Healthcare focus: the return of IPOs and M&As with Vincent Meunier, Healthcare Investment Banking Managing Director at Bryan Garnier
In a recent segment of Smart Bourse, we took a deep dive into the current state of capital transactions, IPOs, and M&A activity in the European healthcare sector.
Vincent Meunier, Healthcare Investment Banking Managing Director, shared valuable insights during the discussion and remained optimistic about a revival. Vincent emphasised the importance of IPOs, M&As and aftermarket performance as key indicators of market sentiment.
Upcoming biotech IPOs
Vincent sees particular investor interest in oncology and rare diseases, as well as significant investments in radiopharmaceuticals.
A renewed interest in M&A Activity
Vincent sees particular interest in oncology and rare diseases, as well as significant investments in radiopharmaceuticals.
“Over the last few months, there is a renewed interest in M&A for precisely these types of companies. In the field of oncology, we have seen a massive wave of investment with almost 10 billion dollars spent. Players on both sides of the Atlantic: Bristol Myers Squibb, Lilly, and in Europe, Novartis and AstraZeneca.”
The ambitions of AstraZeneca
AstraZeneca has spent nearly $5 billion on biotech M&A over the last six months, indicating a strategic focus on high-value areas like oncology and autoimmune diseases. This activity aligns with CEO Pascal Soriot’s ambitious revenue goal of $80 billion by 2030.
Future outlooks for the healthcare sector
Vincent ends with a cautiously optimistic outlook for the healthcare sector, with signs of recovery and strategic shifts towards long-term management, better funding, and strengthened companies ready for public markets.
He mentions AstraZeneca’s acquisition of biotech Amolyt Pharma as a success story, which in turn had a positive effect on their share price.
“Today, the situation has indeed changed for the better. In other words, a company in biotech or MedTech can find more funding, greater funding, and for longer periods, and therefore be strengthened in terms of management, governance, and capitalisation. By the time it goes public, the company is ready.”
As a full-service investment bank, Bryan Garnier is uniquely positioned to share insights on both IPO and M&A dynamics and provide tailored strategic advisory services to European growth companies.
Watch the full video with English subtitles here:
Advice to your 21-year-old self
We had the opportunity to sit down with investors and company leaders at Tech Tour Growth 50 to answer the following question: “What advice would you give to your 21-year-old self?”
“Reach out to mentors more.”
Jennifer Webb, Investment Director at Swisscom Ventures
As professionals, we have all encountered pivotal moments and faced important decisions both professionally and personally. Looking back, we often wish we could impart wisdom to our younger selves with advice that could have smoothed our journey or inspired us to take bolder steps.
“Try your best and go ahead.”
Vincent Gregoir, Co-Founder & Principal at Junction Growth Investors
Join us as explore the diverse perspectives and valuable lessons learned by various investors and company leaders. From navigating career paths to fostering personal growth, each piece of advice should offer invaluable insights that resonate with professionals at all stages of their journey.
“Be an entrepreneur right away.”
Julien Hodara, CEO & Co-Founder at Libon
Bryan Garnier is committed to fostering an entrepreneurial spirit that promotes personal and professional growth at every level.
Our clients are a source of inspiration, which means that every employee has an entrepreneurial approach to their work. Our bankers leave no stone unturned and seek the best growth strategies for our clients by providing expert advisory services. Whether it is choosing between private and public capital, which exchange to list on, managing dual tracks and alternative processes, we focus on achieving growth through our full-service offering.
The companies featured in this video:
Swisscom Ventures is the corporate venture capital arm of Swisscom, that specializes in early-stage tech investments.
Enginzyme is a technology platform for chemical production whose ambition is to play a key role in climate change.
Libon is a premium super-app that allows users to access a multitude of services to stay connected and provide for their families.
DWF is a leading global provider of integrated legal and business services.
EfficientIP is a network security and automation company, specializing in DNS-DHCP-IPAM (DDI).
Amadeus Capital Partners is a venture capital firm that invests in European high-technology companies.
Junction Growth Investors is a long-term, sustainable investment fund (art 9, SFDR) focused on non-listed European SMEs and scale-ups that play a crucial role in the energy transition.
Advice to entrepreneurs
We had the opportunity to sit down with investors and company leaders at Tech Tour Growth 50 to give their advice to entrepreneurs.
Embarking on an entrepreneurial journey can be likened to planting a seed and nurturing it into a thriving tree – a journey of growth and evolution. While the allure of overnight success may be tempting, it’s crucial to recognise that true success often comes perseverance, resilience, and commitment to a vision.
