MS Ventures

Who are we?
MS Ventures is the global corporate VC arm of Merck Serono
MS Ventures
MS Ventures
strategic fund:
€110m
Entrepreneur
Partnership
Program: €30m
Israel BioIncubator
Fund: €10m
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Decision making process
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”Project scoring”-table
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(Medical) need
 Yes
 No
Proprietary
 Yes
 No
Differentiation
 Yes
 No
People
Personality
Track Record
Incentives
Potential
Market size
Competition
Pricing / margin
Timing
Time to market
Penetration rate
Exclusivity
Risk
Development
Regulatory
Market
Cost structure
Development
Inflection points
Commercial
Where to find us
www.ms-ventures.com
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Backup slides
Merck Inhouse Consulting
MS Ventures investment strategy
Pharma focus on products, allowing biotech creativity and speed
 Strategic assets
 Top tier syndicates
 Critical path to commercial relevance
 A –Teams; Management, Board & SAB
 Emphasis on business development
 Hands on board support
 Tactics follow asset strategy
 Interim C roles where needed
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T
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 Leverage RD expertise for “wet due diligence”
 Nurture assets through active R&D involvement
 Offer access to manufacturing, screening capabilities etc. at
cost, at risk and/or in exchange for equity
 Front-row seat, early due diligence, preferred relationship
 Foster corporate entrepreneurship within Merck
 Catalyze exchange and creation of novel of ideas
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MS Ventures
Global Team
Roel Bulthuis
Hakan Goker
Edward Kliphuis
Managing Director
Director
Associate
roel.bulthuis@ms-
hakan.goker@ms-
edward.kliphuis@ms-
ventures.com
ventures.com
ventures.com
AMSTERDAM
AMSTERDAM
AMSTERDAM
Jasper Bos
Alicia Irurzun-Lafitte
Director
Associate
jasper.bos@ms-
alicia.irurzun-lafitte
ventures.com
@ms-ventures.com
GENEVA
BOSTON
Nilesh Kumar
Simone Botti
Laila Gharzai
Director
Head of Israel
Analyst
Incubator Fund
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nilesh.kumar@ms-
simone.botti@ms-
laila.gharzai@ms-
ventures.com
ventures.com
ventures.com
BOSTON
TEL AVIV
AMSTERDAM
MS Ventures at a glance
Investing in Innovation
MS Ventures
strategic fund:
€110m
MS
Ventures
Entrepreneur
Partnership
Program: €30m
Israel BioIncubator
Fund: €10m
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MS Ventures is an active early stage investor
Hands-on approach to the building of companies
Top 20 early stage VCs 2012 - 20131
Investor
MS Ventures*
OrbiMed Advisors
Novartis*
Novo A/S*
Third Rock Ventures
Polaris Venture part.
MPM Capital
5AM Ventures
SR One*
Atlas Venture
Flagship Ventures
Sofinnova Ventures
New Enterprise
Canaan Partners
Fidelity
Pfizer Inc.*
SV Life Sciences
Hatteras Venture
Abingworth mgmt
Connecticut Innov.
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1
2
Financings
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10
9
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7
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Total ($m)
$71.2
$158.5
$188.0
$157.9
$274.2
$114.9
$136.0
$195.0
$114.0
$44.2
$173.5
$190.5
$135.9
$113.5
$80.4
$128.4
$86.7
$57.0
$119.3
$8.5
Number of Seed- and Series A investments completed in 2012 and 2013. Source: BioCentury BCIQ
Source: PwC Moneytree 2012; NVCA; numbers are for all Life Sciences deals, inc. diagnostics and agro
Strategic investors
Average ($m)
$6.5
$15.9
$20.9
$17.6
$34.3
$16.4
$19.4
$27.9
$16.3
$7.4
$28.9
$38.1
$27.2
$22.7
$16.1
$25.7
$17.3
$11.4
$29.8
$2.1
 MSV supports portfolio companies
directly and through continued
interaction with relevant Merck
Serono experts
 Takes an active role in the
refinancing processes of our
companies
 Financing plans are structured
around the critical path towards
proving commercial relevance
 Aims to define relevant datapoints
on that path as a basis for
refinancing decisions
 Places significant emphasis on the
quality of our management teams,
Boards and Scientific Advisory
Boards and dedicate a significant
amount of our time to finding the
best candidates for these positions
MSV financing checklist
Focus on differentiation, need and people
 Unique science
 Proprietary technology
Differentiation
Commercial relevance
 Medical need
 Risk
People
Pricing model
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Show me that…my product works better
 Really?
 How?
 Better than what?
 Better efficacy?
 Better safety?
 How can I test that?
 When can I test that?
 Will I be rewarded for it?
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Move to trash
 „This mechanism is unique, biologically“
 „We see no side effects at all“
 „Lowering COGS of mAbs in the ONC
field significantly“
 „We can significantly reduce the risks of
drug development“
 „My professor has been working on this
for 20 years“
 „We‘re the only ones in the world, there is
no competion“
 „We have a highly specific siRNA, just
need to solve delivery“
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