Etude 2012-VInteractive FranceBiotech | Tech Start Ups | Venture Capital

11th Edition

Panorama of the French Life Sciences Industry c 2012

Editorial

André Choulika
President of France Biotech, Chairman and CEO of Cellectis

he Life Sciences sector has today become a market reality, representing a reservoir of innovation and growth. Indeed, it is difficult to fully envision the scope of impact that the Life Sciences will bring to our lives over the next 20 years. In France, despite the crisis, this industry has progressed significantly over the past 15 years and has reached a stage of maturity that is reflected in the results of our study. France Biotech has been at the forefront of this emergence of Life Sciences in France, supporting the growth of an industry that includes biotech, medtech and cleantech companies. By way of our many constructive proposals and recommendations delivered to the government, we have helped generate a dynamic sector in which research and development are the driving forces of economic growth and, as a consequence, of exports.

T

large pharmaceutical company in many measures, with the additional capacity for developing disruptive technologies and taking risks. The narrow prism through which our public authorities and industry leaders see our young innovative companies taints the development of our leaders of tomorrow. Small and mid-size enterprises (PMEs) are still only seen as a supplier or sub-contractor for a large group. It is time to recognize the huge potential that resides in our small innovative companies. It is time to put in place the necessary legislative measures to further encourage their growth. Jobs, exports and economic growth will follow and the benefit will be collective.

Finally, I would strongly warn our leaders of the danger posed by France’s tendency to clip successful programs and sprinkle populist measures into legislature. Such actions risk immobilizing the The Life Sciences industry in economy and can induce deFrance distinguishes itself by cline. We need a political will a dynamic financial market that is focused on supporting that invests in, analyzes and our pioneering young compasupports its sustainable de- nies and protecting them in velopment. The many young the international arena. companies that make up this André Choulika sector combine to match a

Methodology
Part of the analysis presented in this study is based on data collected from French Life Sciences companies via a secure online survey platform. In order to take part in the survey, a company must meet the following three criteria: l Be active in the Life Sciences industry in France l Allocate at least 15% of total expenses to Research and Development l Have less than 250 employees While the Life Sciences sector in France has for many years been dominated by « Petite et Moyenne Entreprises », this year saw the inclusion of three companies that recently graduated from « Petite et Moyenne Entreprises » status to « Entreprises de Taille Intermédiaire » status. The threshold of R&D investment remains at 15% of total expenses, the same level required to gain eligibility for the Young Innovative Enterprise (JEI) status in France. Similar to the 2011 iteration, this year’s survey placed an added emphasis on the incorporation of a representative sample of Medtech and Cleantech companies. The results of the survey have been published in aggregate in order to respect the confidentiality of respondents. The conventional definition of Biotechnology adopted by the OECD is “The application of science and technology to living organisms, as well as parts, products and models thereof, to alter living or non-living materials for the production of knowledge, goods and services.” 192 companies declaring activities in the Life Sciences participated in the electronic survey administered via Sphinx software from February 14 to April 15 2013. Responses from 186 companies were retained for analysis and inclusion in the Panorama. Financial data and information regarding public policy programs were compiled by France Biotech staff members using public resources and third-party databases.

Table of Contents
INTRODUCTION History of the French Life Sciences Industry Key Figures for 2012 Geographical Distribution FRANCE: BIOTECH AND MEDTECH ACTIVITY Company Size and Employee Education Company Age, Origin and Domain of Activity Company Creations and Liquidations Expert testimony: Philippe Pouletty, MD Partnerships and Clients Expert testimony: Philippe Goupit Patents Expert testimony: Maïlys Ferrere Products FRANCE: FINANCING INNOVATION Global Perspective of Sector Funding Use of Public Markets Expert testimony: Rafaèle Tordjman, MD Venture Capital Government Support Expert testimony: Paul-François Fournier INTERNATIONAL PERSPECTIVES Life Sciences Companies on the NYSE Euronext/Alternext NYSE NEXT Biotech Index Expert testimony: Cédric Moreau Comparison of VC Financing in European Life Sciences ANNEX List of Commercialized Products and Public Companies List of 186 companies participating in the study Exhibit Index About France Biotech and the Panorama Study

06 08 09

10 11 12 13 14 15 16 17 18

5

20 21 22 23 24 25

28 29 30 31

32 33 34 35

History of the French Life Sciences Industry

Creation of InnoBio, the specialty investment fund for Biotech managed by CDC Entreprises

Creation of the NYSE Euronext NEXT Biotech Index*; Creation of the Strategic Investment Fund (FSI); Creation of the Strategic Industrial Innovation (ISI) fund at OSEO* Passing of the TEPA Law*(August 2007)

2009

2008
Creation of the « Agence Nationale de la Recherche » (ANR)*; Creation of OSEO; Creation of the Competitivity BioClusters Creation of the Young Innovative Company (JEI) designation*

2007 2006

2005
6 Passing of the Innovation Law (July 1999), leading to the creation of the « Concours National d’Aide à la Création d’Entreprises de Technologies Innovantes »

2004 2002 1999

1998
Creation of the « Nouveau Marché » stock exchange for start-up companies

Genset (FR) purchased by Serono (CH)

1997 1996

IPO: Nicox (November)

Creation of the Research Tax Credit (CIR)

IPO: Cerep (February); Transgene (March); Stallergenes (July) Founding of France Biotech

1994 1989 1983

IPO: Flamel Technologies (June)

1979 1977
Founding of Transgene
80 82

Founding of LFB

Founding of Genset

84

19

19

19

*recommended by France Biotech

19

19

19

Founding of Cayla

77

87

89

Year

Creation of bpifrance, the French public bank of investment

2013

2012
AMM issued to BioAlliance Pharma for Sitavig® IPO: Spineway (February); Spineguard (April); Erytech (April) January 2011 : Drastic Reform of the JEI designation

2011

2010

Exonhit (FR) purchases InGen Biosciences (FR) and becomes Diaxonhit; Vivalis (FR) purchases Intercell (AU) and becomes Valneva; Novagali Pharma (FR) is purchased by Santen Pharmaceuticals (JP) IPO: Adocia (February); EOS Imaging (February); Intrasense (February); DBV Technologies (March); Nanobiotix (October); Novacyt (October); Theradiag (December) Sanofi (FR) purchases Genzyme (US); Ipsogen is purchased by Qiagen (NL) and becomes Qiagen Marseille; Cellectis (FR) purchases Cellartis (SE) IPO: Biosynex (March); Median Technologies (May); Global Bioenergies (June); Mauna Kea Technologies (July) Cellectis (FR) purchases CytoPulse Sciences (US) IPO: AB Science (April); Deinove (April); Neovacs (April); Integragen (June); Carmat (July); Stentys (October)

