Professional Documents
Culture Documents
Panorama 2015
of the Life
Sciences Industry
in France
CONTENTS
04 Highlights 2014-2015
17 Financing of innovation
18
19
20
21
22
23
25 Appendices
26 Sample of companies
27 Reading committee
Acknowledgements
Each year France Biotech conducts the Panorama of the Life Sciences industry in France, a study
conducted on the basis of a dedicated questionnaire and company publications. It is not designed
to be exhaustive and the information was collected until 30 October 2015 based on 223 companies.
The companies included in the study meet the following criteria:
operate in the life sciences sector in France.
invest at least 15% of their total costs in research and development.
have less than 250 employees.
EDITORIAL
The dynamic observed over the past few years continues, with a sustained rate of creation (57 creations
in 2014). Whether it be upstream or advanced phases,
our companies do a better job and more than the
big four with research that implements diversified
disruptive technologies (68 projects in phase 2 and 3
versus 51 for pharma in France).
HIGHLIGHTS
223
companies studied
10
30%
of companies are
over 10 years old
348
57
companies created in 2014
43
4992
89
therapeutic products
marketed
therapeutic products in
development
diagnostic devices in
development
medical devices in
development
67
373M
426M
379M
turnover
invested in R&D
net loss
listed companies as of 30
September 2015
HIGHLIGHTS
North-Calais
Picardy
UpperNormandy
LowerNormandy
ParisIsle-of-France
71
Brittany
Lorraine
ChampagneArdenne
Alsace
9
Pays-de-la-Loire
Center
1
PoitouCharentes
> 40
Burgundy
Franchecomte
Limousin
Auvergne
2140
Rhone-Alpes
34
1020
Aquitaine
19
4
MidiPyrenees
Provence-AlpesAzur
18
14
LanguedocRoussillon
17
Biotechnologies are a
high-growth sector.
and medium-sized companies, start-ups and young
innovative companies, with two major axes that are
namely the questions of an ageing population and
home care assistance and the detection of weak
signals for the prevention of epidemics. These concern, in particular, robotic solutions aimed at accompanying people in their old age. These are orthotics
and smart prostheses, the image of knee replacements
that facilitate movement and take over from muscles
or articulated hands that, tomorrow, will be able
to be produced for under a thousand euros thanks
to 3D printing.
These developments require concepts on the uptake
of closest data, from connected bracelets and watches
to more intrusive devices on humans. Engineering
intervenes also in the capability to manage very large
data repositories from which statistical analysis must
RUBRIQUE
1
France: the life sciences sector
The French fabric of life sciences companies in health is dynamic, supported by strong international ambitions. Despite a context of ongoing global crisis, France remains a land of innovation.
2014 will have seen the medtech sector support the health sector whereas 2015 will have been
the year of biotechnology companies.
Conclusive clinical results, mega deal signatures with big pharma demonstrate the power of
French research. Representative of the French ecosystem in health, the 2015 panorama
stresses the frugal development in France and internationally of a forward-looking sector and
driver for growth for the coming decades.
france biotech | Panorama 2015
PART 1
Headcount of companies
Qualification of employees
2%
12%
16%
27%
27%
60%
22%
1 to 10
Baccalaureate
11 to 30
Bachelor degree
34%
31 to 99
Master degree
PhD
Source: France Biotech, 223 companies, October 2015
Almost 60% of companies have a headcount of between 1 and 10 employees, indicative of the development model of companies in the sector. The bracket
11-30 represents 16% of companies in the panorama.
Amongst our sample, the headcount of 47 companies
is higher than 31 employees, highlighting the level
Age of companies
Origin of R&D
6%
15%
30%
39%
56%
23%
31%
Source: France Biotech, 223 companies, October 2015
Profile of managers
64% of founders are scientists
60% of founders are new managers
20% are founders, scientists and former managers
Need to train managers
Academic research
0 to 5 years
Creation ex nihilo
6 to 10 years
SME
10 years and +
Industrial group
France enjoys a high-quality university network. 56% of companies were created from research started in the public domain.
