impacting cancer - home | nextechinvest · · 2016-08-11impacting cancer the global oncology ......
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Disclaimer
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Nextech Invest – Global oncology investment
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Portfolio companies
Team and organization
Partnering with Nextech Invest
Portfolio construction and investment process II
III
IV
V
Market opportunity in oncology I
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Executive summary
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Portfolio
Opportunity in Oncology Proprietary deal sourcing and recognized scientific leadership
drawing from extensive experience in oncology Differentiated due diligence process relying on high level of
expertise in both market and science Targeting holding periods of 3–5 years Improved risk/return relationship due to recent transformational
changes in science Focus on innovative, high value oncology, the largest and fastest
growing healthcare sector Continuous high demand for novel drugs by Pharma creates
attractive exit opportunities
Nextech Invest
Investing in oncology private equity since 2006
Investments based on scientific validation
Focus on cancer therapeutics
Global investment approach
Assets under management: USD 170m
Scientific Board
► Leaders in oncology with track record in bringing breakthrough drugs to market
Shortened and focused clinical development reduces costs Targeted development enhances success rate and therapeutic
risk-benefit ratio Favorable regulatory environment and efficacy driven premium
pricing ► Improved risk-return investment profile
Inflection Point in Drug Development
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Opportunity in oncology
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Source: FT Special Report, Sep 26, 2014; Forbes Pharma & Healthcare: Startups, Exits, And Ecosystem Flux in Software and Biotech, Sep 8, 2014; Wall Street Journal: The Future of Cancer: Closer to a Cure, Apr 26, 2015; Forbes: Wealthy Investors Should Bet On Oncology Research, Infrastructure, Says UBS, Dec 11, 2015; Time: The Cancer Gap, Mar 30, 2015.
I. Market opportunity in oncology: Value driver of the healthcare industry
“Increased understanding of the biology behind cancer should result in more selective treatments and more efficient clinical trials” 2014
“For the smaller research and development companies, the dawn of cancer genomics offers good business opportunities” 2014
“Andrew Baum, analyst at Citigroup, predicts that annual revenues from so called immuno-oncology drugs could climb as high as USD 35bn, outstripping the value of previous blockbuster categories such as cholesterol-lowering statins” 2014
“We are just beginning to understand the interplay of all these factors in the origin of the many forms of cancer. Understanding these issues will ultimately allow us to optimize the treatment approach to each patient’s disease.” 2015
“That's led to a new consensus that to truly fight cancer, doctors need to understand it from the inside out, which means decoding its DNA and exposing the ways it co-opts the body's healthy cells. Once that's known, the task becomes to develop drugs that can thwart the way a given cancer wrecks the body. Until recently, this highly sophisticated approach to cancer was virtually nonexistent. But fast-moving developments in genetics and molecular biology are quickly changing that.” 2015
“Big BioPharma continues to source a significant portion of its pipeline externally (>>50%), in particular from venture-backed biotechs” 2014
“Wealthy Investors should bet on oncology research, infrastructure, says UBS” 2015
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Source: GLOBOCAN 2013; Region estimates do not sum to the worldwide estimate due to calculation method
Large patient population
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I. Market opportunity in oncology: Value driver of the healthcare industry
Oncology Science and research of cancer
