Sofinnova Partners picks up €260m for sixth fund
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Transcript of Sofinnova Partners picks up €260m for sixth fund
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Sofinnova Capital VI – 2010 TrendsJanuary 26, 2010
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Agenda
� Welcome
� Where we are today:
2009 activity and Sofinnova Capital VI
Breakfast Presentation: January 26, 2010
Confidential
2
� Where we’ve been:
a review of investment activity since 1989
� Where we are going:
2010 trends
� Q&A
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WELCOMEWELCOME
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Sofinnova Partners
� Denis Lucquin, Managing Partner (LS)
� Antoine Papiernik, Managing Partner (LS)
� Monique Saulnier, Managing Partner & CFO
Breakfast Presentation: January 26, 2010
Confidential
4
� Jean Schmitt, Managing Partner (IT)
� Jean-Bernard Schmidt, Managing Partner
� Graziano Seghezzi, Partner (LS)
� Olivier Sichel, Partner (IT)
� Rafaèle Tordjman, Partner (LS)
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WHERE WE ARE TODAY
2009 AND SOFINNOVA CAPITAL VI
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“We foresee strong M&A activity in 2009for our portfolio companies:technologies making a real differencefor patients or for customers will alwaysbe valuable — such is the beauty of
Breakfast Presentation: January 26, 2010
Confidential
be valuable — such is the beauty ofventure. This proves the non-correlationof venture to the rest of the economy.”
Denis Lucquin, Managing Partner and ChairmanMarch 24, 2009
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Page 7Sofinnova Portfolio DevelopmentsDeal Activity and Exits of 2009
Feb 09 (SK IV): Sofinnova of Corevalve (EV 700m$ + milestone
payments)
Feb 09 (SK V): Esmertec merges with Purple Labs forming Myriad,
Europe’s largest mobile phone software company .
Dec 09 (SK V): Movetis to IPO – 3 years after investment. Sofinnova is
largest shareholder and founding investor.
Sept 09 (SK IV): Sofinnova Exit of Fovea (EV 370m€ incl. milestone
payments)
Q1 10: IT Company sold
Value Creation
MERGER
Dec 09 (SK IV): Sofinnova Exit of Novexel (total cash consideration of $505 million, including earn out
payments of $75 million)
Company X
Jan Aug SepFeb Mar Apr JulMay Oct Nov Dec
Capital Deployed
Jun
June 09 (SK VI): Sofinnova VI invests €2.88m in DNP Green Technology
June 09 (SK VI): Sofinnova VI invests €6.16m in CoAxia
June 09 (SK VI): Sofinnova VI invests €4.70m in Flexion Therapeutics
Q12010
Aug 09 (SK VI): Sofinnova VI invests €2.8m in MD Start
Aug 09 (SK VI): Sofinnova invests €3.6 m in Crescendo Nov 09 (SK VI): Sofinnova
VI invests €1.50m in Celsius
OmtheraPharmaceuticals
Dec 09 (SK VI): Sofinnova VI invests €1.4m in Omthera
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Sofinnova Capital VI� Closed December 31, 2009
� €260 million ($370 million)
� Target was €300 million
� Already committed to date: 40% to 50% in ten companies
Breakfast Presentation: January 26, 2010
Confidential
� LPs include: CDC Entreprises within the France Investment
program, Industrial & Financial Investments Co., JP Morgan
Asset Management, funds advised by Partners Group and
Skandia Life Insurance Company
� Sofinnova Partners continues to be recognized by its investors
for its solid investment style and capacity to generate strong
returns, even during turbulent economic times.
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WHERE WE’VE BEEN
INVESTMENT ACTIVITY SINCE 1989
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Sofinnova Partners:Solid Investment Style
� Early-stage, spin offs and restarts are the area of investment
focus
� IP rich technologies
Breakfast Presentation: January 26, 2010
Confidential
� Biopharmaceuticals, medical devices, green chemicals,
wireless, mobile internet
� Europe & USA
� Repeat entrepreneurs and experienced management
� No « me too » investments
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WHERE WE ARE GOING
2010 TRENDS
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What Does Sofinnova Partners’ Success Mean for The VC Industry in Europe?� Alive and kicking!