The path to success is rarely linear; it’s filled with twists, turns, and unforeseen obstacles. Therefore, it’s essential to cultivate a mindset of resilience and adaptability, seeing challenges as growth opportunities and failures as valuable lessons.
“Go and get some fundamental understanding of the real world… not just understanding surface topics, but how the world functions.”
Jussi Palola, CEO at Virta
Continuous learning and self-improvement are indispensable for entrepreneurs. The landscape of business is ever-changing, and staying ahead requires a commitment to ongoing education and skill development. It’s important to remain open to new perspectives to navigate entrepreneurial complexities effectively.
Entrepreneurship transcends commitment to a vision; it’s about continuously refining and adapting that vision as you learn and grow. Be open to feedback, iterate on your ideas, and be willing to pivot when necessary. The ability to evolve and innovate is what sets successful entrepreneurs apart.
“Major on content and develop really deep relationships.”
Anne Glover, CEO at Amadeus Capital Partners
Entrepreneurship is not a solitary endeavour. Surround yourself with a supportive network of mentors, advisors, and fellow entrepreneurs who can offer guidance, encouragement, and invaluable insights. Collaboration and community are powerful catalysts for success in the entrepreneurial journey.
Ultimately, entrepreneurs should embrace the growth journey wholeheartedly. Success may not happen overnight, but with resilience, continuous learning, a clear sense of purpose, and a willingness to adapt and collaborate, a path to entrepreneurial success can be carved out.
“Take others’ glasses… put yourself in the shoes of the other.”
Julien Hodara, CEO & Co-Founder at Libon
Bryan Garnier is committed to fostering an entrepreneurial spirit that promotes personal and professional growth at every level.
Our clients are a source of inspiration, which means that every employee has an entrepreneurial approach to their work. Our bankers leave no stone unturned and seek the best growth strategies for our clients by providing expert advisory services. Whether it is choosing between private and public capital, which exchange to list on, managing dual tracks and alternative processes, we focus on achieving growth through our full-service offering.
The companies featured in this video:
Junction Growth Investors is a long-term, sustainable investment fund (art 9, SFDR) focused on non-listed European SMEs and scale-ups that play a crucial role in the energy transition.
Amadeus Capital Partners is a venture capital firm that invests in European high-technology companies.
Enginzyme is a technology platform for chemical production whose ambition is to play a key role in climate change.
Virta provides leading-edge smart charging services for EV drivers and companies alike.
Libon is a premium super-app that allows users to access a multitude of services to stay connected and provide for their families.
EfficientIP is a network security and automation company, specializing in DNS-DHCP-IPAM (DDI).
Bryan Garnier announces push in European direct secondaries for private companies
PARIS, 30 April 2024: Bryan, Garnier & Co, the leading investment bank for European growth companies, is reinforcing its Private Capital capacity with a new team dedicated to providing European growth companies with a broader range of liquidity solutions for their shareholders.
VC exit activity has reached its lowest point in a decade with industry-wide cash distributions hitting a 14-year low and fundraising activity tapering off to pre-pandemic levels. Growth companies which remain private for longer must explore alternative liquidity strategies for their shareholders.
Venture Capital secondary allocations have expanded drastically over the last decade in the United States with an increasing number of investors deploying dedicated strategies on direct secondary transactions. Bryan Garnier research estimates that the total global direct secondary transaction market grew in the US from an estimated $7.3bn in 2013 to $26.5bn in 2023, while the European market has only just begun accelerating and currently stands at $7.5bn.
Today, there are more than five hundred European growth companies founded after 2010 that are valued at or above $500m. With IPO markets in a holding pattern, early shareholders’ need for liquidity in Europe is growing rapidly, and very few service providers are filling this gap. Assuming a similar growth pattern to the US over the past decade, Bryan Garnier’s research estimates the European market will expand to $27.6bn by 2033.
“Direct secondaries represent an efficient liquidity solution for shareholders and are the best method for growth companies to align their shareholding structures with their long-term strategies,” says Greg Revenu, Managing Partner of Bryan Garnier. “With private companies staying private longer, providing controlled liquidity solutions to shareholders has become an imperative. If well managed, this becomes a strategic opportunity for the companies to optimally manage their shareholder structure. Consistent with our longstanding positioning in the private capital markets, we intend to play a major role in the development of direct secondaries in Europe.”
To best address this ever-evolving need, Bryan Garnier – which boasts a leading European private capital raising practice as well as one of the most active ECM operations for European growth companies across European and US equity markets – is announcing the deployment of a dedicated direct secondary effort within its Private Capital Markets group.