Cancer Uncontrolled cell growth caused by genetic mutations
14 million estimated number of new cancer cases per year
1.8m
0.1m
0.9m
0.9m
1.9m
0.5m 1.2m
1.8m
3.8m
0.7m
0.2m
8.2 million cancer deaths per year with 33 million patients in 2013 Main cause of death in developed countries – one third of deaths High unmet medical and diagnostic need
Normal cell
Unwanted cell growth
Tumor
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* EU5: France, Germany, Italy, Spain, UK; ROW: Rest Of World; TNF: Tumor Necrosis Factor; COPD: Chronic Obstructive Pulmonary Disease; CNS: Central Nervous System; HIV: Human Immuno Deficiency; ADHD: Attention Deficit Hyperactivity Disorder Source: IMS Oncology Trend Report, May 2015, Evaluate Pharma World Preview 2015
Largest single therapeutic area
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I. Market opportunity in oncology: Value driver of the healthcare industry
Sales of cancer drugs expected to be more than double the size of any other therapeutic area by 2020
Cancer remains top priority as incidences increase due to growing and aging population while economic costs remain high
Four times more cancer drugs in early development pipeline than second largest therapeutic class
Projected spending per therapeutic area
Projected global sales in 2020, USD bn/year
2014 cancer drug sales (USD) dominated by US and EU5*
Emerging markets
Japan
ROW*
EU5*
US 42bn
23bn
13bn
10bn
11bn
The developed world currently represents 88% of total global sales. In emerging countries oncology drug sales are growing rapidly as greater number of people get access to care
0 100 200
Anti-bacterialsAnti-fibrinolytics
Anti-hyperlipidaemicsDermatologicalsAnti-coagulants
AntibioticsImmunosuppressants
Multiple SclerosisAnti-hypertensives
Sensory OrgansBronchodilators
VaccinesAnti-virals
Anti-rheumaticsDiabetes
Oncology
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Source: IMS Oncology Trend Report, May 2014, 2015, includes supportive care; Leerink Analyst reports
Large and growing market
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I. Market opportunity in oncology: Value driver of the healthcare industry
Sales of cancer drugs more than doubled within 10 years growing by 12% annually compared to 6% of total pharma growth
Main drivers of growth: – Ageing population with high
incidence of cancer in people over 55
– New medications for underserved patient populations
– Novel drugs based on personalized medicine since 2001
– Immuno-therapies expected to reach annual sales of up to USD 35bn by 2025
Growth of oncology sales outpaced pharma growth
Global sales of cancer drugs grew faster than the overall pharmaceuticals market over the past 10 years: the annual growth, greatly dependent on the size of the market the innovations address, has varied between 5% and 21%. In 2014, total sales reached USD 100bn and are projected to grow to over USD 150bn by 2020.
0%
5%
10%
15%
20%
25%
0
20
40
60
80
100
120
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Global oncology sales Global oncology growth Global pharma growth
USD bn/year
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Less well known cancers have large market potential
Small cell Adenocarcinoma Squamous cell Large cell
The US National Cancer Institute lists 179 types of cancer, not including the various subtypes
Underserved cancer categories hold large market potential
Over 90% of cancer types have market potential of more than USD 1bn
Market potential driven by growing number of cases and innovative new treatments
8.1bn
5.1bn
Served
8.6bn
2.4bn 0.16bn 6.7%
32%
30%
22%
Underserved therapeutic opportunities
* Based on four months average treatment and 80% penetration (US and Europe) Source: IACR, GLOBCON 2012; IMS Oncology Trend Report, May 2014; FiercePharma Report, 2011; BCC Research Report, 2012; Transparency Market Research Reports, 2012;
GlobalData Report, 2012
Less than 25% of the potential oncology market is served by current treatments.* Substantial unmet need for close to 200 different cancer types creates growth.