� M&A will continue to feed corporate growth
Breakfast Presentation: January 26, 2010
Confidential
� IPO window is reopening
� Early-stage investment strategy works
� Consistent investment in innovation transcends economic
fluctuations
� « Back to basics»: invest only in exceptional companies
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2010 Trends: Mobile InternetTHE NEXT GENERATION OF INTERNET, MAY BE EVEN MORE POWERFUL THAN FIXED INTERNET
� With new ways to search:
Breakfast Presentation: January 26, 2010
Confidential
� New advertising model:
� And key software browsers/multimedia:13
Blyk
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2010 Trends: The Mobile Backhaul Issue
MOBILE NETWORKS ARE ABOUT TO MOVE TO FULL IP
Breakfast Presentation: January 26, 2010
Confidential
� Needs network intelligence:
� And policy management:14
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2010 Trends: The New Digital Frontier
DIGITALIZATION WILL BRING NEW INNOVATIONS
� Choosing your home in 3D:
Breakfast Presentation: January 26, 2010
Confidential
� Working together:
� Listening to music:
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2010 Trends: The New User Interface
� Everything becoming more tactile:
Breakfast Presentation: January 26, 2010
Confidential
� Bringing Convenience and Security:
� Bringing security:
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2010 Trends: Convergence of Brandsand Technology
PIONEERED BY EUROPEAN INNOVATION
� New brands with radical innovations and vision:
Breakfast Presentation: January 26, 2010
Confidential
� And a place where design counts:
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05
101520253035
2002 2003 2004 2005 2006 2007 2008 2012
2010 Trends: VaccinesGrowthGrowth Old technologyOld technology
2002 2003 2004 2005 2006 2007 2008 2012 [E]
Copyright © 2006 Sofinnova Partners
Future InnovationFuture Innovation
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Bir
ths
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Seven major markets BRIC countries
BRIC: Brazil, Russia, India, China
$BINFECTIOUS DISEASE
BacterialViral
PROPHYLACTIC VACCINES
SHIFT
CHRONIC DISEASE
CancerDiabetes
Alzheimer’s Disease
THERAPEUTIC VACCINES
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GrowthGrowth
$B
0
10
20
30
40
50
60
70
0
50
100
150
200
250
300
350
400
450
2002 2003 2004 2005 2006 2007 2008 2009 2012 2014
2010 Trends: Antibodies
Murine Chimeric Fully HumanHumanizedMurine Chimeric Fully HumanHumanized
30-35
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90-95 100
100Murine %
Human %
Murine Chimeric Fully HumanHumanizedMurine Chimeric Fully HumanHumanized
30-35
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90-95 100
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Past InnovationPast Innovation
2002 2003 2004 2005 2006 2007 2008 2009 2012 [E]
2014 [E]
NCE MAB
Copyright © 2006 Sofinnova Partners
Full-size antibody
Single-chain antibody (SCA)
Variable region ofLight chain (Vl)
Constant region ofLight chain (Cl) Antigen-binding
Fragment (Fab)
Variable region ofHeavy chain (Vh)
Constant region 1 ofHeavy chain (Ch1)
Future InnovationFuture Innovation
Mouse HumanMouse HumanMouse HumanMouse HumanMouse HumanMouse Human
19
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2010 Trends: Disruptive Technologies in Medical Devices - Who Could be the next CoreValve?
� Perfusion augmentation therapies
Breakfast Presentation: January 26, 2010
Confidential
20
� Patented product to treat specific cardiac artery diseases and avoid open-chest surgery for hundreds of thousands of patients
�Nurturing companies at the seed stage: MD Start
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2010 Trends: Green Chemistry Alternatives
�Biotech alternative to petrochemical routes
Breakfast Presentation: January 26, 2010
Confidential
21
routes
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2010 Trends: Pharma Spin-offs
Evolution of the Pharma industry (rationalisation – concentration) will lead to spin-off opportunities
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Q&AQ&A