Panorama 2013 of The French Life Sciences Industry®

Panorama 2013
of the French Life

Sciences Industry
Biotech | Medtech | Biocleantech |
12th
Edition
EDITORIAL
nnovate: a synonym for undertake
Major element, obvious driving force, nonetheless we

should remember : innovation is achieved by men and
women who dare, who take risks, and who often break codes.
Innovative breakthrough is a demonstration of an ambition,
a vision, being achieved in our SMEs more than in large
organizations. Our SMEs provide far more fertile ground,
greater and more flexible scope, capable of adapting to
changes following effective radical decision making.
France must better promote creation, risk taking and
recognition of the entrepreneur : only ever y second creation
comes from the academic sector, only 15% from large
corporate groups
Lets open the doors of science universities to listen to the
entrepreneurs, lets optimize scientific valorization, lets help
transfers, spin-offs, incubation.
nnovate: a question of speed
Being the first! First to discover as only the first can patent.
First to publish in order to be in the best medical and
scientific journals.
First to be authorized to provide treatment in order to work
with renowned hospitals, first to obtain MA.
Its not a sprint; its a marathon!
Contract times with multi-reference academics, research
request for proposals times, regulatory affairs response times
France must remove the obstacles that slow us down
needlessly and come ahead of us like other countries: we
are your partners.
nnovate: a variety of funding
Those who are successful today and make the headlines

are people who var y their sources of funding.
They have been subject to refusals from investors for different
reasons, to criticism of their business plan, to diverging views
on the strategy to be adopted.
They have met investors with long-term visions, other
investors who wanted to commit even before investing. They
have been able to establish boards of directors composed
of people coming from all walks of life, with non-related
investors, and fostering open discussion.
Innovate; some key success

factors.
Feedback on a sector
reaching maturity
Pierre-Olivier GOINEAU
President of France Biotech
Co-Founder and Vice-President,
Chief Operating Officer of ERYTECH Pharma
None of our companies has the same technology or the

same strategy; lets be careful that public investment
policies enrich the ecosystem and give way to the diversity
of investors so as not to sterilize what works best.
France must do more to attract private investment to our
businesses.
nnovate: an international success story
At the laying of the foundation stone, our start-ups are

international; a Japanese publication can ruin a patent,
a Korean start-up can emerge at any point, a US nugget
company can suddenly create a planetar y buzz leaving you
no room even though you are more advanced
Those who are successful travel, shape international
alliances in research and development, think out of the box,
seek out excellence and, above all, know their competitive
environment by heart. They set up competitive intelligence
tools, renew their knowledge, prepare for meetings with their
partners, anticipate. They also know they must protect their
information.
France lags behind in its competitive intelligence policies; it is
urgent to raise the awareness of all the players in the financing
and information management chains and to do more abroad.
nnovate: a French story
In all sectors of the industrial marketplace and especially

in life sciences, France is a major player in innovation.
This can be attributed not only to people but also to
public support whose relevance and effectiveness can be
increasingly measured long-term.
Research tax credit, YIC status, OSEO-BPI are unique tools
that are the envy of our international partners.
Beyond the financial support they provide, these tools
structure our research activities. For example research tax
credit and OSEO-BPI, ultra-incentive mechanisms, build
bridges with our friends in academic research, fostering
fruitful exchanges.
Our long development cycles depend, on the maintenance
and reinforcement of these tools; do not spoil what works !
Pierre-Olivier GOINEAU
METHODOLOGY
Since 2002, France Biotech has conducted the Panorama of the Life Sciences
Industry in France, a study that provides an annual update on the growth and
dynamism of this innovative sector in France.
The results reported in this 12th Edition are based on the information gathered
by France Biotech from the 214 French Life Sciences companies that took part
in this survey.
All the participating companies meet the following eligibility criteria:
Be active in the Life Sciences industry in France,
Allocate at least 15% of total expenses to Research and Development,
Employ up to 250 people.
As defined by the OECD, Biotechnology refers to 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.
This conventional definition has been considered during the survey.
While the Small and Medium Enterprises dominate the area of life sciences
in France for many years, two companies have obtained the status of Medium
Size Companies. The scope of this survey is the same as for previous years.
The threshold of R&D investments remains at 15% of total expenses, the same
level required to obtain the Young Innovative Company status. Medtech
and Biocleantech companies have been included in the study as were Biotech
companies in order to provide good representativeness of the sector.
This year, 255 companies declaring Life Sciences as a core business participated
in the electronic survey provided by Le Sphinx Dveloppement, a company
specialized in quantitative and qualitative surveys. Online from 12 March 2014
until 14 May 2014, the survey allowed us to collect 255 answers among which
214 were taken on for the study (the other 41 answers lacked sufficient depth to
serve the analysis).
The results of the survey have been published in aggregate form in order to
respect the confidentiality of respondents. A change in methodology was made
for Figures 5, 9 and 15 in order to faithfully transpose the best reality in our sample.
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
French Life Sciences Industry Timeline

06
France: 2013/2014 Highlights 08
Geographical Distribution 09
THE LIFE SCIENCES INDUSTRY IN FRANCE
FRANCE: FINANCING INNOVATION
GLOBAL OUTLOOK
10
Company size and employee education

12
Company age, origin and domain of activity
13
Company Creations and Liquidations
15
Mergers and Acquisitions 15
Partnerships and Clients 16
Patents 17
Therapeutic products 18
Medical devices 21
Diagnostic 22
Biocleantech 24
26
A constantly changing business model

28
Financing the Life Sciences Industry
29
Expert testimony: Franck Lescure 30
Venture Capital Funding 31
Public Market Funding 31
Licensing and Partnership Agreements 32
Other forms of financing
33
Government Support 34
Expert testimony: Franck Sebag 36
ANNEX
38
Worldwide partnerships and subsidiaries

of French Life Sciences companies
40
European Life Sciences public market
42
Top 10 largest biopharma M&A transactions worldwide during 2013 43
NYSE NEXT Biotech index 43
NEXT Biotech vs. BTK index 2013-2014
44
Expert testimony: Sacha Pouget 45
Comparison of VC financing in European Life Sciences: 2008-2013
46
Commercialized Products 48
Public listed companies 49
List of the companies that participated in the study
50
Index 51
Glossary 52
France Biotech and the Panorama Study
55
FRENCH LIFE SCIENCES INDUSTRY TIMELINE
IPOs: Adocia (February); EOS imaging (February);

Intrasense (February); DBV Technologies (March); Vexim (April);
Nanobiotix (October); Novacyt (October); Theradiag (December)
IPOs: Tekka (January); Biosynex (March);
Median Technologies (May); GlobalBioenergies (June);
Visiomed Group (July); Mauna Kea Technologies (July)
2011
IPOs: AB Science (April); Deinove (April); Neovacs (October);

Integragen (June); Carmat (July); Novagali (July);
Stentys (October)
IPO: Quantum Genomics (July)
2010
IPO: Ipsogen (June); Creation of NEXT

Biotech Index on NYSE Euronext
IPOs: Cellectis (February); Metabolic Explorer (April);

Genoway (May); Vivalis (June); Hybrigenics (December)
2009
IPOs: Innate Pharma (November);

