Cell therapy Innovation: CAR T
bethsabee gresse
Our guest
Autolus
BioNTech
Cellectis
Evotec
Galapagos
Date: Nov 14th from 2:00pm - 5:30 pm CET
Join our analysts on fireside chats about the present and future of CAR T therapies in oncology. These conversations are a unique opportunity to get a comprehensive update and learn more from the European companies leading innovation in the field.
Hidden value in consumer healthcare
The consumer healthcare market has reached an inflection point, with abounding opportunities for global players to emerge in a highly fragmented market.
Bryan Garnier’s latest White Paper “Hidden Value in Consumer Healthcare” showcases trends in this rapidly evolving market. Opportunities for investors emerge in a still fragmented sector due to increasing consumer demand. The array of recent consumer health and OTC business spin-offs from large pharma companies epitomize the renewed interest in capital allocation towards this growing industry.
Following widespread research in the consumer healthcare space, we identify 5 key success factors based on current trends and key success stories that will mold the next generation of leaders. We expect winners in this sector to be ones that break free from the pharma mindset into a consumer-centric approach. Today’s eco-conscious self-care consumers increasingly desire natural products, while omni-channel strategies for distribution tie-up with Gen Z and millennials’ mindsets. To emerge as a leader, companies furthermore need to think strategically about opportunities for M&A.
Request this whitepaper to see the key success factors that will shape future leaders in this increasingly hot market, which is set to grow to a size of USD 450bn by 2030.
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Opportunities in the fast-growing EV charging market
In the next 10 years, demand for EV charging points is likely to grow by 40% to more than 35 million units in Europe alone.
EV charging plays a crucial role in the transition towards cleaner transportation. Although adoption of EVs is increasing, the lack of charging infrastructure and range anxiety remain a major headwind to the growth of this market, requiring significant investment in the years ahead. European and domestic regulators have implemented different measures to accelerate the transition to e-mobility, notably subsidies and deadlines for the phasing out of internal combustion engines (ICEs). The availability and accessibility of charging infrastructure across private and public spheres is a fundamental pre-requisite.
Following widespread research, including contact with companies across the EV ecosystem this whitepaper focuses on the three main segments of EV charging: original equipment manufacturers (OEMs), charging point operators (CPOs) and e-Mobility service providers (e-MSPs). This paper also identifies what we consider to be the next technological disruptions in the EV charging market: smart charging, data aggregators and next-gen batteries. These innovations will allow new business models to develop, such as vehicle-to-grid (V2G) and vehicle-to-home (V2H) charging.
Download this whitepaper to find out more about this exciting growth sector that is accelerating the adoption of EVs and the shift to cleaner transportation.
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Partner Olivier Beaudouin interviewed by IFR on Bryan Garnier’s leadership in the Energy Transition and Sustainability sector
Partner Olivier Beaudouin interviewed by IFR on Bryan Garnier’s leadership in the Energy Transition and Sustainability sector
International Financing Review (IFR) has written a piece highlighting Bryan Garnier’s leadership in the Energy Transition and Sustainability sector. From insect protein to hydrogen, the piece highlights some of the landmark transactions that Bryan Garnier has advised on and the sector knowledge that our bankers leverage to ensure the best outcome for disruptive sustainability companies and their investors.
Olivier explains the unique financing structures that Bryan Garnier advises on that ensure that companies have the right combination of investors on board so that they can scale up.
The piece highlights Bryan Garnier’s position as the go-to bank for European disruptors and their investors. “We generally act as the lead adviser on transactions as we’ve been in this space for 15 years so we leverage our long-standing and extensive relationships with the strategic and private and public financial ecosystem globally very well, while keeping the agility of an entrepreneurial firm,” Beaudouin said.
Read the full article here:
For more information, please contact Olivier Beaudouin
Olivier Beaudouin
"2021 was a peak year" Interview with Falk Müller-Verse, Managing Partner, Bryan, Garnier & Co.