Sanofi (FR) purchases Fovea Pharmaceuticals (FR); AstraZeneca (UK) purchases Novexel (FR) IPO: Quantum Genomics (July) IPO: Ipsogen (June)

IPO: Cellectis (February); Metabolic Explorer (April); Genoway (May); Vivalis (June); Hybrigenics (December) 7 AMM issued to BioAlliance Pharma for Loramyc® IPO: Innate Pharma (March); Genfit (December) IPO: Exonhit (November); BioAlliance Pharma (December)

Number of Companies Founded

Evolution of Life Sciences Company Creation in France

1

91

99

01

03

93

95

97

05

07

09

19

19

20

20

19

19

19

20

20

20

20

11

France: Key Figures for 2012

186
companies studied

33%
of companies are 10+ years old

49
companies created in 2012

4150
total employees (avg of 22 per company)

8

25
commercialized therapeutic products

289
therapeutic products in development

89
diagnostic products in development

19
medical devices in development

36
publicly traded companies

251 M€
in total revenues

298 M€
invested in Research and Development

246 M€
estimated net losses

Geographical Distribution
Nord-Pasde-Calais

5

Picardie
Haute Normandie

2
Ile-de-France Lorraine
Alsace

Basse Normandie Bretagne

3

55

Champagne -Ardenne

2

7

1
Pays de la Loire

7

11

Centre

1

Bourgogne

FrancheComté

3
PoitouCharentes

1

1

Limousin

9 Auvergne Rhône-Alpes

5

5
Aquitaine

35

3
Midi-Pyrénées LanguedocRoussillon

Provence-AlpesCôte d’Azur

13

15

10

>= 45 23 - 45 12 - 23 < 12

Corse

Source: France Biotech May 2013; 186 companies

Ile-de-France continues to have the highest concentration of Life Sciences companies in France, as almost a third of the companies responding to the survey are headquartered in the region. The Rhône-Alpes region retains its position as the second largest center of activity in France. This year’s sample was distinguished by strong Life Sciences representation in the southern regions of PACA, Languedoc-Roussillon and Midi-Pyrénées. Most importantly, a healthy distribution of company implantation across the country is confirmed by the survey respondents. The presence of the BioPole competitivity clusters continues to encourage regional diversity.

FRANCE: BIOTECH AND MEDTECH ACTIVITY
Our analysis shows that companies in the Life Sciences sector remain, for the most part, small structures that originate from academic research and employ highly educated workers. Despite the recently stormy economic environment in Europe, the industry demonstrated its versatility in 2012 by reversing the negative trend of net company creation, while the majority of survey respondents ( 58%) reported a positive outlook and no difficulties posed by structural issues. Activities in this sector are mainly focused on developing therapeutic, diagnostic and medical device products in the domain of human health, but in recent years Cleantech companies have continued to grow in number and size. The pipeline of therapeutic product development remains robust with almost 190 programs in the proof of concept or preclinical phase of development and 32 products in the midst of Phase II trials.

Company Size and Employee Education
Number of employees
4% 2

Level of Education Achieved by Employees

3

10

13% 16% 30%

24% 27%

1 to 5 6 to 10 11 to 30 31 to 99 100+

28% 24%

Masters PhD Bachelor’s Degree High-school

35%

Source: France Biotech May 2013; 186 companies

Source: France Biotech May 2013; 150 companies

Similar to previous Panorama studies, the majority of companies in this year’s panel are small structures. 57% of companies have 10 or fewer employees, while only seven companies have more than 100 employees. Recruitment in this innovative sector is mainly focused on individuals with advanced degrees, as 63% of employees hold either a Masters or PhD level degree. 4150 people in total are employed in this innovative sector, making an average of 22 people per company.

Company Age, Origin and Domain of Activity
Companies by age
4

Origin of the company

5

4% 29%

33%

10+ years 6 to 10 years 0 to 5 years

33% 54%

38% 9%

Academic Research Small Business Start-up Other Spin-off from big company

Source: France Biotech May 2013; 186 companies

Source: France Biotech May 2013; 181 companies

The majority of French Life Sciences companies come out of the Academic sector, followed closely by small business entrepreneurs, while only 4% of the panel originated as a spin-off from a big company. This year’s respondents present a healthy distribution in terms of company age, showing a roughly even split between start-up stage, growth phase and developed companies. The profile of the CEOs in our survey further demonstrates the vitality and resilience of the entrepreneurial spirit in this sector: 41% of CEOs have been the CEO of another company 77% of CEOs are founders of their company 74% of CEOs are scientists by training

11

Domain of Activity
% 40 30 20 14% 10 9% 31%

6

8%

6%

5%

5%

4%

4%

4%

3%

3%

3% Activity

0
Hu m an He An al th im al He al E th & qu Re ipm ag e en nt Co ts sm Ag et riics f oo En d vir Hu on m m an en t / M En er an edic gy d al Eq D ui ev pm ice en s t Ot he In Te form r Pl chn at an o i t P log on y ro du Ag ct riion fo od An Na im no al te ch no log Gr ee y n Bi ot ec h
Source: France Biotech, May 2013; 186 companies

Human Health continues to be the most common domain of corporate activity among this year’s survey respondents. Animal Health and Cosmetics remain focus areas for many companies, while 2012 saw an increase of activity in the domain of Equipment & Reagents. Looking broadly at Cleantech disciplines, a combined 12% of activities are focused on the Environmental/Energy, Plant Production and Green Biotech domains (10% in 2011).

FRANCE: BIOTECH AND MEDTECH ACTIVITY

Company Creations and Liquidations 7

Number 60 43 40 20 38 32 26 24 41 46 49 35

0 -20 -40

2008

-5

2009

2010

2011 -1

2012

Year

Creations Liquidations Net

-9 -20 -25

-14

Source: France Biotech May 2013

12

After struggling to create new companies in 2011, the Life Sciences sector showed its dynamism in 2012 by generating a net creation of 35 companies. This trend coincides with ongoing robust activity in Mergers and Acquisitions and confirms the fundamental strength of innovation in the Life Sciences in France today.

Mergers and Acquisitions 2012 was marked by the announcements in December of two major acquisitions in the French Life Sciences sector. The diagnostics company Exonhit purchased InGen Biosciences (19 M€), creating a new fully integrated leader in the field of in-vitro diagnostics by the name of Diaxonhit. This was followed by the biopharmaceutical company Vivalis’ purchase of Austrian firm Intercell (133 M€), which created a new biotech leader in vaccines and antibodies by the name of Valneva SE. Other M&A activity included the purchase of Eclat Pharmaceuticals by Flamel Technologies, the acquisition of biotechnology firm Prestizia by theranostics company Theradiag and the acquisition of R&D firm Cerep by Eurofins Discovery Services.