Genfit (December)
2008
IPOs: Exonhit (November); BioAlliance Pharma (December)
2007
2006
IPO: Nicox (November)
2005
2002
IPOs: Cerep (February);

Transgene (March);
Stallergenes (July)
1999
1998
IPO: Flamel Technologies

(NASDAQ, June)
Genset (NASDAQ, June)
AMM issued
to BioAlliance Pharma
for Loramyc
Genset (FR) purchased by Serono (CH)
1997
1996
1994
Founding of France Biotech
1989
1979
1977
Founding of LFB
Founding of Genset
Founding of Transgene
Founding
of Cayla
IPOs: Crossject (February); Oncodesign (March);

2014
Genticel (April); Genomic Vision (April);
Fermentalg (April); SuperSonic Imagine (April);
TxCell (April); Theraclion (April); Pixium Vision (June);
Quantum Genomics (transfers its shares to Alternext
Paris; April)
IPOs: Spineway (February); Spineguard (April);
Erytech Pharma (May); LDR (NASDAQ, October);
Implanet (November); Medtech Surgical
(November); Carbios (December)
2013
2012
EOS imaging: CE marking for hipEOS

Mauna Kea Technologies: FDA approval for Cellvizio in
urology for Uroflex B et CystoFlex, market authorization in
Brazil for AQ-Flex 19 for UroFlex and for EVA software
Medtech: CE marking of ROSA Spine
Quantel: CE marking for Optimis Fusion
Stallergenes: FDA approval ORALAIR
Valneva: marketing authorization granted for cell line EB66
Vexim: Indication extension for SpineJack
Merger between BioAlliance Pharma and Topotarget,
to become Onxeo
Nicox acquires Eupharmed (Italy) and Aciex Therapeutics (USA)
Transgene sells its interest in Jennerex to Stillagen
Theradiag: CE marking for diagnostic kit in vitro anti-CCP

Mauna Kea Technologies: CE marking endo-urologie for CystoflexTM, Cystoflex UHDTM
and UroflexTM
BioAlliance Pharma: marketing authorization granted for Sitavig
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)
Sanofi (FR) purchases Genzyme (US); Ipsogen is purchased by Qiagen (NL) and becomes Qiagen Marseille;
Cellectis (FR) purchases Cellartis (SE)
Cellectis (FR) purchases CytoPulse Sciences (US)

Sanofi (FR) purchases Fovea Pharmaceuticals (FR);
AstraZeneca (UK) purchases Novexel (FR)
GOVERNMENTAL SUPPORT
2014
Creation of the PEA-PME
2013
Creation of Bpifrance, the French public bank of investment

Creation of the CICE
2011
Reform of the JEI designation (January 2011)
2009
Creation of InnoBio, the specialty investment fund for Biotech

managed by CDC Entreprises
2008
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*
2007
Passing of the TEPA Law* (August 2007)
2005
Creation of the Agence Nationale de la Recherche (ANR)*;

Creation of OSEO;
Creation of the Competitivity Bioclusters
2004
Creation of the Young Innovative Company (JEI) designation*
1999
Passing of the Innovation Law (July 1999),

leading to the creation of the Concours National dAide
la Cration dEntreprises de Technologies Innovantes
1996
Creation of the Nouveau March stock exchange for start-up companies
1983
Creation of the Research Tax Credit (CIR)

*recommended by France Biotech
FRANCE: 2013/2014 HIGHLIGHTS
33%
55
of companies over
10 years old
companies created
in 2013
214
4,620
companies
studied
total employees
104
(average per
company: 20)
diagnostic
products in
development
303
therapeutic
products in
development
57
12
349m
commercialized
therapeutic
products
invested in
Research and
Development
54
listed companies
at June 30th, 2014
medical
devices in
development
278m
358m
in total
revenues
estimated
net loss
GEOGRAPHICAL DISTRIBUTION
4
1
Bretagne
Basse
Normandie
13
Pays de
la Loire
Haute
Normandie
Picardie
Ile-de-France Champagne
Ardenne
Lorraine
70
Centre
Bourgogne
FrancheComt
1
PoitouCharentes
3
Limousin
3
30
Auvergne
Rhne-Alpes
3
Aquitaine
18
Midi-Pyrnes
Number of companies
1-9
10 - 20
21 - 40
> 40
7
e
10
Alsa
c
La Runion
Nord-Pasde-Calais
18
19
LanguedocRoussillon
Provence-Alpes
Cte dAzur
Corse
Source: France Biotech July 2014; 214 companies
One of the French characteristics generally criticized by observers is its centralization.The life sciences industry
is no exception, with an overrepresentation of the Ile-de-France region. Indeed, this region alone accounts for
32% of the companies surveyed (17 public listed companies). However, the creation of in the following regions:
Rhne-Alpes, PACA, Languedoc Roussillon, Midi-Pyrnes, Pays de la Loire, Alsace and Nord-Pas-de-Calais has
boosted the sector and encouraged entrepreneurship through the establishment of incubators.
THE LIFE SCIENCES

INDUSTRY
IN FRANCE
early five years after

the global financial
crisis, biotechnology
companies must increase
their efforts to survive in an
industry where the guiding
principle is innovation.
The previous edition of the
Panorama of the French
Life
Sciences
industry
showed
a
dynamism,
reflecting the ability of
French biotech companies
to innovate despite lower
investments in R&D than in
the pharmaceutical industry.
The maturity level reached
in 2011 was confirmed in
2012 with continuity in
mergers and acquisitions
in the French life sciences
industry.
With economic recovery in France taking its time, the life sciences sector, with innovation at its core,
seems to be the ideal candidate to drive growth. Over the last three years, the biotechnology industry has
maintained its technological and financial development with no less than 16 IPOs in the last 18 months.
The popularity of the biotechnology industry among both domestic and foreign investors is of course
related to the wealth and the quality of the pipeline but also to the market sizes they cover. The French
life sciences industry can be divided into three major sectors: health biotechnology, medical devices, and
biotechnology associated to sustainable development, Biocleantech.
COMPANY SIZE AND EMPLOYEE EDUCATION

Number of employees 1
4%
17%
n 1 to 10
n 11 to 30
n 31 to 99
n 100+
17%
62%
Source: France Biotech, June 2014, 214 companies
Level of education
achieved by employees 2
13%
27%
n High-School
n Bachelors Degree
24% n Masters
n PhD
36%
12
Nearly 62% of companies have

a workforce between 1 and 10
employees, indicative of the startup business model. The 11-30
employees group represents 17% of
companies. Among our sample, 37
companies have a staff of 31 people,
which reveals a certain degree of
maturity in their development. Finally,
4% of companies (9) exceed 100
employees.
As for the education level of
the employees, it exceeds the
Masters degree for over 63% of
the employees. All the companies
surveyed employ 4,620 people with
an average of 20 employees per firm.
1
COMPANY AGE, ORIGIN AND DOMAIN OF ACTIVITY
Origin of the company 3
8%
8%
54%
n Academic Research
n Others (ex-nihilo creation,
asset purchase)
n Spin-off from Big company

n Spin-off from Small Business
Start-up
30%
Companies by age 4
33%
36%
Research and Development (R&D)