The other driver for innovative companies is the creation exnihilo (23%) by an entrepreneur. Spin-offs of SME represent 15%
of creations via repurchasing of assets. Conversely, spin-offs of
large pharmaceutical groups represent only 6% of creations.
The consolidation of employees reflects the structuring in
progress. The 0-5 years bracket represents 14% of personnel for
8 employees per company whereas the 11 years and + bracket
represents 60% of personnel with 45 employees.
Field of activity
Human therapeutics
80%
38%
28%
Veterinary therapeutics
25%
Cosmetics
23%
14%
11%
Bioinformatics
10%
20%
40%
60%
80%
100%
Source: France Biotech, 223 companies. Multiple response questions, October 2015
2010
2011
2012
2013
2014
Creations
65
78
53
57
57
Liquidations
10
10
26
19
16
Net
55
68
27
38
41
10
PART 1
# Phase 1
# Phase 2
# Phase 3
234
36
45
23
Ipsen
10
6 (phase 1-2a)
6 (phase 2b-3)
3 in registration phase
Sanofi
nc
19
9 + 4 in registration phase
nc
36
17
Pierre Fabre
Servier
Origin of biopharmaceutical companies in R&D partnership with French pharma since 2010
Europe
North America
France
Germany
United Kingdom
Others
Asia
Total
Ipsen
Pierre Fabre
Sanofi
20
42
Servier
17
32
12
11
73
Total
11
Therapeutic products
Therapeutic areas
Oncology
33%
Infectious diseases
17%
10%
7%
5%
Genetic diseases
3%
Cardiovascular system
3%
Digestive system
1%
Dermatology
1%
Other fields
8%
5%
10%
15%
20%
25%
30%
35%
Stage of development
160
2010
2011
140
2012
2013
120
100
2014
NC 126 138 152 142
80
60
63 59 57 66 74
40
40 29 34 26 33
27 35 34 31 42
8 21
12 12 11 12 10
0
Proof of concept
Preclinical
Phase 1
Phase 2
Phase 3
Registration
MA
Source: France Biotech, 108 companies, standardized data based on 100 out of 108 companies, October 2015
12
PART 1
Stage of development
25%
100%
50%
13%
Research and
development
Biofuel
12%
Source: France Biotech, 5 companies, October 2015
Stage of development
10%
15%
10%
31%
50%
Other
20%
Digital diagnostic/
Computer-aided
diagnosis
Telemedicine
Connected objects
10%
Source: France Biotech, 10 companies, October 2015
At a time when the digital transformation of companies brings about large-scale changes at a fast pace,
the health sector takes advantage not only of these
technological developments but also of practices in a
context that seeks to promote cost controls of public
health care. Mobile applications, connected objects, big
data are equally new tools likely to improve our health
T elemonitoring of
patients
Research
54%
Development
Commercialization
13
Stage of development
4%
80
6%
9%
70
60
33%
50
18%
40
Class 1
Class 2a
Class 2b
30%
74
30
Class III
20
In vitro diagnostic
medical device
10
Active implantable
medical device
44
Research
Development
17
Commercialization
Therapeutic areas
15
12
15%
10%
7%
5%
4%
4%
3%
3%
2%
2%
2%
1%
1%
Stomatology/Dentistry
6%
Corrective surgery
6%
Dressings/compresses
7%
Genetic diseases
7%
Neurology
7%
Ophthalmology
7%
3
Reanimation/Perfusion
Other fields
Urogenital/Nephrology
General surgery
Imaging
Pneumology/Respiratory
Radiotherapy
Oncology
Immune system
Gastrology/Enterology/Hepatology
Cardiology/Vascular
Infectious diseases
Orthopaedic surgery
14
PART1
7%
10%
19%
46%
15%
68%
France
Academic research
Europe
North America
Industrialists
29%
Rest of World
Biotech
Others
The lack of resources impairs the development of structural international partnerships. However, with promising clinical results, supported by a remarkable stock market performance, certain biotechs
