FOR IMMEDIATE RELEASE
Stephen M. Monroe, Partner
800-248-1668
Fax: 203-846-8300
pressreleases@levinassociates.com
HEALTH CARE VENTURE CAPITAL INVESTMENTS JUMP 24% IN THE THIRD QUARTER OF 2003 According to Jenks Healthcare Business Report
NEW CANAAN, CT – November 5, 2003 – During the third quarter ended September 30, 2003, health care venture capital dollar volume rose 24.4% over the second quarter, according to Jenks Healthcare Business Report, which tracks private and public equity deals in health care. The 106 deals announced in the third quarter deals totaled over $1.4 billion, bringing the total invested year to date over $3.7 billion in more than 300 deals
“The venture capital market continues to be an exciting investment sector in health care,” said Stephen M. Monroe, managing editor of Jenks Healthcare Business Report. “Although the average deal size is modest at less than $15 million, investments in the $30-$40 million range are becoming more common and health care, which includes biopharmaceuticals, medical devices and other health care services, is demanding an increasingly larger percentage of the venture capital market.”
In the third quarter, lead investor Invemed Catalyst Fund was catapulted to the top of the rankings (full credit given to the lead investor) because of its lead in the Reliant Pharmaceuticals’ $115 million Series D Convertible Preferred Unit Investment, the largest venture capital investment this year.
Top Health Care Venture Capital Investors, Q3:03
(Full credit to lead investor)
Ranking
VC Firm
Total Dollars Invested
(all deals, in millions)
Investments
1
Invemed Catalyst Fund L.P.
$115.0
Reliant Pharmaceuticals, LLC
2
New Enterprise Associates
$83.0
Biomedics and Myogen
3
Venrock Associates
$48.5
BioMedicines and First Genetics Trust
4
Easton Hunt Capital Partners
$45.0
Renovis
5
Rho Ventures
$44.0
Tercica Inc.
6
Sprout Group
$43.7
CellGate Inc.
7
MPM Capital
$40.0
Rinat Neuroscience Corp.
8
Global Life Science Ventures
$34.0
Intercell AG
9
TVM Techno Venture Management
$32.3
Ardana Bioscience
10
Valley Ventures III LP
$30.0
AmpliMed Corp.
11
Thomas, McNerney & Partners
$30.0
Coley Pharmaceutical Gp
12
S.R. One Ltd.
$30.0
Conforma Therapeutics
13
Oxford Bioscience Partners
$27.0
Therascope AG
14
Earlybird Venture Capital
$27.0
Therascope AG
15
Bay City Capital
$27.0
Metabolex, Inc.
Participation in the Reliant deal also bolstered the rankings of participating investors in that deal when full credit was given to each participating investor. With three deals this quarter, Bay City Capital ranks first in dollar volume, followed by Venrock Associates (five deals this quarter) and New Enterprises (three deals).
Top Health Care Venture Capital Investors, Q3:03
(Full credit to all investors)
Ranking
VC Firm
Number of Deals
Total Dollars Invested
(all deals, in millions)
1
Bay City Capital
3
$185.00
2
Venrock Associates
5
$129.80
3
New Enterprise Associates
3
$126.70
4
Invemed Catalyst Fund L.P.
1
$115.00
5
Pritzker family
1
$115.00
6
Ernst Mario
1
$115.00
7
Techno Venture Management
4
$111.30
8
MPM Capital
4
$109.70
9
InterWest Partners
3
$101.00
10
MDS Capital
3
$96.20
11
Prospect Venture Partners
2
$84.00
12
JP Morgan Partners
2
$83.00
13
HealthCap
4
$74.30
14
Alta Partners
3
$71.30
15
HealthCare Ventures
2
$70.10
About Jenks Healthcare Business Report:
Jenks Healthcare Business Report is a bimonthly newsletter that reports on M&A, venture capital, private and public equity, IPOs and other financing news in health care. Jenks and its companion annual report, The Health Care Venture Capital Report, are published by Irving Levin Associates, Inc., a leading health care financial publisher established in 1948. Irving Levin Associates has headquarters in New Canaan, CT and is online at www.levinassociates.com. This privately held corporation publishes research reports and newsletters, and maintains merger and acquisition databases, on the health care and senior housing markets. For more information on Jenks Healthcare Business Report, call 1-800-248-1668.
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