Evolution of Key Industrial Indicators
Year
Number of companies in Panorama Employees declared by Panorama respondents IPOs VC Funding (M€) Marketed products Public Companies

2007
103 3 645 5 181 7 17

2008
130 5 399 1 203 13 20

2009
170 3 178 0 101 11 21

2010
211 5 365 7 183 20 21

2011
190 4 229 6 121 22 28

2012
186 4 150 8 138 25 36

Expert testimony

Philippe Pouletty, MD
Co-Founder, CEO and Head of Life Sciences at Truffle Capital Honorary President of France Biotech

We need to launch new projects more quickly

T

he situation is improving but the sector needs to continue to grow, particularly in terms of publicly traded companies. There are three challenges to address: internationalization, the speed of technology transfer and the availability of financing. France lacks experts in all three areas and needs specialists that are capable of measuring the true value of an idea and relating it to the current industry landscape. We need to launch new projects more quickly while remaining patient for them to bear fruit. Financing is the key. Institutional investors are too reluctant right now and the venture capitalists active in the Life Sciences number far too few.

It’s important to have Life Sciences entrepreneurs, but having a stable of partners to accompany them through each phase of financing, from seed to expansion, is also essential. Management errors are as expensive as financial resources are rare; companies need to develop a long term vision from the very beginning. Projects run by a management team with deep expertise in diverse fields and an ability to shrewdly value their intellectual property will have the best chance for success. More than anything the management team needs to be able to credibly respond to this question: in what way are we going to change patients’ lives? Philippe Pouletty

13

FRANCE: BIOTECH AND MEDTECH ACTIVITY

Partnerships and Clients
Distribution of Partnership Types
:$'%1( 10% );+( !"#$%&'( 18% )*+(

8

46% 5&6.%7"&( 8%0%61&'( 94+(

,-./0$12( 26% 34+(

Academic Research Industry Biotech Other

Source: France Biotech May 2013; 107 companies

14

Partnerships and strategic alliances continue to play an important role in the French Life Sciences industry. 58% of this year’s survey respondents reported having one or more partnership in place and over 400 total partnerships were declared. The foundational role played by the French academy in the Life Sciences sector shows up again in this domain, as nearly half (46%) of reported partnerships were constituted with academic research institutes (including CNRS, INSERM, Institut Pasteur, Institut Curie and APHP). These relationships are very international in nature, as nearly a third of partners are non-French organizations. Furthermore, 1 out of every 5 French Life Sciences companies with a partnership has developed an accord with a global ‘Big Pharma’ company (including Sanofi, GlaxoSmithKline, Merck, Novartis, Novo Nordisk, Pfizer, Servier, TEVA, Eli Lilly and Bristol-Myers Squibb), showing that the connections with the pharmaceutical industry remain quite strong.

Distribution of Clients by Industry Sector
% 25 22% 20 15 10 5 19% 14% 9%

9

8% 6% 5% 4% 4% 4% 4% 3% Industry

0
Ph ar m ac In eut Bi dus ical ot t ec r y hn Pu olo bl gy ic Re se ar ch He a Co Fa lth sm ci ca et litie re ic s In du M ed str ica y l De Ag vic rifo es od In du str y En ca re vir on Ch m em en ta ica l lI Fa nd rm us in tr y g/ br ee di ng Ot he He r al th

Source: France Biotech May 2013; 176 companies

The source of revenues for most companies in this year’s Panorama study is similar to recent years, with the Pharmaceutical and Biotechnology industries, as well as Public Research Laboratories, remaining the most frequent customers for French Life Science companies. In fact, 78% of respondents reported at least one Pharmaceutical industry client and 50% reported at least one Public Research Laboratory client.

Expert testimony

Philippe Goupit
Vice President Corporate Licenses, Strategy & Business Development Sanofi

Despite our size, we need partners to confront our viewpoints

T

he conditions that remain untreatable are the most difficult to conquer, but the diversity of intuitive ideas and approaches currently being pursued strengthens our chances to make impactful advances. As a major actor in the research community, Sanofi has a strong interest in placing its development teams in an ecosystem of lively research. Despite our size, we need partners to confront our viewpoints and to help recalibrate our perspective and reflections. It is for this reason that we are in constant contact with Biotech and Medtech companies, both at the entrepreneur and investor level. This is particularly true in France, where half

of our research teams are located. Sanofi offers its industrial knowledge and global market access in partnership situations, and in return we receive an important component of creativity and flexibility from Life Sciences start-up companies. In a partnership, what is most important is to cross paths often and to work together and get to know one another well from the very beginning. To really build something, it is important to first confirm that the partners share the same understanding of project objectives and timeline, which allows the collaborators to effectively benchmark their scientific journey together. Philippe Goupit

15

FRANCE: BIOTECH AND MEDTECH ACTIVITY

Patents
Patents Filed
10

1477

1338

799

Patents Granted

11

445 685

16
264 12

Patents Exploited

234

267

742

France/Europe USA Rest of World
Source: France Biotech May 2013; 130 companies

The intellectual property activities of French Life Science companies continue to be very international in nature, as 40% of exploited patents were granted either by the United States Patent Office or a non-European patent office (Figure 12). Even more telling is the fact that 63% of patent applications were filed with a non-European patent office (Figure 10). Employing 24 people and having been in business for almost 10 years, companies exploiting patents are generally slightly older and larger than the average for all survey respondents (22 employees and 9 years old). This year’s responses regarding patent activity are consistent with historical trends; French Life Sciences companies tend to broaden their intellectual property goals as they develop and operate over a longer period of time.