create enthusiasm among both Big Pharma and the international
financial community. In this way, the first partnership over 500 M$,
of which 50 M$ upfront between a US big pharma and Adocia, came
about at the end of 2014. Earlier in the year, it was immunotherapy
that was under the spotlight with the signature of a double deal of
capital importance for Cellectis, specialist of CAR-T cells, with the
laboratory Servier and the American Pfizer. The first deal foresees an
initial payment of 7,5 M and up to 105 M for each of the six drug
candidates potentially developed. For the second agreement, concluded some months later, Cellectis will receive an upfront payment
of 80 M$ that could go up to 185 M$ per product. Concurrently,
Pfizer took a 10% stake in the capital of Cellectis. Genticel, a company
Patents delivered
30%
57%
13%
France/Europe
USA
Rest of World
15
FINLAND
SWEDEN
DENMARK
UNITED KINGDOM
10
3
8
GERMANY
BELGIUM
LUXEMBOURG
1
1
AUSTRIA
SWITZERLAND
ITALY
1
SPAIN
3
NETHERLANDS
PORTUGAL
NORTH/SOUTH AMERICA
42 36
MIDDLE EAST
ASIA/OCEANIA
9 15
16
RUBRIQUE
17
2
Financing of innovation
This year the world pharmaceutical market surpassed the symbolic mark of 1000 billion $ (924
billion ) representing growth of 8,8% (source: IMS Health). This level of growth reflects very
different realities at world level. On the one hand, emerging countries are the main drivers of this
strong growth with rates currently fluctuating between 10% and 11% which will be maintained
between 4 and 5% by 2018. On the other hand, the political context of cuts in public spending
puts strain on the health sector. Until now rarely called into question, the prices of drugs could
soon come under downward pressure. It is therefore innovation that will be the main driver
of growth enabling highly priced innovative therapeutic solutions to be placed on the market.
Thus, IMS Health expects high levels of growth in the USA and in the UK, around 6,4% and
5,1%. The French market should stabilize at -0,3% until 2018 after several years of most marked
decline. In this context, the financing of biotech/medtech/biocleantech companies in France
remains dynamic and has known a steady increase since the low point of 2011 without reaching
the pre-crisis levels.
france biotech | Panorama 2015
18
PART 2
FINANCING OF INNOVATION
19
1200
478
1000
800
405
54
600
49
400
74
200
44
92
121
80
146
51
153
351
547
46
146
138
252
Post-IPO
144
193
IPO
Venture capital
Number of operations
2011
2012
2013
2014
Q3 2015
20
PART 2
47
41
38
13
40
200
130
150
6
100
48
80
109
123
141
0
2011
2012
2013
2014
Biocleantech
Diagnostics
52
67
50
1
20
33
3
49
Medtech
Biotech
600
Number of
operations
500
Q3 2015
11
400
6
13
100
7
86
68
2011
2012
65
122
156
40
23
115
200
13
13
Biocleantech
Diagnostic
377
Biotech
172
Number of
operations
18
2013
2014
Medtech
Q3 2015
The Paris market continues to consolidate its dominance on the European stock exchange. 2013 will have
seen the medtech sector (5 out of the 7 new ratings)
support this life sciences stock market frenzy started
in 2010. This trend persisted in 2014 as 5 of the 11 new
ratings are medtech companies with 115 M funding
raised. With regard to the biotech sector, 4 are listed
on Euronext Paris for a total amount of 172 M
(+856% vs. 2013). Finally, Fermentalg, leader in the
production of molecules of interest avoiding petrochemical production channels, completed the largest
fundraising drive for a biocleantech with over 40 M.