are the two key drivers of innovation.
The academic research appears then
to be a decisive source of value
creation. In fact, more than half (54%)
of business creation comes from
academic research getting ahead of
the ex-nihilo business creation
(30%) after total or partial transfer
of assets. By contrast, spin-offs from
large pharmaceutical companies
represent only 8% of company
creations.
Another important fact confirming
the maturation of the industry, nearly
a third of companies are more than
10 years old, this last third accounts
for almost 65% of the employment
panel.
n 0 to 5 years
n 6 to 10 years
n 10+ years
31%
CEO Profile
The CEO profile is symptomatic of the business model of the biotechnology industry since 76% of the managers are the founders,
among which 72% have scientific training. Another interesting characteristic concerns the former activity of the CEOs since more
than 35% of executives surveyed had previously run a business.
In the light of these remarks, we are led to understand that either these leaders are serial entrepreneurs in the life sciences or
they call in business leaders whose speciality is the development of the business and the structuring of the company.
However, for 17% of the cases, there is a combination of these three characteristics.
13
Domain of activity 5
25%
23%
2012
2013
27%
27%
88%
86%
28%
24%
13%
32%
39%
39%
41%
n Human Health
n Bioinformatics Equipment & Reagents
n Animal Health
n Medical Devices
36%
n Cosmetics
n Agrifood Human & Animal
n Biocleantech
Source: France Biotech, June 2014, 214 companies (rponses choix multiples)
As in previous editions, human health remains the first (86%) area of business activity, followed by animal health (36%) and medical
devices (32%). Compared to previous years, the largest increase relates to medical devices with more than a two-fold increase in
representativeness. This is in part due to a better response rate of Medtech companies for this edition.
Another sector under the spotlight is Biocleantech. Many entrepreneurs choose sustainable development through life sciences. The
recent government guidelines adopted in the field of energy, a desire to disengage France from nuclear energy sources, will not curb
their ambitions. Bio-fuels from biomass processing and recovery of waste, previously non-recyclable, are also central to Biocleantech
business.
Biocleantech and energy transition

Carbios is fully engaged in energy transition and is pleased that the government will advocate a reduction target of 30% of fossil fuels by
2030. Jean-Claude Lumaret, CEO of Carbios says: From our part, we continue our work of transforming waste of petrochemical origin, now
considered trash, into infinitely reusable raw materials. This is a huge environmental and economic challenge! In Europe, 25 million tons
of plastic waste are produced each year, of which only 20% are recycled, according to the European Commission. Globally, this recyclable
waste, which represents a considerable reservoir of untapped renewable resources and an estimated $100bn windfall, is estimated at about
100 million tons.We look forward to seeing what measures will be put in place by the summer.
(Source: Press Release Carbios, April 11th, 2014)
14
1
COMPANY CREATIONS AND LIQUIDATIONS
Creations and liquidations 6
Number
of companies
60
43
38
41
32
26
55
49
46
24
35
15
-60
-5
2008
-9
-20
2009 2010
-1
-25
2011
n Creations
n Liquidations
n Net
-14
-40
2012
2013
Year
In 2013, the Life Sciences sector showed

its dynamism by generating a creation
of 55 companies (+ 12% vs. 2012). This
dynamism is stained by an increase in the
number of liquidations, with 40 liquidated
companies (+ 285% vs. 2012) during the
same period showing the difficulty to
persist in the sector.
French
Life
Sciences
companies
must pursue their efforts in terms of
investments and innovation, despite the
backdrop of economic crisis that has
revealed a fracture in the economic
fabric of France. For a large number of
small and medium-sized enterprises,
there is no room for complacency since
the prospects for growth remain fragile.
Some of them were even forced into
premature cessation of activity.
Source: France Biotech, June 2014
MERGERS AND ACQUISITIONS

2013 witnessed many movements showing the ambition of life sciences companies to consolidate their position as technological
leaders and to focus on core business activities. Transgene sold its shares held in Jennerex (8.5%) to the South Korean, Sillajen.
The acquisition of immuno-monitoring Indicia Biotechnolgy by Platine Pharma Services helped the company to dilute the
participation of Transgene in its capital but also the future development of Platine Pharma. Eurofins, for its part, increased its presence
in quality control, bio-analysis with the acquisition of IDmyk laboratory and the Merck Millipore subsidiary, DDS (Discovery and
Development Solutions).
At the same time, Indicia Production (CMO) strengthened its activities in contract manufacturing through the acquisition of
Biotechnologie Appliqu. Hybrigenics consolidated its technology through the acquisition of Imaxio and Dualsystems Biotech,
respectively genomic and screening activities. EOS Imaging acquired OneFit Medical (4m), offering surgeons a complete solution
for imaging diagnosis to surgery prosthesis.
Biomrieux, specialist of in vitro diagnostics, acquired the U.S. company Biofire Diagnostics for an amount of 350m. Nicox
developed its sales force in Italy by acquiring Eupharmed. Nicox acquired Aciex Therapeutics, a US Biotech company, for an amount
of $120m. Ose Pharma acquired all assets of OPI, now becoming its subsidiary in Switzerland.
Finally, BioAlliance Pharma and TopoTarget entered into merger agreement and created Onxeo, a future leader in orphan drugs
in oncology.
15
PARTNERSHIPS AND CLIENTS

Distribution of partners types 7
12%
45%
17%
n Academic Research
n Industry
n Biotech
n Others
Source: France Biotech, June 2014,
124 companies, 295 partners
26%
Geographical distribution of partners 8

6%
11%
67%
16%
n France
n Europe
n North America
n Rest of the World
124 companies, 295 partners
The creation of structuring partnerships

(R&D, distribution) is a major challenge for the
development of biotech companies.
In fact, 124 companies have announced
at least one partnership and more than
290 partnerships have been reported in
our sample, among which 45% built with
the academic sector, aiming to develop
collaborative research programs.
The major players are the public research
institutes such as AP-HP, CEA, CNRS,
INSERM, Institut Curie and Institut Pasteur.
On the other hand, 26% of partnerships are
made with pharmaceutical companies. This
type of partnership provides payment of
milestones, according to the stage of product
development. Many Big Pharma such as Bayer,
BMS, GSK, Ipsen, Merck, Novartis, Novo
Nordisk, Pfizer, Sanofi, Servier, Teva have
developed partnerships with the life sciences
industry, giving proof of the synergy that exists
between life sciences and pharmaceutical
companies.
Finally, 17% of the partnerships were built
between biotech companies, showing the
degree of connection in the sector. As for the
geographical distribution of the partnerships,
two thirds of them are French-French, leaving
the last third to foreign partnerships (33%).
6 partnerships reveal a more internationally
oriented vision.
Distribution of clients by industry sector 9

