impacting cancer - home | nextechinvest · · 2016-08-11impacting cancer the global oncology ......

Impacting Cancer The global oncology investment firm July 2016

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Disclaimer

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EUROPE AND REST OF WORLD ALL INFORMATION IN THIS PRESENTATION IS ONLY OF A PRELIMINARY NATURE AND MAY BE SUBJECT TO CHANGE. THIS IS A CONFIDENTIAL DOCUMENT THAT DOES NOT CONSTITUTE A SALES DOCUMENT AND ACCORDINGLY IS NOT TO BE CONSTRUED AS AN OFFER OR INVITATION TO INVEST. IN ADDITION THIS DOCUMENT IS NOT TO BE MADE AVAILABLE TO THIRD PARTIES AND IN PARTICULAR MUST NOT BE MADE AVAILABLE TO THE PUBLIC NOR BE MADE AVAILABLE IN JURISDICTIONS WHERE THIS WOULD BE CONTRARY TO LOCAL LAWS AND REGULATIONS. SWITZERLAND THIS DOCUMENT MAY ONLY BE ISSUED, CIRCULATED OR DISTRIBUTED SO AS NOT TO CONSTITUTE AN OFFERING. RECIPIENTS OF THE DOCUMENT IN SWITZERLAND SHOULD NOT PASS IT ON TO ANYONE WITHOUT FIRST CONSULTING THEIR LEGAL OR OTHER APPROPRIATE PROFESSIONAL ADVISER. UNITED STATES OF AMERICA THIS PRESENTATION HAS BEEN PREPARED IN CONNECTION WITH A PRIVATE OFFERING TO ACCREDITED INVESTORS OF LIMITED PARTNERSHIP INTERESTS (THE “INTERESTS”) IN THE FUND. THE INTERESTS HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY UNITED STATES (“US”) STATE SECURITIES LAWS OR THE LAWS OF ANY NON-US JURISDICTION. THE INTERESTS WILL BE OFFERED AND SOLD UNDER THE EXEMPTION PROVIDED BY SECTION 4(2) OF THE ACT AND REGULATION D AND/OR REGULATION S PROMULGATED THEREUNDER AND OTHER EXEMPTIONS OF SIMILAR IMPORT IN THE LAWS OF THE STATES AND OTHER JURISDICTIONS WHERE THE OFFERING WILL BE MADE. THERE WILL BE NO PUBLIC MARKET FOR THE INTERESTS AND THERE IS NO OBLIGATION ON THE PART OF ANY PERSON TO REGISTER THE INTERESTS UNDER THE ACT OR ANY STATE OR NON-US SECURITIES LAWS. ALL INFORMATION IN THIS PRESENTATION IS ONLY OF A PRELIMINARY NATURE AND MAY BE SUBJECT TO CHANGE.

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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

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IV

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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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I. Market opportunity in oncology: Value driver of the healthcare industry

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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.


“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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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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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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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.


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

10

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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


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


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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


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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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


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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


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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.


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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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I. Market opportunity in oncology: Regulatory environment and pricing

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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


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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%


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II. Portfolio construction and investment process

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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


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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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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


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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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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


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III. Portfolio companies

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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


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


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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IV. Team and organization

29

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


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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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* 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


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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


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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


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.


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V. Partnering with Nextech Invest in oncology investments

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Why Oncology


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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


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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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