I. Market opportunity in oncology: Value driver of the healthcare industry
Market size (USD) Potential* Current
Laryngeal cancer
Breast cancer Lung cancer
13bn 5bn 5bn 4bn
HER2+ Triple negative
Luminal A Luminal B
27bn Prostate cancer
3bn 8bn 4bn 8bn
«Lung cancer is no longer a few common diagnoses. Instead, it is a growing list of rare cancers, each a target for its own drug regimen» 2013
14m new cases per
year
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Conventional development of cancer drugs
Paradigm shift in cancer drug development
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Random screen Clinical trials
Phase I Phase II Phase III
6–10 years
Mouse tumor model
3–5 years
Drug development
Cancer pathway Targeted drug design
Development of targeted cancer drugs
3.5–6 years 3–4 years
Drug optimization
Development time and cost of novel cancer therapeutics have been reduced significantly Clinical proof-of-concept of targeted therapeutics can be achieved with less than 100 patients Better scientific understanding facilitates de-risking of drug development at an earlier stage
Scientific rationale
I. Market opportunity in oncology: Value driver of the healthcare industry
Clinical trials
Phase I Phase II Phase III
Drug design
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Paradigm shift in cancer drug development
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Improved risk-return relationship due to breakthrough developments in science
New approach Example: Targeted therapy
Time + Shortened clinical development – 3.5–6 years
+ Faster approval – New beneficial regulations
Costs + Smaller clinical trials – Lower costs
Side effects + Improved risk-benefit profile
Failure rate + Known mode-of-action – High success rate
Efficacy + Patient selection – More responders
Economic value + Efficacy-driven premium pricing
I. Market opportunity in oncology: Value driver of the healthcare industry
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*Drugs in development 1998–2012 Source: IMS Oncology Trend Report, May 2014 and May 2015; A. Falcioni, G. Lopes, J.L. Parker J. Thorac. Oncol. (2014) 9, 163–169;
Targeted therapy – Driver of oncology value
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Global quarterly sales post-launch
I. Market opportunity in oncology: Value driver of the healthcare industry
0
100
200
300
400
500
600
Launch Q1 Q2 Q3 Q4
USD m
Avastin (2004) Zytiga (2011) Gleevec (2001) Xtandi (2012)
Avastin Gleevec Zytiga Xtandi
USD 7.0 bn 4.7 bn 2.2 bn 2.1 bn
Improved scientific understanding raises likelihood of approval for new drugs
Targeted cancer drugs yield high sales, making oncology the largest drug market segment
New drugs show rapid sales growth
Lung cancer drug approval rates*
0
20
40
60
80
100
All drugs Receptor targetedtherapies
Targetedtherapies with
biomarkers
%
Clinical trial success
Global annual sales 2014
27 71 199 Number of drugs:
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Immuno-oncology at the cusp of innovation
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I. Market opportunity in oncology: Value driver of the healthcare industry
Immuno-oncology leverages the intrinsic ability of a person’s immune system to find and destroy cancer
Intense competition is driving acquisitions as pharma companies strive to expand immuno-oncology pipeline
Source: IMS Health 2016; Nature Reviews Clinical Oncology, 2014
0
100
200
300
400
500
600
700
Advancedmelanoma
Lung cancer
Approval in kidney cancer
First-line melanoma
Lung cancer
Expanded lung cancer
Advanced melanoma
Opdivo approvals
Keytruda approvals
Number of Units sold (in thousands)
Rapid market entry and expansion of novel checkpoint inhibitor drugs
Modulating the immune system to promote anti-tumor activity has shown considerable efficacy in some cancer indications
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Biotech and academia are an important source of innovative drugs
Percentage of revenue
Dashed line indicates the average split at 58% organic and 42% acquisition & licensing
“About 40-45% of all drugs in human clinical trials originated in biotechnology, up from 10% or less 10 years ago”
W. Haseltine, Chairman & CEO of Human Genome Sciences
Pharma depends on external innovation
Source: M. Kengatharan, Altheos: Freokonomics of factors that determine failure of a biotech company; Kneller R., Nature Reviews Drug Discovery, 2010: The importance of new companies for drug discovery: origins of a decade of new drugs
I. Market opportunity in oncology: Value driver of the healthcare industry
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40% of Pharma revenues originate from in-licensed drugs
50% of scientifically innovative drugs and 50% of drugs for unmet medical needs originate from Biotech and academia
0%
20%
40%
60%
80%
100%
Organic Acquisition & in-licensing
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Trade sale exits not affected by financial markets Median trade sale value
Oncology leads in high value trade sales
USD m Financial crisis
Trade sales are a viable exit strategy for biotech companies also during volatile public markets
In Biotech, oncology companies create most trade sale exits and have highest average value
Trend line
Oncology drives high value exits
Source: Silicon Valley Bank: Trends in Healthcare Investments and Exits, 2016; HBM Pharma/Biotech M&A Report 2015; Jay Ritter, University of Florida, Initial Public Offerings: Updated Statistics, Jan 6, 2016
I. Market opportunity in oncology: Value driver of the healthcare industry
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USD m
Financial crisis
050100150200250
0
10
20
30
40
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Biotech big exits (right axis) IPOs (right axis) Biotech IPO (left axis)
0
200
400
600
800
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
0200400600800
010203040
Deals Avg valuation at exit Data from 2005 - 2015
# #
#
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USD 264m IPO
Greater number of high valuation exits in oncology (29% of total) than any other indication
Both IPOs and trade sales present attractive exit opportunities
# of Big Exits (2013–2015) Pre-clinical Discovery, toxicology
Phase I Safety, dosing
Phase II Efficacy, safety
Phase III Efficacy vs competition
Red framed companies are Nextech portfolio companies
Early, high value exits in oncology
* CNS: Central Nervous System Source: Silicon Valley Bank: Trends in Healthcare Investments and Exits, 2015; Press releases, Wells Fargo Securities; Big Exits refer to trade sales with at least USD 75 m upfront.