For the seventh year in a row, big-name growth investors have identified the top 50 list of the fastest-growing venture-backed technology companies in Europe as part of the Tech Tour Growth - all with the potential to become "Unicorns" in the foreseeable future.
Falk Müller-Veerse headed the selection committee - in this interview he talks about the winners, potential Unicorns and the impact of the Ukraine war on IPOs.
Goingpublic: Mr Falk Müller-Verse, Bryan Garnier is the world's leading full-service investment bank for European technology and healthcare companies. What exactly is your mission?
Falk Müller-Verse: Our corporate clients are active in high-growth sectors with partly disruptive business models. We want to help them become global champions by accompanying them through all phases of the life cycle and providing them with access to public and private capital.
In your opinion, was 2021 a good year for investment banks?
Müller-Verse: Yes, 2021 was a record year - for us, as it certainly was for many investment banks. Bryan Garnier alone advised on 35 M&A deals with leading private equity investors and global companies last year, as well as 36 growth financings with a total volume of EUR2.75bn.
With the Tech Tour Growth Award, you honour companies that have the potential for a stock market value of over EUR1bn. Can you give us examples of companies that you have successfully accompanied to the stock exchange?
Müller verses: I hardly know where to start. Biontech is without doubt especially well known in this country. We accompanied the Mainz-based biotech company during its IPO in the USA. More recently at the end of May, we took the hydrogen company Lhyfe to Euronext in Paris - in a very difficult market environment.
Who are the 2022 winners of the Tech Tour Growth Award and what potential do you see in these companies?
Müller-Verse: Of the three winners in the categories Digital, Sustainability and Health, I would like to highlight the two companies in the first two areas: In the context of sustainability, the Dresden-based hydrogen technology provider Sunfire made it to first place. Hydrogen is one of the most important technologies for securing our energy supply in the future. The winner in the digital field was German-Finnish company IQM, which develops the hardware for quantum computers with special tasks. IQM carries the hopes of many industrial groups that would like to push the development of these computers for industrial applications.
How do you see the IPO market in 2022/2023 or what impact do you think the Ukraine war and the still present Covid-19 crisis will have?
Müller-Verse: When share prices of big tech companies collapse, this naturally also affects IPO sentiment and ultimately start-up valuations. We have already seen significant corrections here and will probably continue to see them. In the wake of the Ukraine war, many IPO plans have been officially put on hold for the time being, but there is definitely some movement behind the scenes. In the medium term, however, the outlook remains good, also for IPOs - after all, this is the preferred way of financing growth if entrepreneurs want to retain their independence.
Thank you very much for the interview.
Bryan, Garnier & Co: an independent investment bank dedicated to growth companies
Specialised in growth sectors linked to innovation and new technologies in various business sectors, the independent investment bank Bryan, Garnier & Co has been helping European companies to grow and develop for 25 years. Interview with Greg Revenu, one of the co-founders of the firm.
Can you tell us a little about the business of the independent bank Bryan, Garnier & Co?
Bryan, Garnier & Co is a European investment bank with a unique business model, largely inspired by the American investment banks that have shaped the US technology sectors since the 1980s.
The business model is distinctive in several respects: firstly, it has an international approach organised around specialised industrial sectors; secondly, it has a broad transactional capacity (unlisted fundraising, IPOs in Europe and the US, convertible issues, mergers and acquisitions, research, trading) which guarantees our independence in the advice we provide and leads us to position ourselves across the entire development curve of companies, from start-up to large-cap through all the intermediate stages. Finally, the model stands out for the independence linked to our partnership structure.
Indeed, what sectors does your investment bank operate in?
Our investment bank is present in various technology-related sectors; through it we cover several areas such as health, especially biotechs and medtechs, information technology (from enterprise software to cybersecurity via robotics or space), but also the energy transition and the environment in the broader sense, as well as service activities related to these sectors (“tech-enabled services”).
