ANNUAL REPORT 2007 | 2008 - Gimv

VENTURE
CAPITAL
Life Sciences
The big events for Life Sciences in 2007-2008
were the stock market introduction of Ablynx
and the further divestment from deVGen. The
business unit also optimised its more mature
portfolio with various follow-on investments. The
range of activities for new investments is also
widening.
Bioworld Finance Watch, in its annual overview for 2007, reports
USD 24 billion of venture capital investment in the life
sciences sector, up slightly on 2006, with more money being
invested in later stage companies. For venture capital investors
in early stage companies, the time-to-divestment is becoming
ever longer.
Major differences remain between countries and regions, as
in previous years. In the USA, the market is volatile, in the UK
market performance is weak. In Scandinavia we are seeing a
perceptible cooling off with stock market introductions being
put off until later. In Germany results were not brilliant either,
with certain listed life science companies experiencing severe
setbacks.
In Belgium and the Netherlands, the investment climate was
reasonable, including the stock market introductions of Ablynx
and Tigenix and the private placements of Innogenetics,
OncoMethylome Sciences and Thrombogenics. Switzerland
too remains a highly attractive market for life sciences, with
attractive results.
Investment focus
Life Sciences focuses on long-term investments, with a careful
eye to the specifi cities of different geographic markets. It is aiming
at a diversifi ed portfolio with investments in drug research
and diverse technologies. Diagnostics activities and technologies
with applications in the agro and energy sectors also fi t into
the investment policy. Gimv remains interested in every phase of
a company’s development, from early stage to listed. Its primary
focus is on European companies, but it also looks at promising
enterprises in other parts of the world.
In 2007-2008, Life Sciences invested EUR 18.4 million.
48 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Life Sciences portfolio according to geographic
distribution (based on portfolio value at 31/03/2008)
United States
40 %
Rest of Europe
15 %
Life Sciences portfolio according to stage of
development (based on portfolio value at 31/03/2008)
Private equity ty
funds ds
26 %
Growth fi nancing ng
28 %
BBelgium
19%
France F 21 %
Netherlands N
4 %
Germany 1 %
Seed fi nancing
2 %
Early stage 44 %