanimité de rigueur Présidence tournante 26

27 Confidential 1. 17, rue de Surène, 75008 PARIS +33 1 53 05 41 00 +33 1 53 05 41 29 info@sofinnova.fr / www.sofinnova.fr CLIMBING TOGETHER Thank you 27

28 Confidential DES INVESTISSEMENTS INCERTAINS 28

29 Confidential FUND MANAGER I II III IV V VI 38m 47m 121m 330m 385m 260m 29 198919941998200020052008 SOFINNOVA PARTNERS SA

30 Confidential TRI METIERS PAR ZONE GEOGRAPHIQUE 30 TRI et Multiples depuis lorigine à fin 2010 SOURCE AFIC – Ernst & Young – Thomson Reuters SOURCE AFIC

31 Confidential 31 Neuro3ds 31.5 million third round late in 2004 was one of Frances largest private biotech financing for years. But none of the investors are looking to France to provide the exit opportunities, which are more likely to be found in M&A, or in Switzerland. By Melanie Senior In Vivo, Windhover, 02/01/2005

32 Confidential 1.THE INNOVATION GAP : THE VC TARGET 32 Biotech and big pharma R&D expenditures and new molecular entity approvals source Ernst &Young – Beyond Borders