Kunze-Küllmer Maximiliano, Goonewardene Asthika, Kili Sven, Theoharis Stefanos, Rivers Patrick
EVast Bio Inc., Miami, Florida, USA; Cells for Cells S.A., Santiago, Chile; Consorcio Regenero S.A., Santiago, Chile.
Truist Securities, Atlanta, Georgia, USA.
Cytotherapy. 2024 Jul;26(7):672-680. doi: 10.1016/j.jcyt.2024.02.017. Epub 2024 Feb 28.
To better understand the attitudes and behaviors of investors involved in funding cell and gene therapy (CGT) businesses, the Business Development and Finance) subcommittee of International Society for Cell and Gene Therapy, in collaboration with Truist Securities, conducted a broad survey of the investment community in late 2021.
This survey follows a similar study that this group executed in 2018, and the longitudinal comparisons between the two time periods provide insights into how investor behavior in the CGT field has evolved.
The vast majority of investor respondents are specialist biotech investors who are primarily active in deploying capital in North America and Europe. There was a notable increase in the proportion of investors actively deploying capital in China and Japan between 2018 and 2021. The percentage of respondents' portfolios dedicated to CGT companies has also increased in this period, reflecting a noteworthy trend in the therapeutic landscape.
Clinically significant data remain the dominant force behind investment decisions, whereas competition from other drug modalities has now emerged as the most-cited barrier to making a CGT investment, eclipsing safety concerns as the most significant barrier to investment in 2018. Concerns around manufacturing and scale-up have also increased in prominence amongst the investment community. Gene-editing technologies are attracting investors as the most compelling new CGT technology. This survey also revealed that most investors expect to increase their level of investment in allogeneic technologies relative to autologous products in the coming years.
为了更好地了解参与细胞和基因疗法（CGT）企业融资的投资者的态度和行为，国际细胞和基因治疗协会的业务发展与金融小组委员会与 Truist 证券合作，于 2021 年末对投资界进行了广泛调查。
本次调查遵循了该小组在 2018 年进行的一项类似研究，两个时间段的纵向比较为深入了解 CGT 领域投资者行为的演变提供了线索。
绝大多数参与调查的投资者是专业生物科技投资者，他们主要活跃于在北美和欧洲进行资本部署。2018 年至 2021 年期间，在中国和日本积极进行资本部署的投资者比例显著增加。在此期间，受访者投资组合中分配给 CGT 公司的百分比也有所增加，这反映了治疗领域的一个值得关注的趋势。
具有临床意义的数据仍然是投资决策背后的主导力量，而来自其他药物模式的竞争现已成为进行 CGT 投资时被提及最多的障碍，超过了安全担忧，成为 2018 年投资的最大障碍。围绕制造和扩大规模的担忧在投资界也日益突出。基因编辑技术作为最具吸引力的新型 CGT 技术正在吸引投资者。本次调查还显示，大多数投资者预计在未来几年相对于自体产品会增加对同种异体技术的投资水平。
