Oncology Revolution: The Rise Of Immunotherapy

2y ago
76 Views
2 Downloads
465.53 KB
11 Pages
Last View : 1d ago
Last Download : 2m ago
Upload by : Mika Lloyd
Transcription

Oncology Revolution:The Rise ofImmunotherapyOctober 2017Written by:Contributors:Andrew Olson, Ph.D.ManagerSVB SecuritiesJulie BettsManaging DirectorSVB SecuritiesJennifer Friel GoldsteinManaging DirectorHead of West Coast LifeScience & HealthcareJackie SpencerDirectorLife Science & Healthcare

Immunotherapy Redefines How We Treat CancerWith the arrival of immunotherapy, oncology treatment is undergoing aparadigm shift that is dramatically changing the investment and innovationpatterns around cancer-fighting drugs.The new landscape: In 2016, immunotherapy treatments captured 33% of spending on oncology drugs,despite accounting for just 9% of FDA-approved oncology drugs. All of the large oncology drug companies are building robust immunotherapy pipelines,driving increased M&A and investor interest. Underscoring investor confidence, between 2014 and September 2017 immunotherapycompanies on average were acquired at an earlier stage and with less invested capital,generating a higher multiple than other oncology companies. The pipeline of late-stageimmunotherapy drugs is large and varied, and is likely to support continued growth forgroundbreaking treatments.Note: Immunotherapy refers to the cancer treatment designed to boost the body's immune system tofight the cancer. Non-immuno targeted therapy refers to the cancer treatment targeting specific genesor proteins that are found in cancer cells or in cells related to cancer growth, other than immune cells.Radiotherapy includes imaging agents.Sources: BiomedTracker, PitchbookEmerging Healthcare: Immunotherapy Investment Trends2

Key PointsNewcomer immunotherapies capture outsize dollar sales.- In 2016, immunotherapies achieved dollar volume market share (33%) disproportionate to their shareof FDA-approved oncology drugs (9%)Immunotherapies have rapidly become a required component of any leading oncology portfolio.- But there is wide variation in how the market leaders have positioned themselves for future growthImmunotherapy dominates oncology M&A.- Immunotherapy M&A deals have risen from 31% of total oncology deals in 2014 to 70% in the first halfof 2017Immunotherapy companies exit earlier in drug development, with less invested capital and at a higherreturn on invested capital than other oncology companies.- Immunotherapy companies were acquired at a median of nine times invested capital as compared toseven times for non-immuno targeted oncology drugs since 2014PD-1/PD-L1 combination trials underpin the rise of immunotherapy.- By 2015, combo trials with PD-1/PD-L1 therapies accounted for a third of all combo trials in oncologyRobust late-stage immunotherapies pipeline predicts continued growth.- With over 10 phase III immunotherapies in development, their market share will only continue togrow, but interclass cannibalization is also expectedPD-1/PD-L1 (programmed cell death protein 1/programmed death-ligand 1) inhibitors includetreatments such as Opdivo (nivolumab) and Keytruda (pembrolizumab)Sources: BiomedTracker, ClinicalTrials.gov, PitchbookEmerging Healthcare: Immunotherapy Investment Trends3

Immunotherapy Drug Sales Take OffThe Gartner Hype Cycle identifieskey inflectionpoints as in 2016Immunotherapy drugs captured one-third of U.S. oncologydrug salesNon-immuno targeted therapiesChemotherapiesImmunotherapies9% 2%32%13%58%FDA-Approved Oncology DrugsSources: BiomedTracker, Corporate Reports. As of 12/31/2016.Radiotherapies1%53%33%Market Share by Dollars Spenttechnologies launch, gain tractionand mature. When applied to theevolution of gene sequencing, ithighlights how long it has takenImmunotherapygenomicsto realize consumertreatmentsaccountedforapplicationssuch aspersonalizedmedicine.microbiomeis33%Theof oncologydrugexpectedto inhavesimilarlysales2016but made upprofoundimpactsonhumanjust 9% of FDA-approvedhealth, but, if the geneoncology drugs.sequencing cycle is any guide, thehype may outpace applications byseveralyears. use ofIncreasedimmunotherapy and non-Thereimmunohave beentargetedadvancements indeveloping more powerful andtherapies in combinationcheaper computing processinghasenableexpandedtreatmentthat willmore efficientoptionsforpatientsandanalysis than was available inan increaseearly spurredgene sequencing.Still, inhurdlesaresignificant.They onoverall dollars , patents andethical and legal issues. And onthe technology side, questionsremain about how to handle massgenome sequencing and structure,aggregate and share the data.Emerging Healthcare: Immunotherapy Investment Trends4