David Laroque and Pierre Leroy, who founded the boutique NotSoLiquid in 2021, will head the market-leading secondary team, unlocking a powerful and complementary service offering for clients. Over the past years the Bryan Garnier team has advised on more than $400m in secondaries for shareholders and employees in notable growth and pre-IPO companies such as Revolut, Stripe, Algolia, Payfit, Ledger, Indy, Klarna, Spotify and Lyft amongst others.
“Bryan Garnier’s corporate advisory and trading platform, alongside the IRIS research department covering both private and publicly listed stocks, amplifies our investor reach and deepens our industry knowledge and capacity. This strategic synergy will empower us to provide expert guidance – all of which will push our capabilities to the next level” says David Laroque, co-head of Secondaries.
The team has been a significant provider of distinctive direct secondary European deal flow to prominent institutional investors worldwide such as Tiger Global, Permira, Hambro Perks, and Revaia. According to Pierre Leroy, co-head of Secondaries, “While the assets under management (AUM) of investors engaged in direct secondary strategies have experienced recent growth, global asset managers, institutional investors (including pension funds and crossover funds), family offices and corporates have demonstrated an increasing interest in the venture capital asset class. Participating in the direct secondary market allows them to gain exposure to established growth companies with proven track records and strong growth trajectories while providing the companies with an attractive new investor base.”
For Julien Polenne, Head of Bryan Garnier’s Private Capital Markets team, direct secondaries in Europe have reached a key turning point: “Until recently, secondary transactions in Europe were rarely contemplated without a primary component. However, the paradigm has shifted. With public markets projected to pick back up in the coming years, direct secondaries are a unique opportunity for growth companies to prepare their cap table for an optimal IPO. Reducing the post-lockup selling pressure from historical shareholders will enable public equity investors to secure cornerstone positions in growth companies ahead of a public listing.”
Greg Revenu
Investment Banking
Julien Polenne
Private Capital Markets
David Laroque
Private Capital Markets
Pierre Leroy
Private Capital Markets
Ramsey Daunch
Private Capital Markets
Focus Money interview with Paul de Mestier, Partner and Raphael Bidaut, Managing Director in Bryan Garnier's Healthcare Investment Banking team
Julia Gross recently penned an article in Focus Money shedding light on the USA’s reluctance to do business with pharmaceutical manufacturers from China, and the considerable market consequences for contract manufacturers. In this summary, we capture key points from the interview and provide a link to the full article in German.
Since the onset of the COVID-19 pandemic, the article highlights the reliance on Chinese suppliers. As a result, there have been initiatives in the US and plans in the EU to bring drug production back home, framed as protecting vital industries akin to the tech sector.
This shift has caused unease among Contract Development and Manufacturing Organisations (CDMO) and Contract Research Organisations (CRO), which typically handle significant portions of production, research, and development for pharmaceutical and biotech companies in the Asia-Pacific region.
This would severely restrict the opportunities for healthcare companies to work with Chinese CDMOs, including Wuxi Apptec and Wuxi Biologics. “More half of their turnover comes from US customers,” states Paul de Mestier.
What lies ahead for the future of CDMOs and CROs?
“Pharmaceutical and biotech companies want to work with local partners,” states Raphael Bidaut.
The article highlights the challenges in investing in companies that operate in the Contract Development and Manufacturing Organization (CDMO) and Contract Research Organization (CRO) space, but it also sheds light on three promising shares with investment potential.
Paul de Mestier
Investment Banking | Healthcare
Raphael Bidaut
Investment Banking | Healthcare
Cracking Profitability in New Mobility Event
Bryan Garnier was pleased to host an exclusive mobility-focused event in partnership with Zag Daily in Mayfair, London on 18th April 2024.
The event aimed to address a central question: how to crack profitability in new mobility. In an era where numerous new mobility companies face financial challenges, including prominent names such as VanMoof, CAKE, Superpedestrian, Cityscoot, and Bird, the discussion on profitability resonated deeply.
Bryan Garnier and Zag Daily align in their shared mindset and network, both united by their dedication to driving forward the narrative of sustainable mobility innovation and growth.
Florent Roulet, Partner and Head of Mobility at Bryan Garnier, highlighted the urgency of the profitability conversation in a recent interview with Zag Daily. “Profitability is the topic that every investor is talking about…” he emphasised. “I just want to squash this narrative as there are actually some brilliant business models – look at Beryl or Vapaus.”
The discussion delved into the nuances of profitability, attractive business models, and the setbacks associated with hardware investment in the new mobility sector.
