VERITAS Corporation

前段时间，生物制药圈内关于风投领域内“赎回”或“回购”条款的讨论，再次把出资方和被投方责任与权益之间的平衡摆上了台前。在当下这个融资寒冬时节，这是一个敏感而又不得不面对的话题。 回购条款的基本内容通常为，如果公司未能按期上市或盈利未达预期，因此触发了回购条件，投资人有权要求公司回购股权。 如今行业变局之时，医药投资人和Biotech创始人，因当初投资时约定的如企业未如期IPO上市，创业公司对投资机构的回购协议开始大面积触发，矛盾频发。 其中最严重的后果是，现金流突然大面积的收紧带来中国Biotech产业泥沙俱下，一些踏实做药、发展良好，但产品和公司尚未上市的Biotech，被投资人要求创始人回购股份。 这里还涉及回购行权期限的问题，如果投资人迟迟既不行使回购权，也不明确放弃回购权，将会导致不确定性，令公司处在控制权不确定性的阴影之中。 8月29日《人民法院报》刊登的《法答网精选问答》（第九批）中，给出了关于“投资人要求回购的行权期限”的法律解释——如果双方约定了要求回购的行权限期，则从约定；如果没有约定，则回购行权需在回购条件触发后的六个月内提出。逾期不提出回购要求的，视为放弃回购权。 Veritas Law创始合伙律师王音认为，最高院的意见虽然使回购的权利状态趋向确定，但也将加剧公司本来就已经紧张的资金压力，可谓雪上加霜。 “对赌和回购权，是投资人不愿承担投资风险的产物。”这是对坚守产业价值的Biotech的伤害。 1 从舶来到变异 中国的风险投资在2000年前后开始逐渐发展，相比欧美晚了大约半个世纪。回购和对赌是完全的舶来品，但在西方的创投界，90%以上活在协议里，实际上很少用。 在中国，回购条款应用广泛，要求企业在未上市前，以“一般年化10%”的利息回购股东的股份。如果企业提交IPO申请，投资机构有了资金退出渠道，回购条款自动废除。 回购的触发点有很多条，比如在限定期限内，公司未合格上市；创始人离职、造成公司重大损失和各种法律问题。但还有一个回购的重要前提是，不影响公司的正常经营。所以，在硅谷几乎用不上。但在国内，这些条款则成了投资机构的“兜底”，以至于国内某头部创投公司前段时间因为大面积的诉讼而被吐槽成“放高利贷的”。 回购的主体原本是公司，中国法律当时不允许公司作为回购主体，所以做了一点变化，回购主体成为创始人。 “对赌”主要是业绩对赌，用在投资人和创始人对公司发展有分歧时，例如投资人对企业估值只有500万，但创始团队对企业估值更高1000万，所以投资人暂时同意企业的估值，但要求企业在业绩未达成预期时，按照原来自己较低的估值赎回股份，但这个赎回的股份也会封顶，保护创始团队不把企业全赔给投资人。 一般在硅谷对赌也很少用得上，投资人相信自己的专业能力，对公司的估值是确定的，如果企业自己估值高，要么就不投了；一般能投的前提是，投资人和创始团队对公司的估值比较一致。 上市对赌是业绩对赌的一个极端化产物，在中国生物制药界格外受欢迎。 2018年，政府推出了一系列鼓励生物医药产业发展的政策，香港交易所推出了18A章节，允许未盈利的生物科技公司在港上市，一度是生物制药投资的黄金时期。药企上市容易、股价水涨船高，投资人能退出且大赚一笔。这个特定的历史时期，纸面财富意味着现实中的泼天富贵。 当时一些投资人拿着钱，不做尽调，就闭眼投项目。一个上市对赌，不仅省去了尽调、做判断的繁琐；也保护自己的利益不受损，不承担风险。一旦成了，巨额财富；一旦输了，避免风险。 为了完成回购，药企不得不推高公司估值。 药企签订回购条款之后，就会想着融到新的钱，把公司估值抬到更高，这样就可以通过折扣价回购老股。 一位在美国VC的投资人称，当一家公司业绩好，在业内投资者还是愿意追加投资的时候，是能够做到回购的。他们每一轮融资都会提高估值，老股东管理周期到需要退出的时候，公司就用部分资金回购。而且他们卖老股的话，也不会全部卖光的。 泡沫越吹越大。“在美国，药企在上市时候差不多能融到8000万-1亿美金。但国内估值虚高，能达到几亿甚至几十亿美金，他们上市以后是必跌无疑”。这些“虚假的繁荣”让早期合同里的条款变得“完全不是事儿”。 但谁都没有想到的是，生物制药的黄金时代、泡沫期过去得很快。 双方矛盾的伏笔，在2023年8月27日那一天就埋下了，中国证监会围绕IPO标准和股份减持两方面大幅收紧了上市公司的准入门槛。2023年这一年，A股超过270家企业终止IPO审核，其中有35家生物医药企业。 多家Biotech在期限内完不成上市对赌，基金4+3的投资周期接近尾声，因此造成了投资人和创始人的种种矛盾。 2 压力传导 被投方拿的是投资人的钱，但投资人的钱也是从LP那边募来的，他们也要对后者负责。 鼎丰资本管理合伙人柳丹介绍，在早些年的私募股权投资基金中，LP不会对GP提出兜底要求，最多给GP一个正向激励，在达到某一门槛收益率后，GP能拿到超额收益的分红。 但问题是，这两年上市审核收紧和GP自身的问题，导致私募基金业绩急转直下。中国基金行业正在洗牌，LP普遍都没法得到回报，甚至亏的多。和公募不同，私募投资额大，千万规模起步，所以LP就会找GP要说法，以“不尽责”为由起诉GP。 有过业绩不佳的记录以后GP接不到好项目，所以碍于面子，也要想办法追回一部分钱。更严重的是，医药行业一半以上的钱来自于国有LP，国有资产流失是要被追责的。 于是，GP只能把压力转嫁给企业和创始人。 但这样一来，投资人和创始人之间不像是投资关系，更像是借贷关系，“就像一笔银行借款，早晚要还。” 这对创始人来说恐怖如斯，创业期间为公司投入了钱和时间精力不说，最后还要给投资人“还钱”。 对其他投资人也不公平。一位美国律师称，如果创始人有行为不端，GP可以调查、罢免、起诉创始人，换一个CEO。而不是说我作为其中一个投资人卖老股然后退出，那剩下的投资人怎么办？ “现在已经出现许多基金起诉药企的案例，这些药企上市困难，并购也不成，账上的钱只够花两三个月，属于半死不活的状态。”上述投资人称。 一些药企是因为没钱做出临床数据，才导致商业化困境，自然也没有钱回购。 GP也明白即将破产的企业已经“榨”不出钱，只会寻找现金流尚可，经过多轮融资在5年还没上市的企业，试图从这些企业里捞回来钱还给LP。“一定要拿现金，其他的股权股票都是一张空纸。” “我认识的几位药企创始人现在睡不着觉了，一个最大的问题就是，假如账上剩余的钱拿去回购，公司就没有钱研发、临床运营，最后的希望也没了。”上述投资人称。 在这个死循环中，无数企业被逼到绝路。 3 在“海外项目”上触霉头 当人民币基金遇上海外药企，情况又会变得不一样。 人民币基金GP初来乍到，一时摸不清美国药企的底，一般会先投创始团队里有华裔的公司。 他们自然希望能把回购这一套带到美国，但99%的海外药企都不会同意，也许个别资质很差的药企接受，但是不会答应个人责任。有一位创始人曾说，再缺钱我也不接受回购条款，我一旦打开这个缺口以后，其他投资人都这么要求就会很麻烦。 国内基金一开始并不适应，“其中有一位国内投资人感到特别冤屈，抱怨没有回购条款对他们来说是多大的牺牲。有这样想法的中国投资人基本会被劝退。”一位美国律师事务所的合伙人曾经代表美国药企和他谈判。 栽过跟头后，中国的一些投资人也不再提回购的事情，甚至换了一副面孔，为了抢额度，比当地基金的条款还宽松。 甚至作为投资人律师都看不下去，"我问他们像几千万美金的投资金额，连基本权利都不要吗。对方说，靠我们条款宽松，才能拿到这个业务。" 几位在美国创业的华人创始人，他们最初自信能拿到美国基金的投资，结果发现不是那么容易，还是中国的资金来得快，但是跟中国的投资人打交道之后，发现这钱也不好拿。 同样的一个项目，投资律师代表公司跟美国基金谈，律师费差不多3、4万美金，但是要是跟中国投资人去谈，律师费至少10万美金。 "美国基金投资，如果主投已经签了文件，基本上跟投都是闭着眼睛签文件的，很少再提出各种各样的要求。中国的一些投资人比较麻烦，几乎每个基金都在走程序的时候提额外的要求，而且只要有人提要求，其他基金立马也要看，然后再提新的要求。再加上，涉及到境外直接投资（ODI）备案，一方对文件有改动，投委会就得从头到尾再把那个文件看一遍，就像陷入了循环。一个融资搞很久，然后大家都筋疲力尽。"上述律师无奈地说。可见，出海的中国的一些投资人依然充满不安全感。 GP、企业之间最理想的状态是，在一个上行的经济周期和宽松的市场环境中，GP根据专业能力判断企业的投资价值，即使生物制药行业九死一生，也能做到有赚有亏、愿赌服输。 2018-2021这三年，上市圈钱成为一些投资机构和创始人的共识，短期利益的结盟，必将难以同舟共济，在环境改变时迅速土崩瓦解。 同写意媒体矩阵，欢迎关注↓↓↓

