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For more than four decades, Fenwick & West LLP has helped some of the world’s most recognized companies become, and remain, market leaders. From emerging enterprises to large public corporations, our clients are leaders in the technology, life sciences and cleantech sectors and are fundamentally changing the world through rapid innovation.  MORE >

Fenwick & West was founded in 1972 in the heart of Silicon Valley—before “Silicon Valley” existed—by four visionary lawyers who left a top-tier New York law firm to pursue their shared belief that technology would revolutionize the business world and to pioneer the legal work for those technological innovations. In order to be most effective, they decided they needed to move to a location close to primary research and technology development. These four attorneys opened their first office in downtown Palo Alto, and Fenwick became one of the first technology law firms in the world.  MORE >

From our founding in 1972, Fenwick has been committed to promoting diversity and inclusion both within our firm and throughout the legal profession. For almost four decades, the firm has actively promoted an open and inclusive work environment and committed significant resources towards improving our diversity efforts at every level.  MORE >

At Fenwick, we are proud of our commitment to the community and to our culture of making a difference in the lives of individuals and organizations in the communities where we live and work. We recognize that providing legal services is not only an essential part of our professional responsibility, but also an excellent opportunity for our attorneys to gain valuable practical experience, learn new areas of the law and contribute to the community.  MORE >

Year after year, Fenwick & West is honored for excellence in the legal profession. Many of our attorneys are recognized as leaders in their respective fields, and our Corporate, Tax, Litigation and Intellectual Property Practice Groups consistently receive top national and international rankings, including:

  • Named Technology Group of the Year by Law360
  • Ranked #1 in the Americas for number of technology deals in 2015 by Mergermarket
  • Nearly 20 percent of Fenwick partners are ranked by Chambers
  • Consistently ranked among the top 10 law firms in the U.S. for diversity
  • Recognized as having top mentoring and pro bono programs by Euromoney

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We take sustainability very seriously at Fenwick. Like many of our clients, we are adopting policies that reduce consumption and waste, and improve efficiency. By using technologies developed by a number of our cleantech clients, we are at the forefront of implementing sustainable policies and practices that minimize environmental impact. In fact, Fenwick has earned recognition in several areas as one of the top US law firms for implementing sustainable business practices.  MORE >

At Fenwick, we have a passion for excellence and innovation that mirrors our client base. Our firm is making revolutionary changes to the practice of law through substantial investments in proprietary technology tools and processes—allowing us to deliver best-in-class legal services more effectively.   MORE >

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美国生命科学行业 风险融资趋势 全年 (Life Science Financing Survey 2012)

April 15, 2013

泛伟律师事务所调查结果概况

对于 2012 年进行风险资本融资的生命科学公司来说,其估值水平较 2011 年有稍许提升。然而,对获得风险资本支持的生命科学公司的投资总额在 2012 年期间有所下降,同时我们对于融资趋势的分析结果表明生命科学行业风险资本家的融资额也在持续下滑。

本调查观察到的一些重要现象包括:

  • 2012 年期间溢价融资占 52%,折价融资占 17%,溢价超过折价。而 2011 年的调查结果显示,平均溢价融资占到 47%,平均折价融资占 25%,相比之下,2012 年的情况有所改善

  • 根据泛伟律师事务所 Life Science Venture Capital Barometer™ 所测结果显示,2012 年的融资轮平均价格比涨幅增加到了 23%。相比之下,2011 年的 Barometer 结果则为 14%。

  • 生命科学行业的子领域中,生物制药公司的 2012 年 Barometer 结果与 2011 年保持一致,平均涨幅都为 16%。相反,医疗设备公司的 Barometer 结果从 2011 年的平均 12% 上升到了 2012 年的平均 30%。

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  • 在经历了 2008 年的衰退之后,生命科学行业风险资本家的融资金额有显著下降,2012 年期间这种趋势则仍在延续。我们估计可分配到生命科学行业的风险融资比例已经由 2009 年的 19% 下降到了 2012 年的 12.5%。以绝对美元计算,我们估计 2007 年和 2008 年间每年平均 78 亿美元的融资额在 2012 年已经下降到了 25 亿美元的水平。

  • 高级和参与分配优先清偿权仍旧是 2012 年度生命科学行业风险融资交易的共同特征,在我们的观察融资交易中,使用高级优先清偿权与使用参与分配优先清偿权的分别占到了 51% 和 66%,这与 2011 年的结果是一致的。

2010-2012 年价格变动的方向 2010-2012 年 Barometer 统计结果趋势(四季度移动平均值)

Direction of Price Change

 

查看报告全文 美国生命科学行业风险融资趋势全年 (PDF).

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