Oncology Leaders Vary Immunotherapy StrategiesOncology strategy to stay on top: Build, buy or partner27%7% 3%16%5% 3%10%10%4%4%% 3%Share of 2016 U.S. OncologyMarket Dollar VolumeApproved Immunotherapies(1)Approved IndicationsStrong pipelinesfrom market leadersindicate a dynamicfuture forimmunotherapydrugs.Celgene and Novartisare establishingstrong market sharewith a singleapprovedimmunotherapy drugtargeting multipleindications.Roche and BristolMyers Squibb arelaunching treatmentsaimed at a variety ofindications.Internal ProgramsPivotal Trials (Internal)Acquisitions since 2007Partner ProgramsNote: As of 6/30/2017.Sources: BiomedTracker, ClinicalTrials.gov, Press Releases, Company Website.(1) Acquired by Gilead on 8/27/2017.Emerging Healthcare: Immunotherapy Investment Trends5

Immunotherapy Now Dominates Oncology M&AImmunotherapy Accounts for 70% of Oncology M&A through Q3 2017# of DealsImmunotherapiesNon-immuno targeted therapiesResponding tocompetition, biopharma’sappetite for acquiringimmunotherapycompanies is growing.3530251820151050Immunotherapy M&Adeals rose from 31% ofoncology deals in 2014 to70% in 2017 0%5Immunotherapy(% forof acquiringdeals) immunotherapy companies is growing- Responding to competition,biopharma’s appetite- Immunotherapy M&A deals rose from 31% of oncology deals in 2014 to 67% in 1H 2017.Sources: BiomedTracker, Corporate Reports. As of 12/31/2016.*Includes Q1 through Q3 2017.Emerging Healthcare: Immunotherapy Investment Trends6

Investors Reap Healthy Returns fromImmunotherapy M&AImmunotherapy companies exit earlier in drug development, with lessinvested capital and higher return multiples than other oncology companiesReturn on invested capital (2014 to Q3 2017)Stage at 62%233%1The median multiplefrom immunotherapyactivity between 2014 and1H 2017 was nine timescompared to seven timesfor other oncologyinvestments.Highlighting thecompetition to get inearly, more than 60% ofimmunotherapycompanies acquired werepreclinical.0ImmunotherapiesNon-immuno targeted therapiesMedianInvested Capital 32M 100MMedian Deal Size 277M 485MNote: Includes 79 strategic acquisition deals in the oncology therapeutics market between1/1/2014 to 9/30/2017 and 37 deals with disclosed financing history and deal value. Oncologydiagnostics, medical devices, research tools and services are excluded.Sources: Company Websites, Pitchbook, Press Releases.Emerging Healthcare: Immunotherapy Investment Trends7

Combo Strategy Bolsters ImmunotherapyPipelineCombining immunotherapy/non-immuno targeted therapies has spurredhigher overall oncology drug sales and shows little sign of slowing downNumber of new combination therapy oncologytrials with PD-1/PD-L1 inhibitorsPD-1/PD-L1 inhibitors areeffective asmonotherapies in about athird of patients, which isfueling rapid growth incombination trials basedon PD-1/PD-L1 61H 20173%13%31%37%37%The first PD-1/PD-L1inhibitor was FDAapproved in 2014. Since2015, PD-1/PD-L1 combotrials have comprisedabout a third of all newoncology clinical trials.% of all new combination oncology trialsSources: BiomedTracker, ClinicalTrials.gov, Press Releases.Emerging Healthcare: Immunotherapy Investment Trends8

Diversified Late-Stage Drug Pipeline DerisksImmunotherapy MarketA large and diverse number of late-stage therapies in development mean more new treatmentsfor patients, but competition and phase III failures make it anyone’s eneCiloleucelTargetIndicationApproved Cell therapyCAR-T/CD19Acute lymphoblastic leukemiaGilead (Kite)BLACell therapyCAR-T/CD19Diffuse large B-cell lymphomaVigil EATCGradalisIIIVaccineFurin/GM-CSFOvarian cancer, breast vical cancerEpacadostatIncyteIIISmall moleculeIDO1MelanomaAM0010ARMO BiosciencesIIISmall moleculeIL-10/IL-10RPancreatic cancerSHR-1210IncyteIIIAntibodyPD-1Non-small cell lung 0RegeneronIIIAntibodyPD-1Non-small cell lung cancerProstvac(1)Bavarian NordicIIIVaccinePSAProstate cancerIIIVaccineImmune systemMelanomaTedopiOSE Immunotherapeutics IIIVaccineImmune systemNon-small cell lung cancerDCVaxNorthwest Biotherapeutics IIIVaccineImmune systemBrain cancerTT10 EB-VSTTessa TherapeuticsCell therapyEBVHead and neck cancerSeviprotimut-L PolynomaIIIModality(1) Announced negative phase III results on 9/25/17.Note: As of 6/30/2017.Sources: BiomedTracker, ClinicalTrials.gov, Press Releases.More than 10 phase IIIimmunotherapy drugstargeting a wide varietyof indications arecurrently indevelopment.There have been somephase III clinical trialfailures that could leadto slower growth.Emerging Healthcare: Immunotherapy Investment Trends9

