LMLB142 - EvaluatePharma权威报告，2017上半年全球生物医药市场回顾

2017年09月22日 15:53 灵麦医药

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上期周刊，小编和大家分享了EvaluateMedTech 关于医药器械领域上半年的市场回顾。关心药品市场的客官也不要急，本期，小编将奉上EvaluatePharma 新鲜出炉的2017上半年医药市场回顾，看看这半年全球发生了哪些重要的市场动向。

报告分析亮点：

根据纳斯达克股票指数（Nasdaq）显示，生物技术股指达到18个月以来最高，2017年医疗指数普遍高于市场平均值。
今年第二季度，生物药股市暴涨，发展中公司获得超过10亿美元的公开募股，IPO达到2年之最。
与股票市场相反，2017年上半年医药交易市场冷清，创2013年以来新低。
2017年风险融资金额预计与2016年持平。

股指上涨，大型医药公司获利匪浅

根据EvaluatePharma机构的权威分析，2017年6月大笔资金投入医药市场，使得纳斯达克的生物技术股指达到18个月以来最高，且各项医疗指数普遍高于市场平均值。而对于上市公司而言，2017年不可不谓快速增长的一年。即使是表现相对不好的Pfizer和Glaxosmithkline涨幅也分别达到了3% 和5%。而Bristol-Myers Squibb由于去年Checkmate-026项目的失败，不幸成为大型药企里唯一一个负增长的公司。

2017年IPO市场复苏

今年第二季度，生物药股市暴涨，发展中公司获得超过10亿美元的公开募股，IPO达到2年之最。IPO市场复苏主要归功于2笔超过1亿美金的募股， G1 Therapeutics和Biohaven。使得平均募股金额达到6300万美元，远超2016年的5100万美元的平均值。

收购/并购遭遇停滞

相比于股票市场的火热，交易市场却显得格外冷清。好在有Johnson & Johnson 300亿美元收购Actelion，今年上半年的交易总额与与去年全年总额的一半持平。交易市场的冷清可能是由于大型药厂对新技术的投入减少和美国新的企业税收政策。而更令人担心的是本年度第二季度仅22项交易，远低于5年平均值57项交易。

2017 Pharma and Biotech Half-Year Review

Analysis Highlight:

Nasdaq Biotechnology Index hit an 18-month high, and healthcare indices in general outperformed wider markets over the first half
Initial public offerings of development-stage companies exceeded $1bn in the second quarter, making it the strongest quarter in nearly two years
The first half of 2017 generated the lowest number of M&A deals and total transaction value since 2013
Venture capital investment looks to be on track to at least match 2016’s total
After a lull in 2016, FDA approvals look to be back on trend.

Big cap biopharma back in favour

A big runup to the end of June helped push the Nasdaq Biotechnology Index to an 18-month high, and healthcare indices in general outperformed wider markets over the first half. Only a handful of companies have failed to move higher this year, marking Bristol-Myers Squibb, Astellas and Teva out as the first half’s disappointing exceptions.

Bristol-Myers, standing out as the lone big-cap decliner, has never recovered from last year’s failure of Checkmate-026, the study that tried and failed to secure for Opdivo a position in first-line lung cancer. Further wins by Merck & Co with its rival checkpoint inhibitor Keytruda have consolidated its lead in the anti-PD-(L)1 antibody space.

IPOs roar back

The second-quarter stock market surge for biopharma found a parallel in initial public offerings of development-stage companies, with new issues exceeding $1bn. This made for the strongest IPO quarter in nearly two years, a counterpoint to a first quarter so moribund it recalled preboom times.

The resurgence has been driven by the US, which in Biohaven’s $168m float saw the biggest IPO of 2017 so far. It will not go unnoticed that the third quarter of 2015, the last time the $1bn mark was breached, came just after the peak of biotech’s bull run, and that the Nasdaq biotech index last month hit its highest point since the end of 2015.

Though pre-IPO price haircuts are still commonplace, the fact that the second quarter suggested a relative equilibration of entrants might please biotechs in the flotation queue: two raised over $100m (the oncology player G1 Therapeutics in addition to Biohaven), yet the average amount raised, at $63m, outstripped the $51m average of 2016.

National trends are also partly to blame. Where all the risers in the first half are US-listed, the three worst performing companies are Japanese. Faced with a demographic problem – nearly 30% of the Japanese population is aged 65 or older – the government has been working hard to limit medical costs.

M&A Hitting pause

However, it was not all good news. If it were not for Johnson & Johnson’s takeout of Actelion, 2017 M&A stats would look very disappointing. As it is, the $30bn deal helps put 2017 on track to meet last year’s combined values – but only if something else of similar scale materialises in the coming months.

That might be a big task – a growing disconnection between biotech valuations and big pharma’s willingness to pay for new technology is only one of a number of factors that is giving business development divisions some pause.

Washington DC’s continuing twists and turns are calling into question proposed changes to the Affordable Care Act and the corporate tax cuts that health reform would enable. Until US big pharma has some clarity on whether it will be able to more cheaply repatriate overseas profits, it may be difficult to justify big transactions – and investors might punish any who jump the gun.

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