Expert testimony

Maïlys Ferrere
Director of Investments Fonds Stratégique d’Investissement bpifrance

Our experts are present all over the country working to guide entrepreneurs

B

uilding a robust network of Life Sciences companies is a priority for France. The mechanisms of support for the sector are in place to develop the potential value of ideas generated by French researchers and our mission at bpifrance is to provide a type of lever that will efficiently promote the industrial champions of tomorrow. Direct aid to innovation is what is needed first of all, through subsidies, cash advances and interest-free loans. Then we must maintain the program of tax supports that is in place, specifically the Research Tax Credit (CIR) and the Young Innovative Enterprise (JEI) designation. Finally, we need to bolster the equity investments that accompany entrepreneurs through each stage of their project. The Biotech and Medtech teams at bpifrance manage a complete portfolio

of direct and indirect financing vehicles that support companies at every step of their development, from seed stage to maturity. Our teams and experts are present all over the country working to guide entrepreneurs in their efforts to put a structure around their innovations. Once we have made an investment, a financial advisor and a subject matter expert from bpifrance join the board of directors of the company and begin working to develop long-term value. Even if today bpifrance is invested in only 18 “Petites et Moyennes Entreprises,” we remain attentive to the risk of destabilizing the private investor market. Like our peers in the private sector, who are also often our partners, we favor projects with strong industrial relevance and professional management teams. Maïlys Ferrere

17

FRANCE: BIOTECH AND MEDTECH ACTIVITY

Products
Therapeutic Products by Focus Area
% 30 20 10 29% 13

17% 9% 8%

6%

4%

4%

4%

3%

2%

2%

2%

2%

0
log y In f Ce dis ecti nt ea ou ra se s lN s Sy er vo s u M tem s et Ca abo li rd iov sm a de scu vic lar es Ot he r P de ara s s De easeitic rm s at olo gy de Ge s n Op eas etic es th al m olo Rh gy um at Im olo m gy un e Sy ste In m fla m m at ion
14 89 80 63 60 50 40 23 26 20 55 57 40 29 34 31 21 11 6 8 6 8 8 10 3 4 3 4 27 35 34

Focus Area

Source: France Biotech May 2013; 95 companies

18

The pipeline of therapeutic Life Sciences products under development remains robust in France. As in years past, the dominant therapeutic area of focus remains Oncology (29%). This year saw an increase in products addressing Infectious Diseases (17% vs 8% in 2011), the Central Nervous System (9% vs 7% in 2011) and Metabolism (8% vs 6% in 2011). On average, the 95 companies developing therapeutic products are 9 years old, have 25 employees, maintain 3 partnerships, spend 3.4M€ a year on R&D and exploit 14 patents.

Therapeutic Products by Stage of Development
Number of Products 100

On co

2008

2009

2010

2011

2012

26 20 12 7 Stage of Development

0 Preclinical Phase 1 Phase 2 Phase 3

Registration Commercialization

Source: France Biotech May 2013, data normalized to 100 companies per year

289 total products were declared this year, ranging from the proof of concept stage to commercialization, and 51% (95 of the 186) of companies that responded to the survey reported having a therapeutic product under development. The early, innovative stages of product development remain dynamic in this year’s cohort, where 64% of products were reported to be in the Proof of Concept or Preclinical Research stages. 25% of products are in Phase I, II or III clinical trials and, perhaps most impressively, 25 products are at the commercialization stage, compared with 22 in 2011.

Comparison with French Pharmaceutical Companies
R & D Investment France Biotech IPSEN Sanofi 252 M€ 320 M€ 6,388 M€ # of Phase 1 19 1 54 # of Phase 2 24 8 54 # of Phase 3 6 5 21

Source: France Biotech May 2013; 59 companies; BioCentury

Comparing the R&D investments made by two French Pharmaceutical companies with those of 59 Biotechnology companies from the Panorama survey demonstrates the efficiency of the Life Sciences sector in France. With less Research and Development spending, these dynamic Life Sciences companies in France are able to bring more products into the clinical trial phase than their Pharmaceutical industry peers. The disparities seen in this chart help explain the strong recent growth in the number of newly approved medications that originate from the domain of biotechnology.

Diagnostic Products by Focus Area
% 20 15 10 5 19% 16% 15% 12% 8% 4% 4%

15

19

3%

3%

3%

3%

3% Focus Area

0
Ce On c nt ra olog lN y Sy er vo ste us Im m Sy mu ste ne m Ot In her di fect se io M ase us et ab s oli sm H So os lu pit tio al Ag ns rifo Di od g d es Re evic tive sp es de irato He vic r y m es at olo gy R So ese lu ar tio ch ns
Source: France Biotech May 2013; 40 companies

Other Products 70 companies reported having other, non-therapeutic products under development, such as in vitro or in vivo diagnostics, medical devices and other advanced technologies. On average these companies are 9 years old, have 21 employees, maintain 3 partnerships, invest 1.5M€ in R&D annually and exploit 6 patents. A total of 89 Diagnostic products are being developed by 40 different Life Sciences companies. 19% of these Diagnostics are targeting Oncology, while 16% focus on the Central Nervous System and 15% address the Immune System. Medical Devices companies continue to provide an impressive stable of innovative products. This year saw 9 companies report a total of 19 medical devices under development, with most products focusing on Oncology (26%), Orthopedics (21%) and Cardiovascular (16%).

FRANCE: FINANCING INNOVATION
In recent years, financial support for the Life Sciences sector in France has originated primarily from public sources, be they public stock markets or government programs. IPO activity by Life Sciences companies reached its highest level ever in 2012, with records being broken both in terms of the number of IPOs completed and the total amount raised. Entrepreneurs also continue to depend heavily on the many government programs that support young, innovative companies with activities focused on Research and Development in advanced scientific fields.

Global Perspective of Sector Funding
16

Evolution of Life Sciences Industry Funding (M€)
M€ 500 400

183 80 12 106 169 203 101 183 121 2010 2011 138 2012 74 146 92 35 31 108 Year 2008 2009 2013 YTD

20
300 200 100

Venture Capital IPO Secondary Public Offerings

0

Source: France Biotech May 2013

The total investment made in the French Life Sciences sector in 2012 rose by 27% to 364 M€. Growth was driven by strong demand from the public markets (+59%), as the industry reported eight successful IPOs. Venture Capital funding (+14%) and Secondary Public Offerings (+8%) saw encouraging year-on-year increases as well.

Funding Comparison: January to May (M€)
Year

2012
110

2013 31 108 35 174

Change -72% 140% 30%
-4%

IPO VC
SPO

45 27 182

Total

Source: France Biotech May 2013

Use of Public Markets
A total of 146 M€ was raised from the public markets in 2012, a strong increase both in value (+59%) and in number (+33%) compared with 2011. The largest operations were completed by DBV Technologies (41 M€), EOS Imaging (38 M€) and Adocia (27 M€). As in 2011, there was a predominance of MedTech companies among those filing for IPOs in 2012 (6 of 8 in 2012 vs. 5 of 6 in 2011). The reliance on public investors continues to be a key resource for the Life Sciences sector, as three companies have already conducted IPOs in 2013, raising a combined 31 M€.