I. Market opportunity in oncology: Value driver of the healthcare industry
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Earlier exits in oncology Exit values of oncology companies
USD 725m cash USD 1bn in milestones Trade sale
USD 387m cash USD 150m in milestones Trade sale
USD 634m IPO
USD 425m IPO
USD 480m IPO
USD 152m IPO
USD 133m IPO
USD 650m cash USD 350m in milestones Trade sale
02468
101214
Pre-clinical Phase I Phase II Phase III MarketOpthalmology Anti-infectives CNS*Cardiovascular Oncology
USD 465m IPO
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From discovery to commercialization
Laboratory screening
Animal tests
First in human studies with small # of healthy volunteers or patients
Small # of patients but larger than Phase I
Large # of patients
Randomized, blinded
Multi-center study design
Monitoring of performance in market
Standard drug approval process
* IND: Investigational New Drug: regulatory application necessary for human trials; NDA/BLA: New Drug Application/Biologics License Application: regulatory application necessary for commercialization Source: Worldwide Clinical Trials White Paper, Mar 2014: Expedited Review Programs For Oncology Drugs from the FDA; Tufts Center for the Study of Drug Development Report, 2007
I. Market opportunity in oncology: Regulatory environment and pricing
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1-3 years Avg 6.7 years Avg 1.5 years
Pre-clinical Discovery, toxicology IND* Phase I
Safety, dosing Phase II
Efficacy, safety Phase III
Efficacy vs. competition NDA/ BLA*
Commercial Marketing
Identification of drug leads
Drug selection Development for
human use
Determination of maximal tolerable dose
Identification of side effects
First test of drug efficacy
Identification of side effects
Test of drug efficacy
Test of efficacy versus best current treatment
Identification of rare side effects
Pivotal study for market approval
Approval for specific indication
Availability for off-label use
Goa
l P
roce
dure
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Orphan Drug designation improves the likelihood of approval
Faster, more efficient approval of cancer drugs due to new FDA regulations
Orphan Drug designation
Cancer drugs represent 34% of all Breakthrough Therapy designations granted by FDA*
Cancer drugs represent 50% of all Orphan Drug designations granted by FDA*
Cancer Orphan Drugs are four times more likely to be approved than non-orphan cancer drugs
Oncology approval rate (likelihood of approval)
Cancer drugs have an average 50% shorter approval time
Oncology profits from special regulation
* FDA: Federal Drug Administration; Orphan Drug less than 200’000 patients/year in the USA Source: Worldwide Clinical Trials White Paper, Mar 2014: Expedited Review Programs For Oncology Drugs from the FDA; Tufts Center for the Study of Drug Development Report, 2007
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Oncology Non-oncology
34%
66%
Oncology Non-oncology
0.0
0.5
1.0
1.5
2.0
Non-oncology Oncology
Breakthrough Therapy Average approval time (years)
05
10152025
Total Orphan
%
50% 50%
I. Market opportunity in oncology: Regulatory environment and pricing
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* IND: Investigational New Drug: regulatory application necessary for human trials; NDA/BLA: New Drug Application/Biologics License Application: Regulatory application necessary for commercialization
1–3 years Avg 6.7 years Avg 1.5 years
Graphic is for illustration purpose, not to scale
3 – 5 years horizon
Value inflection
Highest value increase of oncology assets in Phase I and/or Phase II clinical trials showing early efficacy
Nextech invests ( ) shortly before main value increase leading to an expected 3–5 years holding period per company
Value creation in oncology
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Pre-clinical IND* Phase I Phase II Phase III NDA/ BLA* Commercial
0 2 4 6 8 10 12 14
Main «exit window» in oncology
Valu
e in
crea
se
Years
II. Portfolio construction and investment process
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Personalized medicine as value driver in oncology
Drugs have shown 30% higher multiple and 130% higher exit values than diagnostics
Personalized medicine is the driver of innovation in drug development
Non-original drugs yield lower profit margins and create less value for investors
Innovation drives the new age of personalized medicine with original products in development which are either truly novel (focusing on new druggable targets using a disruptive technology) or provide a significant advantage using the same target of the current, well established “gold standard” of treatment. These original drugs are expected to command the market potential and secure returns in line with the benchmarks Avastin and Gleevec. Nextech focuses on such novel and innovative approaches to drug development, thereby creating value for investors.