80
70
60
50
79%
72%
69%
61%
n 2012
n 2013
51%
48%

211 companies
40
30
20
10
31%30%30% 31%
20% 19%
17%
14%
18%
17%
14%
13%14%
11% 10%
9%
Ph
ar
m
a
In ceu
Bi dusttica
ot
l
ec ry
hn
o
Pu
lo
bl
gy
ic
Re
se
ar
ch
H
ea
Fa lth
cil ca
it re
C ies
In osm
du e
st tic
ry
M
D ed
ev ic
ic a
H es l
ea
lth
ca
re
Ag
r
In idu fo
st od
C ry
h
In em
du i
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ry
F
Br arm
En ee in
vir din g/
on g
em
en
ta
l
16
Pharma, Biotech and Public Research remain

the top three in the clients distribution
by industry sector. As expected, the
pharmaceutical industry (72%) leads the
order as the biggest source of cash, either
through milestones unlocked when crossing
stages during the development of products or
through royalties after a license transfer to a
marketing operator. Biotechnology companies
follow in pharmas footsteps representing 61%
of the clients.
In fact, the commercialization of technological
platforms explains in part this high rate as 56%
of these companies market their platforms.
Research laboratories (48%) follow closely in
third place, a position due to the application
of tests to researchers for their experiments
in R&D.
1
PATENTS
Patents filed 10
36%
47%
n France/Europe
n USA
n Rest of the World
17%
Intellectual property protection is one of the

key elements of the valuation of innovative
companies, especially in a highly technological
and scientific sector. The coverage of
intellectual property appears then high on the
agenda. As shown in the chart above, more
than half of the patents (52%) are granted in
the European zone.
Patents granted 11
34%
54%
n France/Europe
n USA
n Rest of the World
12%
Companies with patent filing activity seem to

be mature and structured companies with a
lifetime of 9.5 years and an average size of
25 employees. The recent issuance of a new
patent granted to BioAlliance Pharma shows
the importance of having an international
coverage.
Aude Michel, Director of Corporate
Development of BioAlliance Pharma declared
on 18 February 2014, We are very pleased
with the issuance of this new patent for Livatag,
which is the fruit of a close collaboration between
development teams and Property Industrial
Department. These on-going interactions allow
us to ensure the establishment of an optimal
patent protection, thereby maximizing on-going
enhancement of our programs.
(Source: Press Relaese BioAlliance Pharma,
February 18th, 2014)
Patents exploited 12
21%
59%
20%
n France/Europe
n USA
n Rest of the World
17
THERAPEUTIC PRODUCTS
Therapeutic areas 13
Oncology (32%), 97 products in development, including 7 in phase 1,

10 in phase 2 and 7 phase 3, Infectious Diseases (17%), 51 products in
development including 5 in phase 1, 5 in phase 2 and the Immune System
(10%), 30 products in development including 3 in phase 1, 4 in phase 2 and
1 in phase 3 are the top 3 therapeutic areas in the R&D pipeline.
In early 2014, the French Government launched the second Cancer
Plan for the period 2014-2019. With an incidence of 355,000 cases
per year (all cancers combined), the plan highlights the importance of
this disease in our society over the next decade. Several points can be
linked to the biotechnology sector. In fact, the plan promotes access to
therapeutic innovations through the ambition to increase the number of
clinical trials with the goal of 50,000 patients in 2019 (37,500 in 2012).
The imminent arrival of a single convention, prior to the implementation
of clinical trials, allows the simplification of administrative procedures. The
new approach should limit to 60 days the signature time for laboratories
wishing to start clinical trials. The plan develops five strategic axes:
32%
30
25
17%
15
10%
10
8%
6% 5% 5%
4%
2% 2% 2%
In
fe
c
tio
O
nc
ol
u
s
o
C
en Im de gy
m se
tr
un as
al
e
ne e
rv sys s
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C
ss m
ar
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di
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va ta
sc bo
ul
a lis
O r sy m
ph st
ta em
lm
ol
og
D
O y
G erm the
en
et ato r
ic
l
de ogy
se
Tr ase
an s
sp
lan
t
1. Identifying populations at risk of cancer in order to adapt and customize

strategies for prevention and early detection;
2. Coming up with a new definition of cancer;
3. Modelling tumour processes to better understand cancer and better
manage patients;
4. Understanding tumour escape and host-tumour relations;
5. Fighting against health inequalities facing cancer.
These five themes will be invested by recurring project calls and

multidisciplinary projects aimed at improving prevention, diagnosis and
treatment.The Cancer Plan funds this research by dedicating 50% of these
credits.
Stage of development 14
160
152
140
138
126
With 303 products ranking from proof of concept to commercialization,

the R&D pipeline is rich. Over 72% of products are concentrated in the
early stages of development (Proof of concept and Pre-clinical), making
the future look promising.
120
108
100
Furthermore, there is a real increase of products at Phase 3 (12) and

registration stage (7); mature companies can see their work paying off
with the imminent commercialization of their future blockbusters.
80
63
50
Source: France Biotech, May 2014, 100 companies, normalized data to 103 companies per year
40
tio
io
12 12 11 12
3 4 3 4
liz
a
at
er
cia
m
om
C
Ph
as
e
1
Ph
as
e
l
ica
lin
12
6 8 6 8
Pr
ec
pt
ce
on
fc
fo
Pr
oo
31
21
NC
18
26
27
tr
20
35 34
34
gis
26
29
Re
40
60
66
59 57
as
20
Ph
35
n 2009
n 2010
n 2011
n 2012
n 2013
1
Orphan diseases: a developing market
Companies engaged in the development of treatments against orphan diseases have benefited from the high-growth potential of this
market. The National Institute of Health (NIH) has identified up to 7,000 rare diseases, the majority of which has few or no treatment
options. During 2013, the European Medicine Agency (EMA) issued 117 Orphan Drug designations.
The orphan drug designation provides an accelerated regulatory review process through a gradually clinical data deposit, and a lower
cost of development. Over the past 10 years, 36% of Food and Drug Administration (FDA) approved products were orphan drugs.
Cancer is, once more, the therapeutic area that receives the most attention from the industry. Indeed, 41% of approvals include
oncology over the past decade. In addition, competition is less fierce than in other markets.
This market will represent nearly 16% of sales of prescription drugs by 2018 (equivalent of $127bn).
*Source: Evaluate Pharma, Orphan Drug Report 2013
Orphan drugs approval by FDA 2003-2013 15

12
39%
10
8
31%
29%
3
1
2
35% 35% 35%
6
4
45%
39%
24% 1
2
27%
3
1
1
30%
5
6
15%
4
3
15%
1
38%
3
2
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
n Genetic
n Cancer
n Other
n % of orphan drugs
approved by FDA
Source: HBM Partners, Trends in US New Drug Approvals, February 2014
Birth of a future European giant in rare diseases, Onxeo

Judith Greciet, BioAlliance Pharma CEO, said: The merger with TopoTarget will allow us to strengthen and diversify our position in the
field of rare cancers.The TopoTarget team, who accompanied Beleodaq until registration in the USA is very experienced. Pooling our expertise
applied to a promising and innovative product portfolio will be a driver to accelerate our programs and to grow our business.This is a unique
opportunity that comes at a key time for the company and will allow us to secure our position on this highly profitable market.
(Source: Press Release BioAlliance Pharma, 16th, April 2014)
19
COMPARISON WITH FRENCH PHARMACEUTICAL COMPANIES

