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Immuno-Oncology: Unicorns, China And The Perfect Storm

 
• By Swarna Mehrotra, Oded Ben-Joseph, and Ellen Baron

There is a unique phenomenon being realized in immuno-oncology deal-making compared with other segments in the life sciences sector – an apparent uncoupling between risk and return on invested capital, as early assets provide similar liquidity to more mature assets.

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Unicorn transactions have emerged in the IO sector • Source: Shutterstock

The biopharma IPO window is rewarding investors with rapid valuation step-ups and a shortened trajectory to an exit (some companies have gone public two to three years post-Series A). This path to liquidity is translating into renewed excitement by limited partners who are eager to keep the investment cycle going by supporting larger venture financings at a faster pace. At the halfway point of 2018, the US venture capital market continues to see the crystallization of a new normal where capital is concentrated into fewer, larger deals.

At the same time, the improved access to the IPO market, particularly for immuno-oncology (IO) companies, has been a welcome trend. This, coupled with healthy M&A activity, results in a...

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