Originals Non originals
True innovators Betters Biosimilars Generics
New target, disruptive
Same target, differentiated
Clinically equivalent Copy of original
12-17% profit margin 1-5% profit margin
Therapeutics 74% of exits
Diagnostics 26% of exits
Focus on innovative, high value sectors
Source: IMS Oncology Trend Report, May 2014; Yahoo Finance, 2014; Silicon Valley Bank: Trends in Healthcare Investments and Exits, 2014; Silicon Valley Bank: Trends in Mergers and Acquisitions, 2013
Value driver of company Focus of Nextech Out of focus
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II. Portfolio construction and investment process
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Technology Pathway/Target fit
with Nextech focus areas
Disease indication Team Investors
Science/Concept Team Investors Intellectual property Finance and terms Exit opportunity
Proactive assessment of progress and strategy
Semiannual review with Scientific Board
Business and strategic support
Support trade sale /IPO activities in line with Nextech target IRR and multiple
Connect to potential acquirers/partners
Term sheet negotiations
Valuation Investor syndicate Corporate
governance
Investment process
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* Average number of companies per year
Source Due Diligence Invest Manage Exit
120* 20* 3 - 4* 12 - 16 (total)
3 step due diligence process
Step 1 Nextech, 2 Scientific Board members
Step 2 Nextech, all Scientific Board members
Step 3 3 Scientific Board members
Written report – Scientific concept – (Pre-) Clinical data – Team – Competitive landscape
Written report – Scientific concept – Clinical study design – (Pre-) Clinical data – Product potential – Exit strategy
Extensive review of target company to test scientific rigor, team quality, current results, and development plan
II. Portfolio construction and investment process
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More than 1000 cancer companies screened in 10 years
Deal sources – Scientific Board
– Investment peers
– Professional network
– Scientific venues
Global reach – 47% USA
– 32% Europe
– 21% Rest of world
>1000 companies analyzed, 14 investments
“We [Nextech’s Scientific Board] operate as a group of collegial experts with highly complementary areas of expertise. Our most important responsibility is to identify and evaluate current scientific developments that have the potential to result in game-changing effects on cancer therapeutics. We recommend the very best of these opportunities to Nextech.”