Bryan, Garnier & Co. also contributes its expertise in ‘NextGen consumers’, whether through e-commerce, new consumer activities, and so-called ‘next generation’ products.
In short, we specialise in sectors related to innovation and new technologies, through which we develop extremely high-level expertise and knowledge.
In which countries does your investment bank operate?
Unlike other players, we have a pan-European focus. After starting out in London, we extended our physical presence to other countries on the continent such as France, Germany, Scandinavia and the US.
However, as I said, we are organised by sector of activity and not by geography, with teams working in all regions according to their sectoral or transactional expertise.
How do you manage to stand out today?
Our bank offers an extremely broad spectrum of transactional tools and know-how. Very often, firms are specialised in a specific type of transaction (fundraising, M&A, capital markets), whereas we want to offer a very broad spectrum of transactions in the different sectors we cover. We could even say that we are agnostic in this respect, having a very strong level of sector specialisation!
We have also chosen not to specialise in terms of size, we work with large clients as well as smaller structures and are committed to the companies that we assist at each new stage of development
More specifically, what do your clients look for when they turn to your investment bank?
Our objective is to identify companies that are growing and developing rapidly, either organically or through acquisitions in Europe, and to support their growth over the long term. We provide companies, their managers and shareholders an ecosystem that enables them to facilitate this development by securing financing for their growth, irrespective of what type, or by assessing transactional or liquidity opportunities. Our research activities enable them to benefit from permanent insights into the dynamics of their markets, as well as to gain visibility in the financial ecosystem.
We make all our transactional capabilities available, as well as one of the largest teams in Europe with over two hundred professionals specialised in the wider technology fields, all from a long-term perspective.
What challenges is Bryan, Garnier & Co facing today?
We are about to celebrate our 25th anniversary in a few months. Within a quarter of a century, the world in which we find ourselves has changed massively.
Today, we are talking about the metaverse, developing vaccines in just two years for a pandemic that, a few decades ago, would have decimated almost half the world’s population. Bryan, Garnier & Co. has been affected by all these changes in the world, but has also been a contributor. The challenge is to remain a contributor to the great changes the world is about to experience.
We are therefore now looking at the new challenges for the world of tomorrow, both in terms of climate issues and technological issues in the broader sense.
Celebrating 25 years of backing disruptors
On Thursday 23 June 2022, Bryan Garnier celebrated its 25th year of backing disruptors with an anniversary event at the Petit Palais in Paris. The event was a celebration of the achievements of team Bryan Garnier, of our clients who have played an essential part in our journey so far and of the innovation across technology and healthcare that we have been backing for the last 25 years.
We were thrilled to welcome our guests and share with them an exlusive NFT, specially commissioned by Bryan Garnier to mark this milestone. In addition, Andrew McAfee, a research scientist at MIT and best-selling author on AI and digital technology delivered the keynote address and we were delighted to invite Bryan Garnier client Matthieu Masselin, CEO of Wandercraft, which manufactures revolutionary exoskeletons allowing patients to walk again, to speak. Mattieu was presented with an award for 2021 Deal of The Year, marking Bryan Garnier’s ongoing commitment to backing companies that are building a better future.
A huge thank you to all of our clients, the Bryan Garnier team and to everyone we have worked with over the last 25 years. We are looking forward to a bright future as we continue to back disruptors, driven by our purpose of investment banking for a better future.
Industry in the digital age: Meeting the structural challenges of the 21st century
The industry of tomorrow is being reshaped by the convergence of Information Technology (IT) and Operational Technology (OT), driving industry automation as part of the shift towards hyperconnected, flexible industrial processes.
In this thematic report, our analysts identify four long-term megatrends that are driving the unprecedented adoption of automation technologies across industry. These include ageing demographics with increasing labor costs, mass customization, disruption of supply chains and pressure for more sustainable industrial processes.