R&D
investment
# of Research
# of Phase 1
# of Phase 2
# of Phase 3
Top 10 Biotech
listed Panorama
146m
18
11
IPSEN
349m
12
Sanofi
6,338m
15
48
43
20
Source: France Biotech, May 2014, Biocentury
As we compare the Top 10 Biotech companies by market capitalization in the present panorama with the two French Big Pharma,
it appears that the biotech companies are more efficient in terms of R&D productivity. In fact, with lower R&D investment they bring
more products to clinical trial. This trend is transcribed through the number of FDA approvals of biotech drugs. During the first
six months of 2014, the FDA approved 17 new molecular entities (NME), among which 6 are biologics products (35%). The trend
expressed above on the development of products for orphan diseases is confirmed, as 4 of the 6 biologics approved are Orphan drugs.
Over the past ten years, we have seen a steady increase in biological products. This pattern is also repeated in global sales over the
period 2007-2017. Indeed, according to the IMS (Institute for Healthcare Informatics) report, the share of biological products in global
sales stood at 15% of the global market in 2007.
In 2012, biological market share rose to 18% or $169bn. Finally in the latest projections for 2017, biological products are expected to
represent 20% of the global market or $221bn. Another example of the penetration of biological products is the Top 20 global sales. In
2013, the top-selling drug is a biologic, Humira (adalimumab). 9 biological products are present in the Top 20 and 5 are present in the
Top 10. Growth of biological products is mainly driven by monoclonal antibodies with no less than 4 products on the Top 5 global sales
of biological products in 2012.
FDA approval 1998-2013 16

35
35
30
n New biologics approved

n New NMEs approved
31
30
27
25
24
24
21
19
18
18
17
16
15
15
14
11
10
7
24
21
20
23
7
5
3
4
2
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Nature Reviews Drug Discovery, vol 13, February 2014
20
1
MEDICAL DEVICES
Therapeutic areas 17
35
33%
30
25
20
15
11% 11% 11%
10
9%
7% 7%
4% 4%
st
lm
sy
al
ne
ph
ta
ar
ul
sc
ov
a
en
tr
ar
di
C
ol
rv
ou ogy
ss
ys
D
er tem
m
U
at
ro
ol
ge
og
ni
y
ta
ls
ys
te
m
Im De
m
un ntal
e
sy
st
em
og
ol
og
O
nc
ol
at
m
eu
Rh
em
Estimated at over 200bn in 2010 (CEPS, 2011

report), with growth of 6%, the global market for
medical devices is rapidly expanding. In France,
according to the Ministry of Industrys report, PIPAM
(2011), the market amounted to almost 19bn
for all medical devices, including in vivo and in vitro
diagnostics.
25 companies reported an activity in the field of
medical devices. In first place, we find the area
Rheumatology. It accounts for all orthopaedic
devices (33%) which represented almost 28bn in
2010, according to the AIEFC study. This is followed
by Oncology (11%), Cardiovascular System (11%) and
Ophthalmology (11%).
Stage of development 18
25
23
22
20
15
10
om
Re
er
cia
gis
tr
liz
at
at
io
io
n
t
D
ev
elo
pm
en
ar
ch
se
Re
23 products are already marketed by these companies,

which shows the actual maturity of the sector. Once
considered cheaper and faster than drugs, the
development of medical devices has become much
more complex at the regulatory and clinical level.
Yet even more, it is public market access that is the
big issue today, business development being mainly
driven by exports.
Access to the domestic market for these innovative
technologies is not easy and the wealth of the
pipeline, with no less than 31 products in R&D and
3 in registration phase, paves the way to a brighter
future.
Innovative medical devices, public market access issues

Bertin Nahum, ranked fourth in the worlds most revolutionary high-tech entrepreneurs according to a publication of the Canadian
Journal Discovery Series, stated in the opinion on May 14th, 2014: Regarding innovative medical devices, such as the surgical robots that
we design, the urgency is now to have a regulatory framework offering the possibility to be disseminated within the hospital network.There still
is a gap between the growing interest of health professionals and patients for innovative technologies such as ours, and their late apprehension
by regulators. We also pay special attention to measures that promote innovative public procurement and for the access of SMEs to public
procurement. I believe there is a real awareness and the first steps are in the right direction. But we must go faster. Public procurement
accounts for more than 87.8bn in France. In terms of their weight in the real economy, it is essential that SMEs, and the most innovative
ones, have easy access to these markets. (Source: Lopinion, on May 14th, 2014).
21
DIAGNOSTIC
In vitro
Therapeutic areas In vitro 19
25
24%
20
15
15%
13%
10
8%
5% 5% 5% 5%
4% 4% 4%
3%
I
C nfec O
en ti n
tr ou co
al
l
ne s de ogy
rv se
ou as
s s es
ys
Re
te
sp
ira O m
to th
ry e
sy r
s
D tem
Bl ige
oo st
i
O d sy ve
ph st
Im tal em
m mo
un lo
e gy
sy
H Me ste
os
m
t
pi ab
G tal s olism
en o
et lut
ic io
de ns
se
as
es
Stage of development In vitro 20

13
The in vitro diagnostic product is used by the

examination of samples from the human body, in
order to provide information on the physiological or
pathological condition of a person or on a congenital
defect. The area of Oncology (24%) is the most
represented in vitro diagnostics, followed by Infectious
diseases (15%) and Central nervous system (13%).
Thanks to the breakthrough of pharmacogenomics,
developing companion tests has accelerated during
the last decade. The purpose of a companion test is
to identify responders, monitor response and adjust
treatment if necessary. The most striking example
is probably Herceptin and its HER2 test making it
possible to screen patients and, at the same time,
follow the evolution of their disease. Biomarker
discovery is the next major challenge for the industry.
There appear to be several advantages in launching a
co-development of companion test/drug-candidates.
For industry, companion tests facilitate decision
making in the R&D stage. It enables manufactures
to better screen drug candidates upstream and
avoids project funding without any future. For the
patient, it reduces the number of treatment failures
due to better screening of patients. Due to its role
in industrial development and its central position in
the therapeutic armamentarium, the companion test
fits perfectly into health organizations perspectives,
namely; cost reduction and personalized medicine.
Moreover, the pharmaceutical industry, les
entreprises du medicament (Leem), published a
study (2011) on the subject estimating the market at
around $47bn by 2017.
18
13 products are already on the market and 62

products are still in the R&D phase. In our sample, no
companies are in the registration phase.
44
n Research
n Development
n Registration
n Commercialization
Source: France Biotech, May 2014, 37 companies
22
1
DIAGNOSTIC
In vivo
Therapeutic areas In vivo 21
25
24% 24%
20
15
10% 10%
10
7%
7%
3%
3%
ive
st
ige
D
ol
te
et
M
ls
ita
en
tr
al
ro
g
en
ab
ys
ol
nc
ism
y
og
er
th
O
ol
at
og
m
te
ys
Rh
eu
ss
rv
ou
ne
Im
m
un
sy
st
em
Central nervous system and Immune

system are the two areas most represented
in our sample. Indeed, with the steady
increase in allergic and neurodegenerative
diseases, it is not surprising to see these
areas, having become strategic, at the top
of the list. Rheumatology, Oncology and
Genitourinary system the follow. Valued
at more than 20bn in 2010 (PIPAM
2013), the global market for medical
imaging is rapidly expanding due to the
aging population and greater exposure to
disease.
These needs target a better prevention,
better and earlier diagnosis and
personalized therapeutic monitoring.
The advent of new technologies and
the development of computing power
provide new perspectives. Medical imaging
allows exploration of living organisms and
improved knowledge of molecular and
cellular biology.
Major breakthroughs in medical imaging