Ben Hubbard from Zag Daily provided an introduction, followed by a keynote from Florent Roulet, setting the stage for the expert panel discussion on the following three topics:
What does being profitable actually mean, and what metrics are investors really looking for?
The discussion began around various aspects of profitability within the mobility sector. The significance of sustainable positive CM2 profit and organic growth was underscored, as well as EBITDA, net profit, and cash generation, with particular attention paid to challenges encountered by asset-based businesses. Financial self-sustainability and the evolving landscape of micromobility were also emphasised, pushing for a collaboration between investors and companies. Profitability on a global scale was deemed vital along with aggressive expansion strategies, and the evolving expectations around profitability from both boards and investors calls for adaptation to meet these changing demands.
What is deemed an attractive business model?
The success of B2G shared mobility was highlighted with a focus on long-term contracts and differentiated growth strategies. Another strategy that was highlighted was transitioning from online to offline partnerships for profitability. Overall, there was an emphasis on the importance of increasing ride volume, healthy fulfilment, and efficiency for profitability, not forgetting to advocate for long-term partnerships. The audience were urged to pick their battles in terms of expansion – either by product range, vertical integration or by geography.
Why has hardware become such a ‘Hard Sell’ to investors?
Hardware-based businesses are facing many challenges, so it is important to focus on the distribution model. UK-specific funding challenges were also considered a setback, despite advancements in hardware technology and improvements in repair rates. While hardware has slim margins and long lead times, the overarching conclusion was a sense of confidence in the industry’s maturation. The main takeaway was to be transparent with investors by really selling what the business has to offer along with the main challenges that could be faced.
A big thank you to our expert panel for providing their multifaceted insights:
Shelley Hutchinson, Chief Finance Officer, Beryl
Adam Norris, CEO & Founder, Pure Electric
Agustin Guilisasti, CEO & Founder, Forest
Lukas Neckermann, Co-founder, InterMobility
Stella Penso, Mobility Advisor
Regina Akhmadinurova's story: Vice President Tech/Software Investment Banking
Regina Akhmadinurova
Investment Banking
We sat down with Regina, Vice President Tech/Software Investment Banking in our Paris office to discuss her five years at Bryan, Garnier & Co.
You’ve been at Bryan, Garnier & Co for the last five years. How have your roles and responsibilities evolved, and how has this contributed to your personal and professional growth?
Regina: As a junior, my focus was primarily on production, and as I advanced, my responsibilities shifted towards project and client management, investor interactions, and managing the production. There was a real evolution and growth in various aspects of my role.
What do you appreciate most about working at Bryan Garnier?
The fact that from early on I had an opportunity to work on various types of transactions from Private Placement to PIPE to LBO, as well as our deep sector expertise in Tech and in particular Software among other subsectors. This enabled me to accelerate my learning curve and help me build the foundation I have today.
How do you compare Bryan Garnier to other banks based on what you hear from your peers?
One aspect I particularly appreciate here is the company culture. Everyone is treated with equal respect as human beings regardless of their position, which aligns closely with my personal philosophy. Other factors such as opportunities for career growth and early exposure to quality deals are important to me. I believe Bryan Garnier differentiates itself in each of these aspects.
“One aspect I particularly appreciate here is the company culture. Everyone is treated with equal respect as human beings regardless of their position.”
What are some of the fundamental skills or personal qualities that you need to deal with challenges that come up in your line of work?
For me, the most important one is intelligence: how fast you comprehend concepts, the depth of your understanding, your ability to see the bigger picture, and your analytical skills. It’s also about understanding people and why they behave in certain ways. Investment banking is a “people job” as much as it is a technical job, so these qualities are essential.
What advice would you give to women looking to start a career in investment banking?
I believe the mindset required for success in this career is universal, applicable to both men and women. Personally, I don’t differentiate between genders in terms of mindset. If someone underestimates or overestimates you based on your gender, focus on showcasing your skills, expertise, and competence in your role. Confidence in your abilities can help counteract any biases.
“If someone underestimates or overestimates you based on your gender, focus on showcasing your skills, expertise, and competence in your role.”
Reviving European IPOs in 2024 with Pierre Kiecolt-Wahl, Partner and Co-Head of Equity Capital Markets at Bryan Garnier
In a recent segment of Smart Bourse, the discussion turned to the resurgence of Initial Public Offerings (IPOs) in Europe, shedding light on the current landscape and future prospects.