Event honored legendary financier, philanthropist, medical research innovator Michael Milken Images from the event, courtesy of BFA, are available here. NEW YORK, June 13, 2024 /PRNewswire/ -- The leveraged finance and private equity communities came together last night for the 13th annual Leveraged Finance Fights Melanoma (LFFM) benefit and cocktail party at the Museum of Modern Art. The benefit for the Melanoma Research Alliance (MRA) was attended by over 1,000 people and raised a record $4 million dollars to support MRA's global legion of scientists pursuing high impact, lifesaving melanoma research. Continue Reading Melanoma Research Alliance x Leveraged Finance Fights Melanoma The event honored legendary financier, philanthropist, medical research innovator, public health advocate and MRA board member, Michael Milken for his extraordinary contributions to cancer research. "Our industry recognizes the profound impact of our support in driving cutting-edge research, leading to groundbreaking advancements in immunotherapies that are revolutionizing cancer treatment," said Jeff Rowbottom, co-founder of the event. "LFFM events offer hope to everyone affected by cancer – patients, survivors, and their loved ones – by ensuring researchers have the necessary resources to continue accelerating lifesaving discoveries." LFFM was founded in 2011 by Brendan Dillon (Veritas Capital) and Jeff Rowbottom (General Atlantic Credit), who were both diagnosed with melanoma. Since then, it has raised more than $27 million to support MRA's ambitious melanoma research agenda. The event was co-chaired by Clare Bailhé (MidCap Financial), Brendan Dillon (Veritas Capital), Kerry Dolan (Brinley Partners), Lee Grinberg (Elliott Management), Jason Kanner (Kirkland & Ellis), Matthew Manin (Apollo), Eliza McDougall, (White & Case), Erwin Mock (Thoma Bravo), George Mueller (KKR), Geoff Oltmans (Silver Lake), Kevin Pluff (HPS), Jeff Rowbottom (General Atlantic Credit), Ian Schuman (Latham & Watkins), Brian Steinhardt (Simpson Thacher & Bartlett), Cade Thompson (KKR), Trevor Watt (Hellman & Friedman), and Eric Wedel (Paul Weiss). The evening was sponsored by industry leading giants with Visionary Sponsors including Veritas Capital, Paul Weiss, Kirkland & Ellis, Latham & Watkins, Simpson Thacher & Bartlett, Apollo|MidCap, HPS. General Atlantic Credit and White & Case served as Title Sponsors with Fitch Ratings and Leonard Green & Partners as Presenting Sponsors. A full list of LFFM 2024 sponsors may be found here. "The $4 million raised by LFFM will have a transformative impact on our mission," said Marc Hurlbert, CEO of the Melanoma Research Alliance. "This generous support allows us to equip scientists with the crucial resources they need to push the boundaries of melanoma research, driving forward innovations that bring us closer to a cure and improve patient outcomes worldwide." About Melanoma Research Alliance (MRA) The Melanoma Research Alliance (MRA) stands as the largest non-profit funder of melanoma research. Founded in 2007 by Debra and Leon Black, MRA's mission is to end suffering and death due to melanoma by advancing the world's most promising science and research. MRA provides