Evolution of French Life Sciences IPOs on NYSE Euronext

17

Number of IPOs Amount Raised (M€) 160 120 5 80 3 40 2 37 49 2006 2007 1 12 2008 0 2009 31 2010 2011 2012 2013 YTD 135 106 92 146 3 8 7 6

10 8 6 21 4 2 0 Year

0

2005

Amount Raised
Source: France Biotech May 2013

# of IPOs

FRANCE: FINANCING INNOVATION

Expert testimony

Rafaèle Tordjman, MD
Managing Partner Sofinnova Partners

The sharing of competencies among European regulatory agencies has finally succeeded

W
22

hile the policies of health care reimbursement remain the prerogative of each member state, the European Life Sciences sector has become a reality in just ten years. Entrepreneurial teams are more experienced and international today and they often combine a mix of scientific talent from many different countries. At the same time, investor groups no longer focus their investments exclusively on one country and having a local investor at the table has become less of a necessity. This European convergence is seen in public fiscal policy as well, with examples like the Research Tax Credit passed by the French government inspiring others in Europe to enact similar measures, notably the

United Kingdom and Germany. The sharing of competencies among European regulatory agencies has finally succeeded in providing a transnational perspective and we are beginning to see a European specialty in certain domains of research, such as Medical Devices. The industry is European but so is the crisis ! You have to fight to see your project grow, and that is true everywhere in Europe. Nonetheless, the secret for success is true everywhere: entrepreneurs need to be ambitious and confident and they need to find investors that share their vision. Taking the time to decide how to create and share the value of an idea is vitally important. Rafaèle Tordjman

Venture Capital
Distribution of VC Funding (M€) 18
Amount Raised (M€) 200 41 160 50 120 25 80 113 40 48 67 6 80 10 0 Year 2010 2011 2012 Source: France Biotech May 2013 52 6 30 20 38 40 Number of Operations 50

Biotech Cleantech Medtech # of deals

0

Investments by venture capital funds increased in 2012 to 138 M€, against 121 M€ in 2011. A total of 41 deals were observed, compared with 38 in 2011, while the average amount invested per deal grew from 3,2 M€ in 2011 to 3,5 M€ in 2012. Allocation of investments by funding round was well distributed, with Series B financings leading the way at 49 M€, followed by Series C financings of 34 M€, Series A financings of 26 M€ and Series D financings of 10 M€. This distribution compares favorably with 2011, when over 54% of VC euros were allotted during Series C rounds. Investments in Biotechnology companies led the expansion in funding (+68%) and helped compensate for a drop in Medtech deals (-23%). Two large rounds in 2012 included a 13 M€ Series B financing by Poxell S.A. and a 12,4 M€ Series C financing by TxCell S.A. A very strong start to 2013 has been underway as well, with a 32 M€ Series A financing by GenSight Biologics and a 28 M€ Series D financing by Supersonic Imagine both being announced in April.

23

Corporate Venture Corporate Venture investments made by Pharmaceutical companies play an important role in supporting this innovative sector. Mérieux Development continued to support the development of Lyon-based medtech company Biom’up and Strasbourg-based diagnostics firm BioFilm Control, while Novartis Venture took part in the Series A round of ophthalmic therapeutics company Gensight Biologics and Boehringer Ingelheim Venture Fund recently announced plans to invest in ocular therapeutics firm Eyevensys.

Other forms of financing Seed financing remains a crucial component to the early stages of the business development cycle in the Life Sciences sector. Seed funding by French Business Angels was stable in 2012 in comparison with 2011, amounting to just over 5 M€ during both years. Also in 2012, French Life Sciences companies were among the early adopters of crowdfunding, a new, internet-community-based fundraising concept that has become one of the hottest trends for financing innovation around the world. In October, Toulouse-based biotech company ANTABIO recorded what has been described as the first crowdfunding operation ever completed by a biotech company.

FRANCE: FINANCING INNOVATION

Government Support
CIR The research tax credit (CIR) is a tax reduction designed to encourage the R&D activities of French companies. 81 companies in this year’s study reported taking advantage of the research tax credit for a total benefit of almost 68 M€. 52% of companies drawing on the research tax credit have 1 to 10 employees and 68% have been in operation for less than 10 years, showing that this important program continues to benefit small, young and innovative companies. These 81 companies receiving the research tax credit together account for 19 products in Phase II clinical trials, 6 products in Phase III clinical trials and 16 products entering commercialization.

JEI The “Young Innovative Company” (JEI) status, developed by the Strategic Council for Innovation and supported by France Biotech in 2004, provides a number of tax and social security exemptions for PMEs that allocate at least 15% of their total costs to research and development. 160 companies employing 980 total workers in the ‘Research and Development in Biotechnology’ sector benefited from the JEI status in 2010, according to the 2012 DGCIS report “Évaluation du dispositif JEI.” 50% of companies in this year’s study reported having opted for the JEI status. Furthermore, all 13 of the companies in this year’s cohort that were created in 2011 or 2012 declared having applied for the status. The JEI status remains a crucial support for entrepreneurs in the Life Sciences sector.

24

Young Innovative Enterprise Status (JEI) 19

# of new companies declaring JEI status 20 17 16 12 8 4 2 12 11 11 9

0

2006

2007

2008

2009

2010

2011

2012

Year

Source: France Biotech May 2013

Grants and Research Subsidies Among the 186 respondents to this year’s survey, 138 reported receiving a grant or subsidy to support their activity in 2012. This financial assistance was distributed as follows:
l 52

companies received an investment subsidy; l 64 companies received operating subsidies, totaling 40,5 M€; l 84 companies received a repayable loan, totaling 73 M€; l 39 companies received support from OSEO, totaling 61 M€; l 23 companies received support from the Agence Nationale de Recherche (ANR), totaling 5.5 M€; l 23 companies received support from a European program, totaling 8,3 M€.

Expert testimony

Paul-François Fournier
EVP Innovation Division bpifrance

Life Sciences is one of three major strategic sectors of focus

I

ndustries of the future like Biotechnology and Medical Research, as well as Renewable Energy and High-Tech, will be the priority of bpifrance, while Micro-enterprises (TPE), Small and Medium Enterprises (PME) and Intermediate Size Enterprises (ETI) will be the target structure of the companies that we will seek to support. Life Sciences is one of three major strategic sectors of focus that has historically seen strong support from the organizations that make up bpifrance. The integration of FSI, OSEO and CDC Enterprises allows bpifrance to offer companies a wide diversity of financial support options and gives us the capa-

bility to intervene on both the cash and equity positions of companies to support their development.
25

The structure of the financing chain is a constant concern of the Fund of Funds team. bpifrance will contribute to the launch of new investment teams, provided they are experienced, credible and are focused on subjects that are inadequately or not at all covered by the current market. Indeed we are planning to participate in fundraisings for several new Life Sciences funds this year, as three dossiers are under close examination at the moment. Paul-François Fournier