If the stock market window closed in Europe in the
second six-month period 2014, some companies like
DBV Technologies chose to be listed on the American
technological market, the Nasdaq. The French biotech,
FINANCING OF INNOVATION
21
23
40
300
200
100
92
0
2011
(6)
145
(8)
35
(2)
153
(7)
247
137
(2)
353
(12)
(1)
(1)
(10)
Netherlands
Belgium
France
2012
2013
2014
Q3 2015
22
PART 2
France Biotech
Nasdaq Biotech Index (NBI)
100
11.02.15
10.02.15
09.02.15
08.02.15
07.02.15
06.02.15
05.02.15
04.02.15
03.02.15
02.02.15
01.02.15
11.02.14
12.02.14
10.02.14
09.02.14
07.02.14
08.02.14
06.02.14
05.02.14
04.02.14
03.02.14
Next Biotech
02.02.14
80
Post-listing:
Management of fundraising in dollars when expenditure in euros
Strengthen structure in order to meet regulatory
expectations or result of volontary process to follow
US market
Accounting options: even if not mandatory, the
question must be asked with regard to American
comparables to publish accounts quarterly
SOX: exemption can fall sooner than 5 years
need to prepare upstream notably with regard to
non-compatible IS
Total additional cost > 2 M per year
Maintain visibility (road show, etc.)
FINANCING OF INNOVATION
23
Questions still exist on the financing chain. Upstream, biotech companies have access to research
tax credit, to Bpifrance and to seed capital funds yet
remain faced with crossing the valley of death
that hampers their development. However, they do
not appear to favour the solution that the resources of
big pharma could open up. The European Investment Fund (FEI) derived from the Juncker plan can generate new opportunities for biotechs. A billion euros
has already been committed since the beginning of
the year. Sofinnova received the support of the FEI for
its new funds and Bifrance is also going to raise FEI
funds. These first disseminations of the Juncker plan
in France are an extremely positive sign. However,
these funds have to invest in French companies.
Biotech companies must gain visibility and attractiveness to raise finance. The hunt for funds often leads
them to neglect the finance, human resources and
compliance functions, whereas these play an important role to present themselves with the best possible
prospects to potential investors. The latter, in the same
way as the markets and regulators, look closely at the
governance and composition of the board. This should
not limit itself to scientists but should also incorporate funtional roles (finances, human resources).
Biotech companies must therefore show greater
rigour and be more vigilant towards internal control
and reporting functions. Having a good molecule
does not mean being a good manager.
24
France Biotech is the French association of biotechnology companies and their partners.
Its mission is to contribute to making the French
industry of biotechnologies leader in Europe. France
Biotech is a driving force for change acting with
public authorities, economic organizations, academic
research, media and the investors community in
particular to foster the emergence of biotechnology
as preferential leading-edge industry, and to enhance
the economic, legal, regulatory and managerial
environments of these companies.
Created in 1997, France Biotech is the association of
entrepreneurs that federates leaders of strong growth
innovate companies and their partners (investors,
law firms, school and centre of value). Its members,
situated throughout France, are from the Life Sciences
industry (Biotech, Diagnostics, Medtechs & Biocleantech). Grouped together within France Biotech,
their managers fight to impose a new entrepreneurial
model, to support the creation of firms and jobs, while
sharing the benefits of their growth.
Chaired by Pierre-Olivier Goineau since 2014, France
Biotech takes action today for over fifteen years
with public authorities, economic decision makers
and media.
