Medical network on July 18 - since the beginning of the year, biological medicine enterprise IPO in outbreak period, average every ten days have successful listing of a biological medicine enterprise. In addition, there are many enterprises to settle for second best, choose "overtaking corner", the backdoor listing, merger, acquisition and reorganization become an important option.
VC/PE is one of the most direct beneficiaries of this wave is listed, the most direct performance is to hold the equity of years finally quit. Different, VC/PE heavily behind overweight, investment cycle is shorten and investment forms of change.
Exit open "model"
Genomics listed after only 3 days, and a biological pharmaceutical enterprise successful IPO - on July 17, base egg biological officially landed in Shanghai. The base creature is mainly engaged in egg in vitro diagnostic products research and development, production and sales, is the domestic field of in vitro diagnostic especially one of the major suppliers of POCT field.
Jele rich investment, hangzhou, chongqing jiaqi is thick, love base investment and eight institutional investors to exit. Private communication, according to data calculated per issue price of 22.25 yuan/share, rich investment institutions such as the book of the investment returns of 5.45 times. According to societe generale securities analyst Xu Jiaxi prediction, the egg biological future reasonable price range 51.2 57.6 yuan, if this calculation, rich investment institutions such as will get return on investment of more than 12 times, far higher than the industry average.
Another biological medicine company has completed the purchase before kin friend shares is coming to Shanghai. Since the beginning of the year, biological medicine company IPO accelerated obviously, "cluster" listed as a big attraction.
Statistics show that 21 biomedical companies successful IPO of the year, on average every ten days there is a public, far higher than in 2015 and 2016, 18 and 14. Benefit from the IPO to speed up, VC/PE exit into the "fast track", also gradually into the harvest. Genomics, for example, its listed for more than 40 VC/PE implement exit, including softbank China, temasek, redwood, deep venture giants such as China.
In addition, mergers and acquisitions have become an important option VC/PE exit. Announced the end of last year, berry and kang backdoor * ST day, several VC/PE to implement exit. Compared with IPO, for VC/PE, shell the appreciation of the space is lesser, but the threshold is low, cycle is short, so to speak, berry and kang is depending on the shell, with genomics "gene sequencing the first shares" robbed the advantage in battle.
Investment forms -
Since 2015, investment in the field of biological medicine won the explosive growth. Clear division of observed data show that in the first quarter of this year, biotechnology/health investment in 208 cases of digital third, second only to the Internet and IT industry, investment amount to 12.167 billion yuan, ranked sixth.
VC/PE heavily overweight biological medicine industry, with the Shanghai and shenzhen two city medicine shares the characteristics of the high valuations, the most direct is a high valuation means secondary market huge arbitrage space and return on investment. Sealand securities research report shows that in the biological medicine industry segment, medical services, biological products and medical equipment performance is good, 50 and 2016 PE of 57 respectively, 46 times, is in addition to the liquor, bank, PE has the highest one of several industries.
Reporter noticed, and over the past few years the market for biological medicine industry, long cycle, high risk inherent impression is different, since the beginning of the year, VC/PE to the realization of the pharmaceutical industry investment exit time for 3 to 5 years, mostly out of cycle narrowing the gap with other industry, a few years ago talking about more "10 years of investment". To the recent IPO of several biological pharmaceutical enterprise as an example, the egg biological exit time of 4 years, genomics exit time is 3 years, berry and kang was only about two years.
Analysts pointed out that the investment period shortened, and the change of the formats, traditional, long cycle, high risk industry gradually replaced by the new industry. Last year, the most popular with VC/PE industry segment is biological pharmaceutical, after years of development, biological pharmaceutical technology already quite mature, coupling techniques such as antibody, which greatly shortens the biopharmaceutical r&d cycle.
Clear division of observation data in 2016, according to the biological pharmaceutical industry investment case for 64 cases, accounted for 29.2%, ranked first; Followed by chemical drug preparations manufacturers and medicines and proprietary Chinese medicine processing, accounted for 25.1% and 25.1% respectively. In addition, the investment of 4.721 billion yuan of biopharmaceuticals, accounted for 20.3%, also other leading industry segment.
Is very high, founder of CAI da built that medical industry every niche have different characteristics, in different stages of development will present a different investment opportunities, analysis is very important for industry. In his view, the medical industry in the past 30 years has accumulated a lot of investment opportunities, and on this basis, the investment, the future unlimited imagination. |