About the AuthorsAndrew Olson, Ph.D.ManagerSVB Securitiesaolson@svb.comJennifer Friel GoldsteinManaging Director,Life SciencesWest Coast ManagerSilicon Valley Bankjgoldstein@svb.comAndrew Olson, Ph.D. is a Life Sciences Managerat SVB in San Francisco, where he performsstrategic advisory services with a focus onbiotech mergers and acquisitions. Combininghis extensive training as a chemist with hispassion for the commercial side of innovation,Andrew is a valuable partner to both early-stageand larger biotech companies.Jennifer Friel Goldstein is responsible forSVB’s West Coast Life Science and HealthcarePractice, runs the National Accelerator forHealthcare and serves as the Head of ourBiotechnology and Diagnostics Practice. Sheis also focused on corporate ventureinitiatives across the bank within theHealthcare vertical.Julie BettsManaging DirectorSVB Securitiesjbetts@svb.comJackie SpencerDirector, LifeSciences &HealthcareSilicon Valley Bankjspencer@svb.comJulie Betts leads SVB’s Life Science StrategicAdvisory effort, where she is responsible formanaging client engagements andspearheading execution for advisoryprojects, including deal sourcing andintroductions, benchmarking, strategicvaluations, structuring and transactionsupport.Jackie Spencer is a director at SVB, servingthe San Francisco Bay Area’s thrivingbiotech sector. In her role she providesbanking services and debt-financingsolutions to life science companies at allphases, from early-stage venture-backedenterprises to late-stage public companies.Xiaoqi Liu, formerly of SVB, contributed greatly to this report while he was an associate at the firm.Emerging Healthcare: Immunotherapy Investment Trends10

About Silicon Valley BankFor more than 30 years, Silicon Valley Bank has helped innovative companies and their investors move boldideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovationcenters around the world. With commercial, international and private banking services, SVB helps addressthe unique needs of innovators.This material, including without limitation to the statistical information herein, is provided for informational purposes only. The material is based in part on information from third-party sourcesthat we believeto be reliable,but which have not been independently verifiedby us and for this reason we do not represent that the information is accurate or complete.The information shouldnot be viewed as tax, investment, legal or other advice nor is it to be reliedon in making an investment or other decision. You should obtain relevantand specific professional advice before makingany investment decision.Nothing relating to the material should be construed as a solicitation,offer or recommendation to acquire or dispose of any investment or to engage in any othertransaction.Silicon Valley Bank is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by theCalifornia Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation bythe Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are availablefrom us on request. Silicon Valley Bank is a subsidiary of SVB Financial Group, a Delaware corporation and is an affiliate of SVB Financial Group UK Limited. SVB Financial Group UK Ltd isregistered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. 5572575 and is authorised and regulated by the Financial Conduct Authority, withreference number 446159. SVB Financial Group and its subsidiary Silicon Valley Bank are members of the Federal Reserve System and Silicon Valley Bank is a member of the FDIC. 2017 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevrondeviceare trademarks of SVB Financial Group,used under license.Silicon Valley Bank is a member of the FDIC and the Federal ReserveSystem. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).

patterns around cancer-fighting drugs. The new landscape: In 2016, immunotherapy treatments captured 33% of spending on oncology drugs, despite accounting for just 9% of FDA-approved oncology drugs. All of the large oncology drug companies are building robust immunotherapy pi

Related Documents:

May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)

Silat is a combative art of self-defense and survival rooted from Matay archipelago. It was traced at thé early of Langkasuka Kingdom (2nd century CE) till thé reign of Melaka (Malaysia) Sultanate era (13th century). Silat has now evolved to become part of social culture and tradition with thé appearance of a fine physical and spiritual .

On an exceptional basis, Member States may request UNESCO to provide thé candidates with access to thé platform so they can complète thé form by themselves. Thèse requests must be addressed to esd rize unesco. or by 15 A ril 2021 UNESCO will provide thé nomineewith accessto thé platform via their émail address.

̶The leading indicator of employee engagement is based on the quality of the relationship between employee and supervisor Empower your managers! ̶Help them understand the impact on the organization ̶Share important changes, plan options, tasks, and deadlines ̶Provide key messages and talking points ̶Prepare them to answer employee questions

Dr. Sunita Bharatwal** Dr. Pawan Garga*** Abstract Customer satisfaction is derived from thè functionalities and values, a product or Service can provide. The current study aims to segregate thè dimensions of ordine Service quality and gather insights on its impact on web shopping. The trends of purchases have

Chính Văn.- Còn đức Thế tôn thì tuệ giác cực kỳ trong sạch 8: hiện hành bất nhị 9, đạt đến vô tướng 10, đứng vào chỗ đứng của các đức Thế tôn 11, thể hiện tính bình đẳng của các Ngài, đến chỗ không còn chướng ngại 12, giáo pháp không thể khuynh đảo, tâm thức không bị cản trở, cái được

6 — Oncology Nursing Society Oncology Nurse Navigator Core Competencies Overview Key Terms Used in This Document Oncology nurse navigator: An oncology nurse navigator (ONN) is a professional registered nurse with oncology-specific clinical knowledge who offers individualized assistance to patients, families, and caregivers to help overcome healthcare

Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. Crawford M., Marsh D. The driving force : food in human evolution and the future.