INTERNATIONAL PERSPECTIVES

Canada
1 2

USA
28 38

26

Finland
2

Brazil Sweden United Kingdom Denmark 2
5 14 1 4 1

France
Portugal
1

Netherlands Poland 1 2 6 Belgium 1 5 Germany 6 9 Switzerland 1 9 Austria 1 Spain
2 3

Italy
3 3

Romania
1

France Japan Israel
3

27

China
5 2

South Korea
1

2

7

Taïwan
1 1

Singapore
2

Australia
1

New Zealand
1

Number of French companies implanted

Number of partnerships by French companies

Source: France Biotech May 2013

INTERNATIONAL PERSPECTIVES

Life Sciences Companies on the NYSE Euronext/Alternext
Life Sciences IPO Fundraising by Country: NYSE Euronext and Alternext 20
Amount Raised (M€) 350 300 250 200 150 100 135 (5) 50 22 (1) 12 (1) 2007 2008 146 (8)
(7) 98 (1) 106

56 (1)

131 (2)

France Belgium Netherlands

92 (6) Year Source: France Biotech May 2013; (n) = number of IPOs

28

0

2009

2010

2011

2012

Life Sciences IPOs in Europe In recent years France has drawn on the resources of the public markets more actively than other Life Sciences sectors in Europe. From 2007 through 2012, there were 27 successful IPOs on the NYSE Euronext or Alternext exchange conducted by French Life Sciences companies that raised a total of 491 M€. Over the same time period, there were six IPOs by British Life Sciences companies on the London Stock Exchange that raised a total of 38 M£, three IPOs by Swiss Life Sciences companies on the SIX Swiss exchange that raised CHF 137 M and two IPOs by German Life Sciences companies on the Deutsche Börse that raised 48 M€.

Market Capitalizations by Country: NYSE Euronext and Alternext Biotechnology and Medical Equipment Companies (M€) 21
37M

3 152M 5 179M

France Belgium Netherlands

Source: Boursorama, 15 May 2013

26 of the 37 European companies traded on the NYSE Euronext and Alternext exchanges with the industry classification of Biotechnology or Medical Equipment are of French nationality, while French companies constitute 62% of these companies total market capitalization.

NYSE NEXT Biotech Index
NEXT Biotech Index
22 1 276,81

762,31

30 décembre 2011 Source: NYSE Euronext May 2013;

31 décembre 2012

According to a January 23, 2013 NYSE Euronext press release, “the biotechnology sector was one of the top performing sectors in 2012 with the Pan-European Next Biotech Index gaining 67.49%.” At the suggestion of France Biotech, the Next Biotech Index was created in 2008 to help draw attention to this innovative sector in Europe. The Next Biotech Index is composed of companies listed on either the Euronext or Alternext markets that have an ICB classification of 4573 (Biotechnology); 16 of the 23 companies that constitute this index are French.

29

Focus on French publicly quoted companies in Life Sciences
In 2012, there were 36 French Life Sciences companies listed on public stock exchanges. Most are listed in Paris on either the NYSE Euronext or Alternext exchanges, while one company, Flamel Technologies, is listed on the US NASDAQ. In 2012, these 36 publicly-listed companies combined to employ 3 663 employees, invest 302 M€ in R&D and generate 583 M€ in revenues (+9% from 2011). The collective market capitalization of these companies on May 15, 2013 was nearly 4,1 B€. Vexim, a MedTech company based near Toulouse working on treatments for traumatic spinal pathologies, won the 2012 NYSE Alternext Prize for the success of its IPO in April and for the strong performance of the stock that ensued. Carmat, an Ile-de-France area company that recently gained approval to conduct human clinical trials of its artificial heart, continues to hold the highest market capitalization (over 525 M€ on May 21, 2013) among the more than 200 total companies listed on the NYSE Alternext stock exchange. Both of these companies were financed by Truffle Capital, which was the most active venture fund supporting French PMEs in 2012 according to the "Indicateur Chausson Finance."

INTERNATIONAL PERSPECTIVES

Expert testimony

Cédric Moreau
Director - Healthcare Bryan Garnier & Co

Globally speaking, France is holding pace in the innovation race

W
30

ith over 30 publicly quoted Life Sciences companies, it is clear that a legitimate network of mature Biotech and Medtech companies exists today in France. The sector has progressed rapidly in France over the last 4 or 5 years, while growth in most other European countries has leveled off. Support from fiscal policy (CIR) has been a strong driver, but so has the high quality of scientific education in this country. Globally speaking, France is holding pace in the innovation race and maintains a real potential for developing disruptive technologies in a variety of fields, such as medical imagery, spinal therapeutics and immunotherapy. The contrast with the United States remains significant in regard to one essential point: critical mass. Publicly traded French Life Sciences companies typically employ 15 to 30

mostly R&D workers and are focused primarily on the development of one flagship product to be promoted by way of a partnership with a larger industrial company. This model has made it somewhat unrealistic for a company to remain independent while growing to the size of an industry leader and the unfavorable economic and regulatory environments have compounded the challenge. To attain critical mass, a strategy of external growth needs to take over and accelerate the development of our most promising projects. In parallel with this, talented individuals with commercial and financial backgrounds need to be ready to accompany these future industry leaders as they grow and mature. Indeed, the events of 2012 in France and Europe showed that a new approach like this can be successful. Cédric Moreau

Comparison of VC Financing in European Life Sciences: 2008-2012
Amount of Funding (M€) 450

23

142

400
63

350
57

333

300
265 115 55 102 44 21 207 191 209 46 85 149

281

250 200 150 100
5 7 100 4 5 61 8 46 5 32 6 2 2 8 55
29

95 137 73 46 43 92 60 21 21 76 53 82 84 2 100 1 9 96 21 77 51 36 2 9 5 29 72 4 25 6 34

34 130 54 98 151 64

52 145

165

8

1 21 55
29

50

5

81 22 8 68 41 30

0

1 41 13 23 351330

54 45 10 38 18

Country Switzerland United Kingdom

Austria

Belgium

Denmark

France

Germany

Netherlands

Spain

Sweden

31

2008

Biopharmaceuticals Medical Devices and Equipment

2009

Biopharmaceuticals Medical Devices and Equipment

2010

Biopharmaceuticals Medical Devices and Equipment

2011

Biopharmaceuticals Medical Devices and Equipment

2012

Biopharmaceuticals Medical Devices and Equipment

Source: Dow Jones Venture Source

According to the Dow Jones Venture Source database, equity investments in VC-backed European Life Sciences companies dropped by 28% in 2012, from 1.3B€ invested via 244 deals in 2011 to 950M€ invested via 175 deals in 2012. This drop was driven by a 50% year-on-year decline in Euros invested in Medical Devices and Equipment companies. Investments made in Second Round and Later Round financings in Europe were relatively stable, while total Euros allocated to First Round financings in 2012 dropped 22% compared to 2011 levels. Equity financing of venture-funded companies varies drastically from year to year in many countries in Europe. Although levels of financing in France in 2011 and 2012 were below the 5-year average, venture capital investing in France compares favorably with European peer countries.