David Livingston, Chairman of the Scientific Board, Nextech Oncology Funds
Effective global deal sourcing
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II. Portfolio construction and investment process
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Selection of recent syndicate partners
Strong syndication partners
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Alta Partners MacroGenics, Sunesis Bay City Capital Sunesis Orbimed Agensys JAFCO Agensys, Tracon Lombard Odier Sunesis Biotech Value Fund Blueprint Medicines Novartis Bioventures ImaginAb Amgen Ventures TetraLogic Pfizer Ventures TetraLogic Clarus Ventures MacroGenics, TetraLogic Arcus Ventures MacroGenics, Tracon, Palyon Boehringer Ingelheim MacroGenics MPM MacroGenics Third Rock Ventures Blueprint Medicines Fidelity Bioscience Blueprint Medicines The Column Group Peloton Therapeutics Topspin Fund Peloton Therapeutics EcoR1 Capital Kura Oncology Remeditex Peloton Therapeutics Fidelity Investments Kura Oncology, Jounce Therapeutics Arch Ventures Kura Oncology Wellington Management Jounce Therapeutics
II. Portfolio construction and investment process
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Company portfolio
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Private company Successful exit
Write-down IPO
IPO
Blueprint Medicines Corp. Cambridge, USA Invested: 2014 IPO: 2015
Small molecules Clinical phase I
Exit
Agensys Pharmaceut., Inc. Santa Monica, USA Invested: 2007 Acquired: 2007 by Astellas
Antibody platform Clinical phase I
Private
MolecularMD Corp. Portland, USA Invested: 2012
Genetic biomarker Commercial
Private
ImaginAb, Inc. Inglewood, USA Invested: 2012
Tumor imaging Clinical phase II
Write down
Palyon Medical Corp. Santa Clarita, USA Invested: 2009 Currently in liquidation
Implantable pumps In man
Exit
Ganymed Pharmaceut., Inc. Mainz, GER Invested: 2007 Acquired: 2008 by ATS
Antibodies Pre-clinical
Exit
Telormedix AG Bioggio, CH Invested: 2009 Sale of shares: 2011 Partial write-down
Small molecules Clinical phase I
Partial exit
Sunesis Pharmaceuticals, Inc. San Francisco, USA Invested: 2009 Partial sale of shares: 2010 2012 2014 Small molecules Clinical phase III
Tracon Pharmaceuticals, Inc. San Diego, USA Invested: 2011 IPO: 2015
Antibodies Clinical phase II
Private
Peloton Therapeutics, Inc. Dallas, USA Invested: 2014
Small molecules Clinical phase I
Exit
MacroGenics, Inc. Rockville, USA Invested: 2011 IPO: 2013 Sale of shares: 2014, 2015
Antibodies Clinical phase III
Exit
TetraLogic Pharmaceut. Corp. Malvern, USA Invested: 2011 IPO: 2013 Sale of shares: 2016 Partial write-down Small molecules Clinical phase II
Kura Oncology Inc. La Jolla, USA Invested: 2015 IPO: 2015
Small molecules Clinical phase II
IPO Private
Jounce Therapeutics, Inc. Cambridge, USA Invested: 2015
Antibodies Pre-clinical
III. Portfolio companies
Partial exit
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10 years partnership with Scientific Board
10 years of continuous partnership
8 member exclusive Scientific Board
World leading scientists and drug developers in oncology
Experienced executive Nextech management
Experts in venture capital, portfolio construction and syndication
The Scientific Board of Nextech has a long-term relationship with the management team, a unique partnership with intense, unbiased, frank knowledge exchange between the two sides. The Scientific Board is exclusive to Nextech and as such does not advise other private equity companies. All Scientific Board members are world renown key opinion leaders in the field of oncology. 10 years of personal relationship and financial participation and commitment in the funds ensures the alignment of interest between Nextech investors and Scientific Board.