ANNEXES
25
3
Appendices
26
APPENDICES
Sample of companies
A
Ab Science*
Abivax*
Acticor Biotech
Ad Scientiam
Adjuvatis
Adocia*
Advanced BioDesign
Affichem
Affilogic
Aguettant Biotech
AGV Discovery
Aliz Pharma
Alkion biopharma
Alliospharma
Alzprotect
Amarok Biotechnologies
Amoba*
Anagenesis Biotechnologies
ANGANY Genetics
Antabio
APCure
ApoH-Technologies
Apteeus
Archimej Technology
Archimmed
Ariana Pharmaceuticals
Atlanbio
Atlangram
Axelife
B
B Cell Design
BCI Pharma
BGene Genetics
BIOalternatives
BioCytex
Biogalenys
Biomanda
Biomedical Tissues
Biomunex Pharmaceuticals
Biophytis*
Biosynex*
Brain Dynamic Imaging
C
Carbios*
CarboMimetics
Carmat*
Celenys
Cell Constraint & Cancer
Cellectis**
Cellipse
CellProthera
Cerenis Therapeutics*
CermaVein
Chromalys
Chrysalis-Pharma
Ciloa
Cirma
Colcom
Conidia
Crossject*
CYBERnano
CYTOO Cell Architects
CYTOSIAL Biomedic
D
Da Volterra
DBV Technologies**
Defymed
Deinobiotics
Deinove*
Dendris
Dendritics
Diafir
Dialpha
Diaxonhit*
DNA Therapeutics
DOMAIN Therapeutics
DOSIsoft
E
Effimune
ElsaLys Biotech
Emercell
Enterome
ENYO Pharma
EOS imaging*
Eove
ERYTECH Pharma*
EuKaRS
Eveon
F
Fermentalg*
Flamel Technologies**
G
Galenix innovations
GamaMabs Pharma
Genbiotech
Genepep
Genfit*
Genomic Vision*
GenoSafe
Genoscreen
Genoway*
Genticel*
Global Bioenergies*
GLYcoDiag
Graftys
GTP Technology
H
Hemarina
Histalim
Horama
Horus Pharma
Hybrigenics*
I
Isonic Medical
ID bio
iDD biotech
Imaxio
ImmunID
Immutep
Implanet*
Inanov
InFlectis BioScience
Innate Pharma*
InnaVirVax
Innopsys
Inotrem
Instent
IntegraGen*
Invectys
InvivoGen
K
Kaptalia Monitoring
Klia
L
Laboratoire Symbiotec
LCA-Dermatech
LPS-BioSciences
Lunginnov
M
ManRos Therapeutics
Mauna Kea Technologies*
Medesis Pharma
MEDIAN Technologies*
Medicrea*
MEDIT
Medsenic
Medtech*
Mega BioPharma
Meiogenix
Mellitech
Metabolic Explorer*
METAFORA biosystems
METIS Biotechnologies
Mitologics
N
Nanobiotix*
NanoMedSyn
Naturamole
Novacs*
Neurochlore
Neuronax
Nicox*
Normandy Biotech
Nosopharm
Novacyt*
O
Olmix*
Olygose
Oncodesign*
Onxeo*
OREGA Biotech
Oroxcell
Orphit
Orthotaxy
OSE Pharma*
OTR3
Oxeltis
P
Pacific Biotech
PathoQuest
PEP-Therapy
Peptinov
Pharmaleads
Pharnext
Phenocell
Pherecydes Pharma
Phylogne
Pixience
Pixium Vision*
Plant Advanced Technologies*
PlugMed Heart
PolyplusTransfection
Polytheragene
Poxel*
PrimaDiag
SuperSonic Imagine*
Surgical Perspective
Surgimab
Surgivisio
SynapCell
Syndivia
Syneika
Synthelis
T
Targeon
TBF Gnie Tissulaire
Teknimed
Tetrahedron
Therachon
Theraclion*
Theradiag*
Theranexus
Theravectys
Transgene*
TxCell*
V
Vaiomer
Valneva*
Vaxeal Research
Vaxon Biotech
Vexim*
VFP Therapies
ViroXis
Visible Patient
VitaDX
X
Xegen
Y
Yslab
Q
Quantum Genomics*
R
Regulaxis
ROOT Lines Technology
S
Scanelis
ScreenCell
SeleXel
Sensorion*
Smaltis
Spineguard*
Stentys*
Stilla Technologies
Stratoz
* Euronext/Alternext/
free market
** Nasdaq/dual listed
APPENDICES
27
Reading committee
Pierre-Olivier Goineau,
President of France Biotech
Haude Costa,
General Delegate of France Biotech
Joffray Lanon,
Project Manager France Biotech
Anne-Lise Berthier,
Chief Editor BioPharmAnalyses
Acknowledgements
Catherine Porta,
Partner KPMG, biotech expert
Raquel Pires,
Manager M&A KPMG
France BIOTECH
3-5, impasse Reille
75014 PARIS
Tl : 01 56 58 10 70
Fax : 01 56 58 20 33
contact@france-biotech.org