Our analysts highlight players that are set to benefit from these megatrends thanks to their differentiated and best-in class solution. This report covers the following hardware and software stocks, including six newly initiated stocks: HMS, Basler, TKH Group, Schneider Group, Lectra, Aveva, Dassault Systems, ESI, Materialise.
For more information and to benefit from our differentiated insights and find out more about the opportunities driving the industry of tomorrow, please contact:
Thibault Morel
Equity Research I Software and IT
Gregory Ramirez
Equity Research I Software and IT
Paul Charpentier
BG IRIS
AgriTech: Insects as feed
In the next 10 years, the demand for meat and fish is likely to grow by 30% to 1.6bn tonnes per annum and by 70% to 2bn tonnes in the next 30 years.
This is due to both the increasing population and the growing appetite around the world for animal-based protein as a result of the increase in income in developing countries. There are sustainability questions surrounding current animal feed ingredients that limit their potential to feed the growing demand from livestock, poultry and fish farming. In the search for alternatives, insect meal is the forerunner.
Europe is leading the charge on innovation in insect protein. As insect meal becomes more price competitive, we expect it to expand beyond petfood and aquaculture into certain segments of the pig and poultry markets as well. In the EU in particular, regulations are changing to the benefit of the insect protein market. These favourable regulatory changes are accelerating the adoption of insect protein in animal feed.
In this paper we analyse the opportunities and challenges in the insect protein industry, the regulatory changes that are required for insect proteins to reach their full potential and the economics of insect farming. We provide an extensive market outlook and conversations with key opinion leaders within the insect protein industry.
Download this whitepaper to find out more about this exciting growth sector of the economy that is helping to tackle some of the world’s most urgent challenges surrounding food security and sustainability.
For more information, please contact Nikolaas Faes
Nikolaas Faes
Equity Research
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Health Investor publishes ‘The Innovation Driving Investment in Digital Health’ by Romain Ellul
An article on ‘The Innovation Driving Investment in Digital Health’ by Romain Ellul, Managing Director in Bryan Garnier’s Healthcare team has been published in Health Investor.
The healthcare industry is facing increasing challenges, with budgets going down, qualified talent becoming harder to find andwaiting times for patients on the rise. However, the huge pressureon national health systems to improve health outcomes and bringdown costs is driving high levels of innovation within digital health,Romain Ellul, managing director of healthcare at Bryan Garnier &Co, explains.
Historically, Europe has lagged the US in terms of healthcare digitalisation. In 2021, 73% of hospitals in the US were digitalised versus just 19% in Germany for example. This has prompted efforts by European governments to implement modernisation plans, which is boosting investment interest in digital health in Europe. In addition, the pandemic was a catalyst for the digitalisation of healthcare. Healthcare delivery was completely disrupted by the pandemic, resulting in new models of care such as digital and home care being tested,which proved to be more accessible, flexible, agile and efficient. As a result, investment in digital health skyrocketed, both during Covid-19 and in the period that has followed. Private equity and venture capital funds raised record amounts of capital and increased their exposure to healthcare and digital health. They continue to aggressively seek opportunities in the sector. In addition, healthcare special purpose acquisition companies (SPACs) have been on the rise, with record levels of capital available to invest in the sector. M&A activity in healthcare has also soared, at record valuation levels. But where is capital flowing? What are the hot areas of healthcare innovation that are attracting investment interest?
• AI to support, enhance or replace human diagnostics
• Telehealth to improve accessibility and breakdown the geographical barriers
to accessing healthcare experts
• Advanced medical imaging to capture higher resolution patient data and
improve diagnostics
• Digital therapeutics to enhance and support drug and traditional therapies.
Reality check
There is still a lot of interest in healthcare and digital health in particular is one of
the most innovative subsectors that continues to experience investment interest.
However, the hype has died down and markets have slowed down. A lot of money has poured into the sector and now investors are waiting to see the results.
In Q1 of this year, we have seen:
• Digital health funding decrease by 36% when compared to Q4 of 2021.