Medical imaging is one of the areas affected by these technological breakthroughs, like EOS imaging, whose products have been
created from research conducted by Nobel laureate George Charpak. Marie Meynadier, CEO of EOS imaging declared after the
installation of two EOS systems in Paris: These two additional installations in Paris further highlight the medical value of our technology.
The EOS system is immediately usable in patient care and treatment processes, contributing to the safety and efficiency of orthopaedic
diagnosis and treatment thanks to its high-quality, low-dose imaging and to the unique 3D reconstruction of the skeleton in a functional
position. We are also very pleased to observe and contribute to the development of public-private partnerships enabling the installation of
innovative equipment such as EOS.
(Source: Press Release EOS imaging, 6th, February 2014).
Stage of development In vivo 22

4
11
n Research
n Development
n Registration
n Commercialization
Regarding the stages of development, 11

products are already on the market and
15 are in the research and development
stage demonstrating the robustness of the
pipeline. 3 products are in the registration
phase.
11
3
23
BIOCLEANTECH
Domain of activity Biocleantech 23

3%
3% 3%
3%
6%
38%
9%
35%
n Bio-production
n Agri-food
n Waste recovery
n Water treatment
n Bio-fuel
n Cosmetic
n Bio-material
n Others
The biotech industry related to the

environment is a fast-growing sector. On
the chart many companies use life sciences
in the area of agri-food, waste treatment.
Offering a serious alternative to
petrochemicals,
new
fermentation
processes offer solutions to declining
natural resources. Similarly, new techniques
will produce clean energy from previously
non-recyclable waste energy.
With more than 360 employees, these
companies are relatively young (median
2007), yet have the appearance of mature
companies. As proof, they have an average
of 4 products or bio-processes under
development and have developed 3
partnerships on average.
Investment in R&D (41m) and ensuing
results (about 800 patents submitted)
demonstrate the maturity of companies.
French biocleantech recognized at European level

As exemplified by Fermentalg which was awarded the Standout Fundraising Achievement of the Year Award by Cleantech
Group in May. This Award, which recognizes a clean technology company whose fundraising is illustrated by its innovation and
outstanding performance, once again confirms the vitality of Fermentalg and its strong development capability. Pierre Calleja,
Founder and CEO of Fermentalg, said: It is an honour to receive this award from an institution such as the Cleantech Group, a benchmark
in the world of clean technology and sustainable development. Like AFIC Cleantech in 2011 or UIC Pierre Potier in 2012, this award confirms
the excellent work of our teams in all areas and the exceptional evolution of our company since its inception in 2009.
(Source: Press Release Fermentalg, May 21st, 2014).
24
MEDIAN Technologies develops medical imaging software and services

dedicated to oncology clinical trials, cancer screening, and clinical practice.
MEDIAN Technologies standardizes and automates the interpretation of
medical images in oncology to optimize the diagnosis of cancer patients and
the assessment of their response to therapy. MEDIAN has received the label
Innovative company by the BPI and is listed on Euronext Paris Alternext
market (ISIN: FR0011049824, ticker: ALMDT). The company is eligible for
the PEA PME SME equity savings plan setup.
Based in Balma, near Toulouse (France), VEXIM is a medical device

company created in 2006 that specializes in creating and marketing
minimally invasive solutions for treating traumatic spinal pathologies.
Benefitting from the financial support of longstanding shareholders,
Truffle Capital and Banexi Venture, and OSEO public subsidies,
VEXIM has designed and developed the SpineJack, a unique
implant capable of repairing a fractured vertebra and restoring the
balance of the spinal column. VEXIM has been listed on Alternext
Paris since May 2012.
DEFYMED is a company that develops implantable bio-artificial

medical devices for cell therapy. Its initial focus is on Type1 Diabetes.
Defymed exclusive technical know how allows to customize
its bioartificial medical devices to meet several therapeutic
applications. Defymeds initial product is a bioartificial pancreas,
named MAILPAN (MAcro-encapsulation of PANcreatic Islets)
designed to treat Type-1 diabetic patients.
CYTOO develops physiological cellular models compatible with

High Content Screening. Illustrated, MyoScreenF, a fully mature
human muscle micro-tissue model, is used to discover drugs to
treat sarcopenia, cachexia, musculoskeletal diseases, neuromuscular
disorders, as well as to evaluate the impact of compounds on
muscle toxicity or metabolism.
25
FRANCE:
FINANCING
INNOVATION
ince the beginning of the 21 st century, the

biotechnology industry business model has
come under close scrutiny from management
and investors alike.
Both investors and public stock market are a capital
source of financing: while the former can create value
by identifying potential milestones and setting a course
towards achieving them, the latter brings some fresh
air when private financing happens to be lacking.
In 2013, French Life Sciences companies continued
their efforts in terms of investments and innovation
despite the economic crisis. In the face of challenging
financing conditions due to high development costs and
the uncertainty of results, they mobilize considerable
resources by diversifying their sources of financing and
by counting on government support, a real financial
safety valve.
A CONSTANTLY CHANGING BUSINESS MODEL

Business model Life ScienceTech 24
Revenus
Public stock market (IPO)

Grants and loans
Mergers and Acquisitions

Venture Capital (2 - 20 m)
Seed Funds (300 K - 2 m)

Business Angels (150 - 600 K)
Young Innovative Company
Growth
Development
Time
Source: Montaigne Institut Report, Sant, le pari de linnovation.

Une ambition au service de nos finances publiques et de notre comptitivit; France Biotech
Symptomatic of the financing round of young innovative companies, the biotechnology industry business model includes various
approaches at different levels of funding. Every new business needs some start-up capital, for research, product development and
production and other overhead costs. Young innovative companies use Business Angels or seed capital enabling them to launch their
business; some life sciences companies might also look for other solutions such as crowdfunding as a complementary funding source.
As a valuable resource, Venture Capital will look for more mature companies. Venture Capitalists rally round to invest in very promising
companies and identify potential milestones and set a course towards achieving them. At a more advanced level, going public is the
option for more established companies, helping them to get additional funding to go to market and to accelerate their international
development.
* Created in October 2013, Auriga IV Bioseeds is a seed fund, focussing on financing the development of innovative projects initiated from scientific knowledge and expertise
in areas in which French know-how is recognised globally. Auriga IV Bioseeds intends to invest in more than ten young innovative French companies with a deal value between
0.5m and 3m. (Source : Bpifrance)
Crowdfunding in the Life Sciences Industry