Pierre Kiecolt-Wahl, Partner, Managing Director, and Co-Head of Equity Capital Markets at Bryan Garnier, shared valuable insights during the discussion, emphasising the importance of cautiously approaching IPOs, especially in Europe, where conservatism prevails initially. Pierre delved into the evolving dynamics of IPOs in Europe, highlighting the need for adaptability, realism, and collaboration to navigate the complexities of the market.
Key topics in the interview include:
- IPO markets in Europe vs the United States
- The recipe for successful IPO
- Upcoming opportunities in 2025, particularly in France
- New AMF regulation and its implications
At Bryan Garnier, we help companies to navigate complex financial landscapes by providing a range of services, including mergers and acquisitions facilitation, capital raising such as IPOs and private placements, industry-specific expertise and strategic financial advisory services. Specializing in market insights, risk management, and equity research, Bryan Garnier assists clients in making informed decisions, optimizing their capital structures, and addressing industry-specific challenges.
Watch the full video with English subtitles here:
What is a growth mindset?
We had the opportunity to sit down with entrepreneurs and investors at Tech Tour Growth 50 to discuss this pertinent question: What is a growth mindset?
Coined by psychologist Carol Dweck, a growth mindset represents a significant shift in perspective that has the potential to transform how we tackle challenges, setbacks, and ultimately, achieve success.
At its core, a growth mindset is a belief system that thrives on the notion of continuous improvement and development. It is the understanding that our abilities and intelligence can be cultivated through effort, perseverance, and learning from failures. In contrast, a fixed mindset operates under the assumption that our qualities, be it intelligence, talent, or personality, are static and unchangeable traits.
“Open to new possibilities and willing to do something better.”
Jussi Palola, CEO at Virta
Imagine two individuals faced with a difficult task. One with a growth mindset sees it as an opportunity for growth and learning, while the other with a fixed mindset views it as a test of their inherent abilities. The former embraces challenges, persists in the face of obstacles, and sees failures as valuable lessons to propel them forward. The latter, on the other hand, may avoid challenges to protect their self-image, give up easily when faced with setbacks, and interpret failures as indicators of their limitations.
“Growth mindset is all about opening yourself and thinking that something unrealistic will happen tomorrow.”
Norman Girard, CEO at EfficientIP
Cultivating a growth mindset is not something that happens overnight. It requires self-awareness, intentional effort, and a willingness to challenge deeply ingrained beliefs about intelligence and ability. In today’s dynamic business landscape, the benefits of adopting a growth mindset are far-reaching. Not only does it empower individuals to achieve their goals and reach their full potential, but it also fosters resilience, adaptability, and the opportunity to excel.
“A growth mindset comes from never wanting to stop learning.”
Dhruv Chhatralia, Partner (Corporate), Head of Venture Capital (UK) and Head of India Group at DWF
Bryan Garnier is committed to a growth mindset mentality that promotes personal and professional growth at every level.
Our clients are a source of inspiration, which means that every employee has an entrepreneurial approach to their work. Our bankers leave no stone unturned and seek the best growth strategies for our clients by providing expert advisory services. Whether it is choosing between private and public capital, which exchange to list on, managing dual tracks and alternative processes, we focus on achieving growth through our full-service offering.
The companies featured in this video:
Virta provides leading-edge smart charging services for EV drivers and companies alike.
EfficientIP is a network security and automation company, specializing in DNS-DHCP-IPAM (DDI).
Amadeus Capital Partners is a venture capital firm that invests in European high-technology companies.
Swisscom Ventures is the corporate venture capital arm of Swisscom, that specializes in early-stage tech investments.
Junction Growth Investors is a long-term, sustainable investment fund (art 9, SFDR) focused on non-listed European SMEs and scale-ups that play a crucial role in the energy transition.
DWF is a leading global provider of integrated legal and business services.
Tech Tour Growth50 Highlights Video
Bryan Garnier was pleased to sponsor Tech Tour’s 18th edition of Tech Tour Growth50 held in Paris on 8th February 2024.
The event showcased 50 of Europe’s most promising tech companies in digital, health and sustainability, ensuring their success and impact in the industry. These companies were carefully selected as Europe’s future unicorns with a selection panel of over 90 of the most active VC and growth, highlighting the European tech companies with the biggest growth potential. Among them, 1 award winner in each category was selected during the event.
Congratulations to the winning companies for showing the best growth, investment and unicorn potential!
SiPearl
Designer of microprocessors for European exascale supercomputers, with focus on HPC, AI, medical research, and energy management
DNA Script
Transforming how molecular biology translates to human health, personalized medicine, and synthetic biology
Carbon Clean
An established global leader in industrial carbon capture solutions helping essential, but hard-to-abate, industries decarbonise