Swiss Biotech Report 2006

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18BIOTECH PROJECTS ATTRACT... >>SECA Because of its outstanding stories of valuecreation, the Swiss biotech sector attracts a significantamount of venture capital. A lot of this fundingcomes from members of the Swiss Private Equityand Corporate Finance Association (SECA), whoseaim is to support biotech companies in their questfor growth from early stage and IPO to M&A activities.Maurice PedergnanaThe members of SECA take a positive view of theSwiss “ecosystem” – the word used to describe thefavourable regulatory and legal framework for runninga business in Switzerland. In this country, a largenumber of university and medical research facilities,and pharmaceutical companies can be found asR&D partners and as a source of experienced management,as well as spin-offs. Alongside the pharmaceuticalfirms clustered in the Basel area, largerbiotechnology companies also provide a market forearly-stage drug licensing cooperation agreements,an increasingly important factor in the financing ofbiotechnology ventures.HIGH DEMAND FOR JOB GROWTHThe Swiss biotechnology sector has delivered severaloutstanding value creation stories – namely Actelion,Basilea and Glycart Biotechnology – with many morestill to be told by promising firms making their way tothe market. As a result, the sector attracts a significantamount of venture capital today.Statistically, biotechnology and life science projectsattract the lion’s share of venture capital in Switzerland.One sign of the popularity of this particular sectoris the high demand for industry professionals andjob growth. Switzerland provides an outstandinglyattractive business climate for biotechnology companies.Amgen, the world’s biggest biotech firm, choseto locate its headquarters for its international commercialoperations outside of the United States, Canadaand Japan in Switzerland (with 300 employees)– but not its newest production plant: It feared it wouldnot be able to immediately find the more than 1,100employees required for its aggressive ramp-up plans.With a consolidation trend well underway amongbiotechnology companies in Europe and Switzerland,SECA members have a role to play. This includes corporatefinance companies with experience in mergersand acquisitions in the life science sector as well asindividual members offering due diligence, analysisand other pre- and post-transaction services.POOL OF EXPERTSThe majority of investors in early-stage ventures inthe Swiss biotechnology sector are SECA members,including HBM Partners AG VI Partners, Global LifeScience Ventures AG, Vinci Capital, Index VentureManagement SA, BioMedinvest AG, and NextechVenture, as well as international companies such as 3iGroup plc and Apax Partners.Pan-European venture funds, such as Sofinnova,HealthCap, NeoMed and Life Science Partners, whilenot members, are also networked into the organisation.These players invest not only in Switzerland, butalso abroad, and subsequently bring this expertise toyoung biotech companies in the region.The SWX Swiss Exchange is the favoured market forSwiss biotech companies going public. The exchangeis home to both Swiss-based companies and internationallife science companies that have a primaryor secondary listing here. In 2005, two out of theeleven companies to complete an IPO or achieve alisting were venture-backed biotech companies,namely Arpida and Speedel.A SWX listing is supported by a large number ofstock market analysts and fund managers who understandthe capital requirements of biotech firmsand the markets in which they operate, as well as theavailability of legal advisors and investor relationscompanies.