critical funding for melanoma cancer research that propels advances in prevention, diagnosis, treatment, metastasis, and survivorship. MRA-funded researchers have been behind every major melanoma research breakthrough. Since MRA's inception, more than 17 new therapeutic approaches for melanoma have earned FDA (Food and Drug Administration) approval. MRA is recognized as one of the most fiscally efficient non-profits in the country. Because the Black Family generously underwrites 100% of MRA's administrative and operating costs, every dollar donated is invested directly into MRA's scientific and research program. For more information, please visit: . Media Contacts: KWT Global [email protected] Dana Deighton, MRA Director, Communications & Engagement [email protected] SOURCE Melanoma Research Alliance

Healthcare mergers and acquisitions are in no short supply as providers, retailers, health tech companies and other industry players look to expand their businesses and gain a competitive edge. Healthcare mergers and acquisitions are in no short supply as providers, health tech companies, retailers and other industry players look to expand their businesses and gain a competitive edge. Here’s a roundup of new deals that were revealed, closed, rumored or called off during the month of December. PROVIDER Jefferson Health and Lehigh Valley Health Network signed a non-binding letter of intent to merge and form a $14 billion nonprofit health system. The deal targets a 2024 close and would create a 62,000-employee organization with 30 hospitals and over 700 care sites in Pennsylvania and New Jersey. Of note, the integrated care delivery system would be supported by Thomas Jefferson University and Jefferson’s nonprofit health plan. Froedtert Health and ThedaCare confirmed that their $5.5 billion combination had moved past customary closing conditions, such as regulatory review. As of Jan. 1, the merger has closed. Children’s Hospital of Orange County and Rady Children’s Hospital-San Diego unveiled plans to merge under the new banner of Rady Children’s Health. The deal, which would create one of the West Coast’s largest providers of pediatric care, is subject to regulatory review and targets a 2024 close. John Muir Health and Tenet Healthcare called off the buyout of Tenet’s 51% stake in San Ramon Regional Medical Center in the wake of the Federal Trade Commission’s objections filed in November. The $142.5 million deal would have eliminated the nonprofit’s primary competition for inpatient general acute care in the region, the regulator said. John Muir said it was “disappointed” in the objection but that the “significant money and time required” to fight the regulator would be better spent elsewhere. Community Health Systems closed a deal to sell three Florida hospitals to Tampa General Hospital. The transaction totaled $280 million in cash and $14 million of estimated working capital and other purchase price adjustments. Vandalia Health acquired the three-hospital Davis Health System in a deal the former said has made it the second-largest nonprofit integrated system in West Virginia. UCHealth picked up the two-hospital system Parkview Health to bring its total to 14 hospitals. The Colorado system plans to invest almost $200 million into the two hospitals over the next decade and assist with staffing. Baptist Health acquired Drew Memorial Health System, an Arkansas organization that