ANNEX
COMMERCIALIZED PRODUCTS
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BIOALLIANCE PHARMA: Loramyc®, Sitavig® BIOMEDICAL TISSUES: Cellweb CELLECTIS: CanCell™, cGPS® kit, DermaVax™, hES-CMC™, hiPS-HEP™, TALENS™ COLCOM: Dendridiag®, Dendri-Graft Poly-Lysine (DGL) DBV TECHNOLOGIES: Viaskin®, Diallertest® DIAXHONHIT: AclarusDx®, TQS®(Tetanus Quick Stick) DOSISOFT: EPIgray, ISOgray, MU2net, PLANET ONCO E(YE) BRAIN: Mobile EBT®, MeyeANALYSIS®, MeyePARADIGM PLAYER® FLAMEL TECHNOLOGIES: Medusa®, LiquiTime®, Micropump®, Trigger Lock™, DeliVax® FLUIGENT: MFCS™, ESS™ FLUOPTICS: Fluobeam™, Angiostamp™, SentiDye™, Angiolone™, Fluostick™ GENOMIC VISION: FSHDCombing test GRAFTYS: Graftys®QuickSet, Graftys®HBS and Graftys®BCP HEMARINA: Hemoxcell®

IMAXIO: Spirolept®, Trolovol® IN CELL ART: ICAFectin®, ICANtibodies® INNOPSYS: InnoScan® INTEGRAGEN: ARISK® KOELIS: Urostation MAUNA KEA TECHNOLOGIES: Cellvisio®, GastroFlex™, CholangioFlex™, Cholangioscopy™, ColoFlex™, AlveoFlex™, AQ-Flex™19 MEDIAN TECHNOLOGIES: LMS-Lesion Management Solutions NOVACYT: NovaPrep®Processor System NUTRIALYS MEDICAL NUTRITION: Castase®, Polydol® OTR3: CACIPLIQ20®, CACICOL20® THERADIAG: FIDIS™, LISA Tracker TROPHOS: Plate RUNNER HD® VEXIM: SpineJack® VIVALIS: EB66™ Cell Line, VIVAIScreen™
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List of public companies in 2012
Revenue 2012 Revenue 2011 COMPANY (K€) (K€) 1 340 1 104 AB SCIENCE ADOCIA 7 326 3 788 BIOALLIANCE PHARMA 4 044 3 231 BIOSYNEX 6 046 1 196 6 101 CARMAT 17 989 15 993 CELLECTIS 21 032 1 873 DBV TECHNOLOGIES 2 777 637 DEINOVE 668 DIAXONHIT 5 400 5 000 DIAGNOSTIC MEDICAL 29 463 22 737 EOS IMAGING 10 394 7 591 24 885 FLAMEL 19 924 6 778 GENFIT 6 010 GENOWAY 8 849 8 887 GLOBAL BIOENERGIES 1 794 284 6 595 HYBRIGENICS 4 927 11 740 INNATE PHARMA 14 282 4 839 INTEGRAGEN 4 806 INTRASENSE 5 163 3 538 IPSOGEN/QIAGEN MARSEILLE 13 866 10 106 MAUNA KEA TECHNOLOGIES 10 282 5 976 MEDIAN TECHNOLOGIES 1 029 1 491 742 19 055 MEDICREA INTERNATIONAL 20 700 METABOLIC EXPLORER 2 691 1 498 1 360 NANOBIOTIX 970 392 NEOVACS 114 NICOX 8 365 866 NOVACYT 1 102 914 51 066 QUANTEL 50 492 251 136 STALLERGENES 254 773 STENTYS 2 531 1 432 10 987 THERADIAG 8 791 TRANSGENE 13 061 14 446 VEXIM 2 289 2 422 12 555 VIVALIS 5 909 VISIOMED GROUP 13 804 12 566
Source: France Biotech May 2013; BioCentury

32

R&D 2012 (K€) 8 725 11 784 9 300 327 22 403 18 981 11 579 3 345 6 983 846 2 164 19 935 11 314 3 474 2 978 2 375 13 417 1 311 1 200 3 623 3 262 2 891 1 326 8 017 4 312 5 409 6 471 509 5 700 38 600 2 813 1 200 48 679 1 141 12 885

Employees 69 71 55 25 37 228 37 32 109 82 53 250 76 n/a 38 47 81 26 49 74 75 45 38 102 31 23 38 9 172 1 100 35 49 275 40 112 82

Market Cap (M€ on 15/5/2013) 572,3 63,8 77,5 7,2 528,2 116,3 114,5 52,9 41,9 17,1 86 94 117,3 8,4 51,1 16,1 98,3 17,5 19,7 70,3 135,6 47,2 64,5 62,2 61,9 36,4 191,9 21,6 9,9 697,7 108,2 16,8 283,5 47,4 122,5 8,3

# of Products 4 4 9 3 1 6 3 3 7 9 2 6 2

3 8 1 1 1 1 22 3 3 6 1 28 4 2 5 6 2 2 77

LIST OF 186 COMPANIES PARTICIPATING IN THE STUDY
New participants

A
AABAM ABCELLBIO ADNID ADOCIA ADVANCED BIODESIGN AFFICHEM AFFILOGIC AGUETTANT BIOTECH ALAXIA ALGENICS ALIZE PHARMA I ET II ALZPROTECT SAS AMAROK BIOTECHNOLOGIES ANACONDA PHARMA ANAGENESIS BIOTECHNOLOGIES ANIMASCOPE ANS BIOTECH ANTAGENE APTYS PHARMACEUTICALS ARCHIMMED SARL ATLANGRAM ATLANTIC BONE SCREEN AXENIS AXO SCIENCE

D
DA VOLTERRA DBV TECHNOLOGIES DEINOVE DENDRIS DENDRITICS DIAFIR DIALPHA DIAXHONIT DNA THERAPEUTICS DOMAIN THERAPEUTICS DOSISOFT

K
KALYCELL KELIA KEOSYS KHORIONYX KOELIS KOWOK THERAGNOSTIC PLUGMED HEART POLYPLUS TRANSFECTION POXEL PRESBEASY PRIMADIAG PROTNETEOMIX PROVENCE TECHNOLOGIES SAS PX'THERAPEUTICS