Crowdfunding has come into the mainstream in a meaningful way. As young innovative companies find it hard to attract investors,
this source of financing could be a game-changer for many of them. More appropriate for companies willing to go to the market
quickly with a seductive product, crowdfunding is viable only if the investor has a clear vision of the economic potential of the
innovation. Thus, crowdfunding could be disruptive for life sciences companies as the investors need to be knowledgeable about
the scientific issues. Despite the enthusiasm shown by 59 French life sciences companies - among the 116 which participated in
the study who think that crowdfunding platforms and their offerings could greatly augment the capital flows into the earlier stage
biotech arena, the biotechnology industry still needs serious investors such as VCs and Angel Investors, willing to invest substantial
amounts of money.
28
2
FINANCING THE LIFE SCIENCES INDUSTRY
Evolution of Life Sciences Industry Funding 25 (m)
m
600
146
274
183
106
169
101
2009
74
2010
n IPO
n Secondary Public Offerings
n Venture Capital
237
146
92
183
153
80
300
252
121
138
2011
2012
112
2013
H1 2014
Year
The success of small biotech companies is dependent upon outside sources of capital to fund the long and costly process of bringing a
new drug to market. Over the last decade, factors both internal and external to the industry have had a large impact on the availability
of capital. In fact, the 2008 global crisis has kept investors away from the biotechnology industry considered too risky.
As they were recovering from the consequences of the economic and financial global slowdown, venture capitalists started showing
interest in 2012 when venture capital funding rose by 14% (vs. 2011) reaching an amount of 252m in 2013 (+82% vs. 2012). Taking
advantage of a more realistic and sustainable source of financing image, the public market attracted 7 new French life sciences companies in 2013, raising a total amount of 153m. Note that the best IPO on the Paris Stock Exchange in 2013 returns to Medtech, robotic
surgery, with 20m raised on NYSE Euronext.
FUNDING COMPARISON (m)

Year
IPO
Venture Capital
SPO
Total
H1 2013
H1 2014
Change
31
237
665%
161
24
216
112
274
623
-30%
1,042%
188%
The booming Biotech IPO market is symptomatic of the selectivity that Venture Capital has been showing, in view of the large capital
requirements, lengthy timelines and high risk associated with drug development. As a consequence, a growing number of French life
sciences companies chose to go public, making France the first IPO place in Europe.The trend seems to continue so far as 9 new French
life sciences companies went public in the first half of 2014, raising a total amount of 237m (+665% vs. YTD 2013) and predicting a
lofty year.
During the first half year 2014, the prize for the most successful introduction goes to SuperSonic Imagine, medical imaging, with 50m
raised by its IPO on NYSE Euronext.
29
Expert Testimony
Franck Lescure
Partner Life Sciences
Auriga Partners
Lamarck, no Darwin
espite
a
favorable
context in France for
the emergence of startups, symbolized by the
Research Tax Credit (RTC) or the
status of Young Innovative Company
(YIC), several improvements must
be considered to further strengthen
the development of technological
innovation in Life Sciences. Observation
of our ecosystem indeed suggests
a number of weaknesses that need
to be addressed. The lack of private
engagement and the consecutive overrepresentation of public structures and
finance in technology investment funds
is a first obvious fact.
Several responses could be made to
this recent development in which the
State still has a role to play: to foster by
strong incentives the commitment of
private institutional investors, industrial
firms and our citizens; to reconsider
the performance of venture capital by
encouraging the emergence of large
funds covering the funding chain in
its entirety; to attract foreign investors
to direct and indirect investment to
remain coherent with the structural
30
internationalization of biotech business

models
The technological funding ecosystem,
venture capital or growth capital,
must be specifically monitored and
supported. There is need to defend
internationally-recognized
French
management companies, to encourage
the emergence of new teams, to make
the profession of biotech investor
attractive again, to develop major
expert technological funds supporting,
downstream of the funding chain,
the commercial growth of emerging
industrial leaders,
Finally, the foundations having been
laid for public tenders, the development
of a French Small Business Act must
be pursued taking into account
our specificities, by promoting the
biotech firms that are on the point of
marketing their leading-edge products.
The aim is to continually explore
ways of improving our environment,
because to innovate is to know how to
challenge ourselves and to renew our
way of doing things.

Franck Lescure
VENTURE CAPITAL FUNDING

Distribution of VC Funding 26 (m)
Amount
Raised (m)
After having shown little interest in the biotechnology

industry in favour of NICTs, considered less risky, Venture
Capital signed its return in 2013. Healthcare companies
were responsible for half of the most important fund
raisings, with in first place, Gensight Biologics which raised
32m from Venture Capital. As a catalyst of this dynamism,
medical devices represented 51% (vs. 38% in 2012) of
Venture Capital investments. Riding on the positive trend,
Venture Capital funding in 2013 rose to 252m (+82% vs.
2012). The average investment led the expansion showing
a growth of 40% to 4.9m invested in 2013.
Number of
Operations
70
320
13
47
41
38
50
25
113
2010
67
109
80
2011
34
7
10
52
48
130
95
2013 H1 2014
2012
n Biocleantech
n Medtech
n Biotech
n Deals
0 Year
Allocation of investments by funding rounds showed a

significant growth by 55% of Series A financings up to
40m in 2013. So far, Venture Capitalists have been skeptical
about medtech companies, only later-stage companies
with products at or close to market, offering thereby
less risk, have been drawing in the VC money. Times are
changing since Venture Capital seems to be less reluctant
to invest in medtech companies, considering the cycle of
commercialization shorter then biotech companies.
PUBLIC MARKET FUNDING

Evolution of French Life Sciences IPOs on NYSE Euronext 27
Amount
Raised (m)
250
Number
of IPOs
9
8
7
7
6
5
125
237
2
37
49
2005
2006
140
92
2010
2011
0
n Amount Raised
106
2007
12
2008
2009
n Number of IPOs
146
2012
153
2013
H1 2014
Year
Biotech is back with a vengeance in the IPO window. In 2013, we witnessed over 7 new biotech capital openings and more than 153m
raised, growing by 5% compared to 2012 (146m raised).There are a number of reasons behind this booming IPO market, but a big part
of it has been generalist interest in biotechs wide outperformance coupled with the positive euphoria that gained medtech companies
willing to be part of the party (5 companies among the 7 new listed in 2013 are medtech).Taking advantage of the window of opportunity
at the Paris stock exchange, going public seems to be in the limelight this year. 9 new listed companies were already reported during the
first semester (among which 2 medtech companies) making the Paris stock exchange, known as Euronext Paris, the top European stock
exchange in the sector (especially in medtech) and the second financial market place after the Nasdaq.
31
LICENCING AND PARTNERSHIP AGREEMENTS

LICENCING & PARTNERSHIP
Amount of operations ($m)
Number of operations
2007
2008
2009
2010
2011
2012
2013
2,000
1,300
1,200
400
600
3,300
25
16
10
40
Source: Sheffstation
BIOTECHS ACQUISITIONS
Acquisitions
premiums average
Number of operations
2007
2008
2009
2010
2011
2012
2013
76%
102%
68%
54%
63%
57%
34%
27
21
31
23
21
25
Source: Sheffstation
Recent operations in the pharmaceutical industry have been driven to deal with the challenges facing the Big Pharma companies,
including spiralling R&D costs, gaps in drug development pipelines, patent expirations and generic erosion of compounds. Pharmaceutical
companies must also deal with competition from foreign entities, regulatory scrutiny and costly lawsuits. As a consequence of all these
issues, Big Pharma companies have concentrated their efforts on balancing their product pipelines through acquisitions of smaller
biopharmaceutical players, focusing on high-growth potential markets such as Oncology, Rare diseases and Diabetology.
As a leading niche, Oncology dominated in 2013. French life sciences companies such as Diaxonhit, Valneva, Effimune and Transgene
signed licensing agreements with, respectively, Boehringer Ingelheim, the German biopharmaceutical company Delta-Vir, Janssen
Biotech and Sanofi. Focusing on partnering and licensing deals, Big Pharma companies continued an acquisition spree in the first half
of 2014, spending the cash available from their cost-cutting and restructuring programs. The French pharmaceutical company Servier
signed a strategic collaboration agreement with its life sciences fellow company Cellectis for an amount of 7.55m in order to develop
and commercialize novel product candidates stemming from cell therapy; Servier may exercise an exclusive worldwide option for a license
on each product candidate developed under the agreement. BioAlliance Pharma showed its dynamism as well, since the biotechnology
company signed various agreements among which a commercialization agreement in Japan with FUJIFILM Pharma for Loramyc. The
registration of the product will trigger an important amount of steps milestones by the Sosei Group, the development partner of
the French company in Japan.
All these movements show the operational synergies between pharmaceutical and biotechnology industries. The revenues from
partnership deals help life sciences companies to find short and medium-term funding thanks to royalties and steps milestones and
therefore to advance the development of their products.
Immunotherapy: the Promised Land for biotech companies?

