2022 March Life Sciences Update

Funding Remains Strong

Investment in Biotech up 12.7% YoY North American Venture & Public Offering Capital

30 Largest Transactions Over the Past Two Years Life Sciences VC & Public Capital Invested in 2020 & 2021

Private Equity (PE)

Public Offerings

Company Name Royalty Pharma

Size (MM)

Date

Type

C&W Market New York City Wilmington, NC

$45

1

$2,180 $1,863 $1,620 $1,338 $755 $668 $588 $570 $551 $548 $525 $525 $506 $500 $500 $500 $493 $483 $451 $436 $424 $420 $400 $390 $368 $350 $340 $336 $330 $325

Jun 2020 Feb 2020 Nov 2020 May 2020 Oct 2020 Dec 2020 Feb 2021 Jan 2021 May 2020 Jun 2020 Mar 2021 May 2020 Sep 2020 Jun 2020 May 2020 May 2020 Mar 2020 Dec 2020 Oct 2020 Apr 2021 Jun 2020 Apr 2020 Jul 2020 May 2020 Mar 2021 Jul 2020 Sep 2020 Apr 2021 Aug 2020 Jan 2020

Public Public Public Public

2 3 4 5 6 7 8 9

Pharmaceutical Product Development

$40

Maravai Life Sciences Moderna Therapeutics

San Diego

Boston

$35

Resilience

VC

San Diego New Jersey

$30

Certara

Public Public

Sana Biotechnology

Seattle Boston

$25

EQRx

VC

MyoKardia

Public Public

SF Bay Area New Jersey

$20

Billions

10

Catalent

11

ElevateBio

VC

Boston

$15

12 13 14 15 16 17 18 19

Iovance Biotherapeutics

Public Public

SF Bay Area SF Bay Area

$10

10x Genomics

Indigo Agriculture

VC

Boston Boston Boston

$5

Insulet

Public Public

Bluebird Bio

$0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Lyell

VC

SF Bay Area Vancouver New York City Salt Lake City

AbCellera

Public Public Public Public Public Public

Source: PitchBook

Everest Medicines

20

Recursion

21

Legend Biotech Immunomedics

New Jersey New Jersey

22 23 24 25 26 27 28 29 30

Unsurprisingly, biotechnology investment exploded during the pandemic with biotechnology PE and public offering investment in North America exceeding $45.7 billion in 2021. Between 2020 and 2021, $86.3 billion was invested ($78.8 billion in PE and $7.5 billion in public offerings), which exceeded the combined four-year total between 2016 and 2019 ($82.3 billion). The largest deal in 2021 was Seattle-headquartered Sana Biotechnology’s IPO that raised $588 million. The next two largest deals—and half of the top 10 deals— were for companies headquartered in Boston.

Relay Therapeutics

Boston

GRAIL

VC

SF Bay Area

Instil Bio Zymergen

Public

Dallas

VC VC VC

SF Bay Area SF Bay Area

RBNC Therapeutics Adagio Therapeutics

Boston

Schrödinger

Public Public

New York City

Blueprint Medicines

Boston

Source: PitchBook

5 / CUSHMAN & WAKEFIELD

LIFE SCIENCES 2022 MARCH UPDATE