Unique partnership with the Scientific Board
IV. Team and organization
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World renowned key opinion leaders in oncology
David M. Livingston, MD, Chairman of the Board Deputy Director, Dana Farber Cancer Institute / Harvard Cancer Center Harvard Medical School, USA
Sir Bruce A.J. Ponder, PhD** Head of the Department of Oncology and Director of the Cambridge Cancer Center University of Cambridge, UK Fellow of the Royal Society
Charles L. Sawyers, MD Chair, Human Oncology Program Memorial Sloan-Kettering Cancer Center, USA HHMI** Investigator US National Academy of Sciences
Paul Workman, PhD CEO and President Institute of Cancer Research (ICR), London, UK Professor of Pharmacology and Therapeutics, University of London, UK
Karl-Heinz Altmann, PhD Professor of Pharmaceutical Sciences Swiss Federal Institute of Technology (ETH) Zurich, Switzerland
William G. Kaelin, MD Professor of Medicine Harvard Medical School, USA HHMI* Investigator US National Academy of Sciences
Scientific Board
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IV. Team and organization
* HHMI: Howard Hughes Medical Institute, ** Scientific Board member NT II & III, Distinguished Scientific Board member NT IV, *** Scientific consultant NT IV
Philip D. Greenberg, MD Head of Immunology Fred Hutchinson Cancer Research Center and University of Washington, USA American College of Physicians
Kai Wucherpfennig, MD*** Chair, Department of Cancer Immunology and Virology Dana Farber Cancer Institute Harvard Medical School
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Scientific Board experience
* Nextech portfolio companies
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USD 16bn annual sales of drugs with Scientific Board contribution
Scientific Board company engagements Strong background in
world leading pharma companies as well as successful Biotech start-ups
Crucial contribution to discovery and development of numerous blockbuster cancer drugs
Active engagement in advisory boards of more than 15 Biotech companies including Agios, Juno, Peloton*, Seragon, Blueprint*, and Tracon*
Industry experience and knowledge
IV. Team and organization
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Experienced investment management team
Alfred Scheidegger, PhD Founding Partner & CEO
Thilo Schroeder, PhD Partner
Marco Weibel CFO
Kristina Kakalacheva, PhD Associate
Investment management
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Key responsibilities: Deal structuring, business assessment, board representation, investor relations
18 years venture capital 15 years global Pharma Harvard Business School (TGM)
4 years venture capital 5 years entrepreneur 5 years experience in research
Key responsibilities: Deal sourcing, deal structuring, scientific analysis, board representation
2 years venture capital 5 years experience in research
Key responsibilities: Scientific analysis, deal structuring, compliance, fund management
6 years head of finance and CFO 9 years finance and controlling 14 years global Pharma
Key responsibilities: Finance, accounting, controlling, compliance
IV. Team and organization
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Senior and experienced advisors
Financial, strategic and scientific expertise
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Thomas Lips, PhD General Partner
Key responsibilities: Business assessment, legal, fundraising, finance, asset management
33 years banking and asset management 20 years CEO and CIO
Scientific Board Key opinion leaders
Together more than 240 years experience in cancer research and drug development Over 2’000 scientific publications Brought 10 cancer drugs to market Global coverage of cancer centers, technologies, and cancer types Key responsibilities: Scientific strategy, due diligence of science and clinical development, proprietary deal sourcing, scientific guidance of portfolio companies
IV. Team and organization
Sinikka Demaré, CFA Venture Partner
Global business and institutional investment management Advisor for asset allocation, risk management and structured finance
Key responsibilities: Strategy development, risk management, fundraising
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Specialist investment advisor in oncology - Worldwide
Headquarter Zurich, Switzerland
Founding year 1998
Previous investment fund Nextech I Emerging Technologies (1999–2011) | CHF 74m, Delaware registered
Active investment funds Nextech II Oncology (2006) | EUR 41m, Jersey regulated
Nextech III Oncology (2010) | EUR 35m, Swiss FINMA regulated
Nextech IV Oncology (2014) | USD 64m, AIFM regulated
Investors Institutional investors, asset management, strategic, private, family offices, cancer charities
“Through its experienced team and distinguished Scientific Board, Nextech understands oncology. As one of their portfolio company CEOs, I appreciate Nextech’s investment well beyond their financial commitment.”
Scott Koenig – President & CEO, MacroGenics, Inc.
Nextech Invest Ltd.
IV. Team and organization
35
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Why Oncology
V. Partnering with Nextech Invest in oncology investments
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Factors making oncology the attractive investment area
Area with defined, high value drivers
Large market opportunity
New approval processes accelerate cancer drug development and market launch
High level of Pharma interest creates exit opportunities also in difficult financial cycles
Consistently high number of large value exits
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Why Nextech
V. Partnering with Nextech Invest in oncology investments
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Nextech is the investment expert in oncology
Focused investment strategy aligned with expertise
Balanced portfolio construction
10 year partnership with Scientific Board, established long-term relationship ensures rigor in scientific judgement
Aligned interests between investors, management and Scientific Board
Disciplined investment process developed over more than 10 years
Experience over multiple investment cycles in Biotech
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Nextech Invest Ltd. Turnerstrasse 26 8006 Zurich Switzerland Phone +41(0)44 366 66 11 [email protected] www.nextechinvest.com
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