includes a 60-bed hospital, two clinics and home health services. HCA Houston Healthcare, part of the larger HCA Healthcare, bought 11 freestanding emergency departments from SignatureCare Emergency Center, bringing its total in the Houston area to 26. Financial terms were not disclosed. UC San Diego Health completed its $200 million purchase of Alvarado Hospital Medical Center from Prime Healthcare. The 302-bed center has been renamed UC San Diego Health East Campus Medical Center. Lifepoint Health and Ascension Saint Thomas formed a joint venture in Northern Middle Tennessee to split ownership of Highpoint Health System. PAYER Cigna and Humana’s potential $140 billion merger crumbled due to concerns from investors and no common ground on key financial terms, per reports. In its wake, rumors have swirled that Cigna is accepting bids for its $3 billion-plus Medicare Advantage business, with Health Care Service Corp. and Elevance Health named as potential buyers. Elevance Health and Blue Cross and Blue Shield of Louisiana’s sidelined merger came back from the dead when the latter filed an updated application seeking to reorganize as a for-profit, which would pave the way for a purchase. The $2.5 billion pickup was put on hold amid regulatory scrutiny a couple of months prior. UnitedHealth Group filed a notice with the Securities and Exchange Commission disclosing a sale of its Brazilian health insurance business, Amil, to entrepreneur José Seripieri Filho. The deal, which reportedly involved a roughly $515.2 million bid, is expected to close in the first half of 2024 pending regulatory approvals. Bright Health Group’s sale of its Medicare Advantage plans to Molina Healthcare cleared regulatory hurdles, which cleared the way for a Jan. 1 close. Earlier in the month, Molina had lowered the purchase price for the business to about $500 million, of which $100 million had been siphoned into an escrow account.   TECH KKR & Co., a private equity firm, is reported to be exploring a deal to buy a 50% stake in Cotiviti. The healthcare analytics company is owned by Verscend Technology, which is owned by Veritas Capital. Such a deal would value Cotiviti between $10 billion and $11 billion. R1 RCM, which makes patient experience and financial performance technology for providers, entered a definitive agreement to acquire Providence’s revenue cycle management technology spinout Acclara. The agreement outlines a $675 million cash agreement with warrants to purchase 12.2 million shares of R1 stock, as well as a 10-year agreement between Acclara and its former parent health system for comprehensive revenue cycle services. Guidehealth, a value-based care enablement startup, has purchased the managed service organization and value-based care service division of Arcadia, a health tech company that offers a data analytics platform for providers and payers. Terms of the deal were not disclosed. ConcertAI, a real-world evidence and AI company, acquired the American Society of Clinical Oncology subsidiary CancerlinQ to grow its oncology data capabilities. CoachCare, a remote patient monitoring and virtual health company, purchased fellow remote patient monitoring company Verustat. Terms of the acquisition, CoachCare’s fourth in 12 months, were not disclosed. TREND Health Partners, a healthcare payment technology company, acquired AI clinical review platform Advent Health Partners for an undisclosed sum.