• Mega-round funding decrease by more than half, as investors backed fewer
$100 million+ deals in digital health startups quarter on quarter.
• A significant drop in digital health IPOs.
In addition, public digital health companies have seen their valuations fall. For example, Teladoc is now worth $4.6bn after falling 77% in a year; Babylon Health dropped by 88% over 52 weeks to a value of half a billion dollars and Pear Therapeutics’ value decreased by 63% in a year. There are always ups and downs in innovative industries, especially in such extraordinary times, and, in this case, it is possible that the hype surrounding digital health led to investors overreacting, which can help to explain both the very high valuations and the significant falls.
Now, investors and strategics are being pickier with assets and looking for specific solutions that add-value. Investors want quality digital health technologies that can deliver clinical results, cut through rigorous regulation and have the ability to scale.
The regulatory tailwinds driving the growth of digital therapies An area of digital health which is gaining traction as investors search for quality assets is digital therapeutics. Since the FDA in the US first approved the prescription of a digital therapy in 2017, tens of therapies have followed.
In Europe, access to quality care is heavily restricted by geographical location, which results in only 25% of patients receiving the mental health support they need. In addition, there is an average waiting time of 5 months for access to mental health therapy in Europe, demonstrating the shortage of available support. Digital therapies can help to overcome these hurdles and also offer a non-drug alternative, which 75% of patients have indicated they prefer. The impact of the pandemic on mental health globally created an even greater need for these solutions. We expect that many more products will come onstream with substantial financing and investor support, especially given the regulatory tailwinds coming from European governments as they attempt to increase the adoption of digital
therapeutics.
In November 2019, Germany passed the Digitales Versorgungs Gesetz (DVG), a law to improve healthcare delivery through innovation and digitalisation. The scheme, known as DiGA (Digital Health Applications), allows patients to be fully reimbursed by their insurance provider when they are prescribed digital therapies. This regulatory change in Germany increases the legitimacy of digital therapies in the minds of patients and practitioners. From an investor’s perspective, it deals with the previously tricky question of who would pay for these therapies.
In Germany, the market size for DiGA is expected to reach €125 million in 2022. France has also announced it intends to replicate a DiGA-like framework to enable rapid access to digital therapeutics, the new rules are expected to come into force in July this year. In May 2022, NICE (National Institute for Health and Care Excellence) in the UK made a groundbreaking move by approving the prescription of an app called Sleepio for insomniacs, bolstering investment in digital health.
A phygital approach
Despite the growth of digital health and its endorsement by governments, we are seeing more and more digital companies either signing partnerships or investing in some kind of physical presence or direct human interaction as well. In addition, historical bricks and mortar healthcare players, such as hospitals and clinics are investing in digital solutions, in order to combine the best of both worlds.
On their own, digital health solutions may not be enough. In the US, recent legal issues surrounding the delivery of abortions as a result of telehealth consultations highlight the constraints of a purely digital approach. Similarly, an online mental health service is under investigation by the US Department of Justice in relation to its advertisement and prescription of controlled substances including Adderall and Xanax.
We believe the answer lies in a phygital system: a combination of both physical / human and digital. We are increasingly seeing the physical and digital worlds coming together, for example the use of innovations such as the parallel use of sensors and digital applications, biopsies and AI, and robotics implants and digital applications. Remote patient monitoring is also a good illustration of the physical and digital worlds coming together.
The healthcare sector has traditionally been averse to digitalisation. However, considering the growing demand for healthcare services that are efficient and cost – effective, integrating digital solutions will definitively lower the cost of care and improve access to healthcare. For a phygital approach to work efficiently, practitioners, patients, governments, payors and pharmaceutical actors will have to familiarise themselves with digital health solutions to find the best value chain anddivision of labour between physical and digital.
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About the author
Romain Ellul is the managing director of healthcare at Bryan Garnier & Co
Date published: May 31, 2022
For more information, please contact Romain Ellul
Romain Ellul
Investment Banking