...THE LION’S SHARE OF VENTURE CAPITAL 19SOURCES OF FINANCE FOR BIOTECHSThe Swiss financial community has responded as the biotech sector has grown. The past three years have seen the creation of anumber of funds focusing on private equity and venture capital financing. Although the financial community is prudent with investmentsin economically difficult times, the financing sector remains strong. With more than 40 venture capital firms and sector-specificinvestment funds, Switzerland offers an excellent climate for biotechnology and other life science companies.The Two Most Important Associations in Biotech• SECA Swiss Private Equity&Corporate Finance Associationwww.seca.ch• CTI Investors Associationwww.cti-ia.chA Selection of Venture Capital Funds• Adamant Biomedical Investment Ltdwww.adamantinvest.com• Aravis Partners AGwww.aravis.ch• Aventic AGwww.aventic.com• BB Biotech AGwww.bbbiotech.com• BioMedinvestwww.biomedinvest.ch• ErfindungsVerwertungs AG, Baselwww.eva-basel.ch• Gebert Rüf Foundationwww.grstiftung.ch• Genevestwww.genevest.ch• Global Life Sciences Ventureswww.glsv-vc.com• HBM Bioventureswww.hbmbioventures.com• Index Ventureswww.indexventures.com• Nextech Venture Ltd.www.nextechventure.com• New Venture Technologieswww.newventuretec.com• Novartis Venture Fundwww.venturefund.novartis.com• Partners Group, Zugwww.partnersgroup.ch• Varuma AGwww.varuma.ch• VenturePartners AGwww.venturepartners.ch• Vinci Capitalwww.vincicapital.ch• VI Partnerswww.ventureincubator.ch• W. A. De Vigier Foundationwww.devigier.ch• Zürcher Kantonalbank Start-up Financewww.zkb.chA Selection of Equity Funds for Life Sciences• Clariden Healthcare Equity Fundwww.clariden.ch• CS Equity Fund Global Pharmawww.creditsuisse.com• Lombard Odier Inv. Life Scienceswww.lombardodierdarierhentsch.com• Sarasin – HealthSarwww.sarasin.ch• Swisscanto (LU) Equity Fund Health Carewww.swissca.com• UniSector – BioPharmawww.union-investment.com/ch• Vontobel Global Trend Life&Healthwww.vontobel.chA Selection of Equity Funds for Biotech• Clariden Biotechnology Equity Fundwww.clariden.ch• CS Equity Fund (Lux) Global Biotechwww.creditsuisse.com• Lombard Odier Immunology Fundwww.lombardodierdarierhentsch.com• Pictet Global Sector Fund (L) – Biotechwww.pictet.com• Swiss Life Funds – Equity Biomedicalwww.swisslife.com• UBS Equity Fund – Biotechwww.ubs.comSECA...…is the Swiss platform for professionals active inventure capital, private equity, and corporate financeactivities, as well as the legal, investor relations,and accountancy services that support suchactivities.SECA’s 200 members represent four interest groups:innovation and venture capital, private equity, corporatefinance and legal and tax. It offers membersmonthly panel discussions and sponsors annualevents for investors and entrepreneurs as well aspublishing a series of research-based books andstatistics.Maurice Pedergnanais Secretary General ofSECA.@For further information please visitwww.seca.ch
Page 2 and 3: 02 WHY SWITZERLAND?USEFUL ADDRESSES
Page 4 and 5: 04BIOTECH COUNTRYSWITZERLANDBIO VAL
Page 6 and 7: 06 A PRIME BUSINESS LOCATION... >>
Page 8 and 9: 08 INDUSTRY STATEMENTSERNESTOBERTAR
Page 10 and 11: 10WHAT KEEPS SWISS... >>THE INNOVAT
Page 12 and 13: 12AN EXPONENTIAL INCREASE IN STRENG
Page 14 and 15: 14 ... AND CONCENTRATING ... >>•
Page 16 and 17: 16 PARTIAL REVISION OF SWISS PATENT
Page 20 and 21: 20LICENSED FOR SUCCESSHELSINN This
Page 22 and 23: 22... ONE BIOTECH CLUSTER“WHITE B
Page 24 and 25: 24>>biotech IPO continue to be rela
Page 26 and 27: 26SWISS BIOTECH INDUSTRY...INDUSTRY
Page 28 and 29: 28COMPETITION FOR ANTIBODIESMOLECUL
Page 30 and 31: 30PROGRAMMED DEATH FOR TUMOUR CELLS
Page 32 and 33: 32APPENDIX: FACTS AND FIGURESSwitze
Page 34 and 35: 34INDUSTRY SEGMENTATION OF THE138 B
Page 36: IMPRESSUMSteering Committee:Jürg Z

Swiss Biotech Report 2006

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