L
LABORATOIRE SYMBIOTEC LTKFARMA LUNGINNOV

Q
QUANTUM GENOMICS

E
E(YE)BRAIN EFFIMUNE ENTEROME ERYTECH PHARMA EUKARYS

M
MANROS THERAPEUTICS MAUNA KEA TECHNOLOGIES MEDIAN TECHNOLOGIES MEDIT SA MEDSENIC MEIOGENIX MELLITECH METABOLIC EXPLORER METABRAIN RESEARCH METIS BIOTECHNOLOGIES MINMAXMEDICAL

R
RBNANO RD-BIOTECH RNTECH FRANCE ROOT LINES TECHNOLOGY

S
SCANELIS SCREENCELL SELEXEL SENSORION SISENE SKULDTECH SPLICOS STEMCIS SURGIVISIO SYNAPCELL SAS SYNPROSIS

F
FERMENTALG FLAMEL TECHNOLOGIES FLOWGENE FLUIGENT FLUOFARMA FLUOPTICS FOGALE NANOTECH

33

B
B CELL DESIGN BIOALLIANCE PHARMA BIOALTERNATIVES BIOCYTEX BIOGALENYS BIOGEMMA BIOMEDICAL TISSUES BIOM'UP BIOPHYTIS BIOSENTEC BIOTRIAL BIOVIRON

N
NANOBIOTIX S.A. NANOMEDSYN NATENCAPS NATURALPHA NATURAMOLE NEOVACS NEURONAX NICOX NOKAD NOSOPHARM NOVACYT NOVADISCOVERY NOVOTEC NUTRIALYS MEDICAL NUTRITION

G
GALENIX INNOVATIONS GENOMIC VISION GENOSAFE SAS GENOSCREEN GENTICEL GLOBAL BIOENERGIES GLYCODE GLYCODIAG GRAFTYS GTP TECHNOLOGY

T
TARGEON TBF, GENIE TISSULAIRE THERACLION THERADIAG THERAVECTYS TRANSGENE TROPHOS TXCELL

C
CARLINA TECHNOLOGIES CARMAT SA CAYLA-INVIVOGEN CELENYS CELLECTIS CERENIS THERAPEUTICS CILOA COLCOM CONIDIA CROSSJECT CYBERNANO CYTHERIS CYTOO CELL ARCHITECTS CYTOSIAL BIOMEDIC

H
HEMARINA HISTALIM HORUS PHARMA HYBRIGENICS

V
VAXON BIOTECH VEXIM SA VIROXIS VITAMFERO VIVALIS VOXCAN

O
ONCODESIGN ONCOMEDICS ORIBASE PHARMA OTR3

I
IDBIO IDMYK IMAXIO IMMUTEP IN CELL ART INDICIA BIOTECHNOLOGY INNATE PHARMA INNOBIOCHIPS INNOPSYS INNOVATIVE HEALTH DIAGNOSTICS INTEGRAGEN SA INVECTYS

P
PHARMALEADS PHARNEXT PHERECYDES PHARMA PHYLOGENE PHYSIKRON PHYSIOSTIM PICOTWIST PILOSCIENCES PLANT ADVANCED TECHNOLOGIES PAT

W
WITTYCELL

X
XENTECH

Exhibit Index
1 2 3 4 5 6 7 8 Evolution of Life Sciences Company Creation in France Number of employees Level of Education Achieved by Employees Companies by age Origin of the company Domain of Activity Companies created or liquidated in 2012 Distribution of Partnership Types Distribution of Clients by Industry Sector Patent Applications Patents Received Patents Exploited Therapeutic Products by Focus Area Therapeutic Products by Stage of Development Diagnostic Products by Focus Area Evolution of Life Sciences Industry Funding Evolution of French Life Sciences IPOs on NYSE Euronext Distribution of VC Funding Young Innovative Enterprise Status (JEI) Life Sciences IPO Fundraising by Country: NYSE Euronext and Alternext Market Capitalizations by Country: NYSE Euronext and Alternext Biotechnology and Medical Equipment Companies NYSE NEXT Biotech Index Comparison of VC Financing in European Life Sciences: 2008-2012 07 10 10 11 11 11 12 14 14 16 16 16 18 18 19 20 20 21 22 26

34

9 10 11 12 13 14 15 16 17 18 19 20 21

26 27 29

22 23

About France Biotech
France Biotech is the association of French companies in the Life Sciences sector and their partners. Its mission is to contribute to domestic growth in this innovative industry and to support France’s leadership role within the European Life Sciences community. More specifically, France Biotech acts as an engine of change by interacting with the government, economic organizations, academic institutions, the media and the investor community to ensure the prioritization of the Life Sciences sector in France and the improvement of the economic, legal, regulatory and managerial environments for this important industry. Created in 1997, France Biotech unites the leaders of innovative Life Sciences companies with their partners in the investment, legal and academic fields. Members come from all over France and represent each field of the Life Sciences (biotechnology, medical technology, clean/green technology). Under the banner of France Biotech, these industry leaders fight to create a new model of entrepreneurship in France and to support the creation of companies and jobs in this innovative sector. Led by André Choulika since 2009, France Biotech continues to solicit public powers, economic decision makers and the media on behalf of actors in the French Life Sciences.

Panorama Study
Since 2002, France Biotech has conducted the Panorama of the Life Sciences Industry in France, a unique study that provides an annual update on the growth and dynamism of this innovative sector in France. The results of this study allow France Biotech to ground its proposals to the government in hard facts and to effectively represent the entire industry. The Panorama analyses data from independent companies allocating at least 15% of total spending to Research and Development costs. France Biotech surveyed more than 400 companies via a secure online questionnaire and has analyzed the data provided from 186 of the 192 total responses. The results of this survey will remain the property of France Biotech.

Pilot Committee
Haude Costa
General Secretary France Biotech

Benoît Brocard
Project Manager France Biotech

Virginie Fontaine
Innovation Expert OSEO

Cédric Guillerme
Project Leader, Biotechnology DGCIS

Chahra Louafi
Investment Director at CDC Entreprises

Disclaimer
Although our best efforts were given to assuring the accuracy and completeness of the information provided in this report, it is possible that certain details have escaped our notice. Please signal any errors or omissions by emailing contact@france-biotech.org

Pierre Sorlier Dominique Rencurel
Partner Orkos Capital Project Leader, Ministry for Industrial Renewal DGCIS

Credits
Photos : Fotolia Artistic Direction : Plus que les mots

France Biotech 3/5 Impasse Reille 75014 Paris www.france-biotech.org : 33 (1) 56 58 10 70 contact@france-biotech.org

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