Today, one third of the drugs developed in the world stem from immunotherapy. Immunotherapy is a type of cancer treatment
that uses bodys natural defenses to fight cancer cells, stopping them from spreading to other parts of the body. This therapy is a
serious track in cancer research and could revolutionize cancer treatments. Thanks to monoclonal antibodies, the first generation
of drugs able to recognize and neutralize cancer cells, the pharmaceutical industry has found a great market opportunity with an
8% annual growth and a global revenue up to $50bn**.
Partly responsible for the success, biotechnology companies are behind this innovation, since companies such as Transgene,
Neovacs, TxCell and Genticel chose immunotherapy as their core business. Their market capitalizations are booming and make
Big Pharma companies show growing interest in licensing and partnership agreements as an example, Innate Pharma signed a
strategic agreement in 2011 with Bristol-Myers Squibb for an amount of $465m**, for the development and the commercialization
of IPH2102, a new Phase I antibody in cancer treatment. More recently, Cellectis signed a deal with the American drugmaker
Pfizer in order to develop immunotherapy drugs in cancer. Feeling the high-growth potential of immunotherapy treatment, Pfizer
concretized its interest in the technology used by Cellectis who will receive an upfront payment of $80m coupled with development,
regulatory and commercial milestone payments.
32
2
OTHER FORMS OF FINANCING
The launch of the new PEA-PME at the beginning of the year sounds like an added source of financing for small and
medium-sized enterprises.
Working as an investment vehicle, it stimulates the flow of more private savings toward small and medium-sized
enterprises, which often get short shrift from investors.
The PEA-PME might bring some fresh air to small innovative companies, especially during the first development steps.
COMPANIES ELIGIBLE TO THE PEA-PME 28

Biotech (17)
Medtech (19)
Diagnostic (6)
Cleantech (5)
AB Science
Adocia
BioAlliance Pharma
Cellectis
DBV Technologies
Erytech Pharma
Genfit
Genoway
Genticel
Hybrigenics
Innate Pharma
Neovacs
Nicox
Oncodesign
Quantum Genomics
Stallergnes
TxCell
Crossject
Diagnostic Medical
EOS imaging
Implanet
Intrasense
Mauna Kea Technologies
Median Technologies
Medicrea International
Medtech
Nanobiotics
Pixium Vision
Quantel
Spineguard
Spineway
Stentys
SuperSonic Imagine
Theraclion
Vexim
Visiomed Group
Biosynex
Diaxonhit
Genomic Vision
Integragen
Novacyt
Theradiag
Carbios
Deinove
Fermentalg
Global Bioenergies
Metabolic Explorer
33
GOVERNMENT SUPPORT
JEI
Established in 2004 by the Strategic Council for Innovation and supported by France Biotech, the Young Innovative
Company (JEI) status aims to support small and medium-sized enterprises (SMEs) in their first eight years of existence,
providing a number of tax and social security exemptions. To qualify, companies must invest at least 15% of their total
expenditure in R&D.
113 companies in this years study reported having opted for the JEI status, which represents 53%. After a decrease
during the last two years, the number of new young innovative companies has got back to its previous level (12).
Number of new entrants JEI 29

20
17
15
12
12
10
11
12
11
9
5
2
2006 2007 2008 2009 2010 2011 2012 2013
R&D staff
New R&D projects
R&D equipments
* full-time equivalent
34
346 ETP*
Total project 42,2m
Total project 2,6m
Tax reductions allow companies to

invest more money in hiring research
workers, financing new projects and
new R&D equipment. The chart
below shows that more than 85%
of the status beneficiaries have hired
R&D staff.
Almost 81% have started new R&D
projects for a total amount up to
42,2m and two-third of companies
bought R&D equipment for a total
amount of 2,6m.
2
CIR
The Research Tax Credit (Crdit Impt Recherche, CIR) is a tax reduction designed to encourage the R&D activities
of French companies. As tax incentives have become an important instrument to stimulate business R&D, the CIR allows
all companies incurring R&D expenses to be eligible to receive the tax credit, regardless of their size, business sector
and nationality.
Among the 54 French public listed companies, 81m were granted in 2013, representing almost 28% of R&D total
expense. The conditions of eligibility of the CIR were extended in early 2013.
From now on, companies spending money in the design of prototypes or new pilot products will be eligible for the CIR.
GRANTS AND RESEARCH SUBSIDIES

Among the 214 respondents to this years survey, 157 reported receiving a grant or subsidy to support their activity in
2013.
This financial assistance was distributed as follows:
60 companies received an investment subsidy,
109 companies received operating subsidies, totalling 43,7m; (n=73),
128 companies received a repayable loan, totalling 56,7m; (n=68),
50 companies received support from bpifrance, totalling 19,3m,
37 companies received support from the National Research Agency (NRA), totalling 9,5m,
17 companies received support from a European Program, totalling 6,6m.
35
ExpertTestimony
testimony
Expert
Franck Sebag
Partner, IPO & VC leader (France)
Ernst & Young
World biotechnology industry: is acquisition

power firepower changing hands?
orld biotechnology
industry: is acquisition
power firepower
changing hands?
On a global scale, the biotechnology
industry
last
year
confirmed
its impressive dynamism and
attractiveness for investors. According
to the 28th annual report published
by EY (Beyond Borders Unlocking
value), the sector bounced back
strongly in 2013. Listed European,
American, Canadian and Australian
biotechnology companies experienced
two-digit income growth (10%), with
total turnover at 98,8 billion $US.
Mergers and acquisitions (M&As)
involving American or European
biotechs picked up strongly in 2013,
showing growth of 106% compared
with the previous year.
However, a shift can be seen in
firepower - acquisition power towards non-traditional acquirers.
Big
pharmaceutical
companies
remained in the background, with
an acquisition value in stagnation
between 2012 and 2013, in favour
36
of a strong growth in biotech-biotech

agreements. The big biotechnology
firms and specialized pharmaceutical
companies are becoming far more
serious competitors than in the past.
This decrease in pharmaceutical
companies on the ground of
transactions is explained in part by
the significant valorisation in terms
of market capitalization, which has
positioned certain targets beyond the
reach of many potential buyers.
The market capitalization reached
record levels in 2013, increasing by
65% to reach 792 billion $US.
Fifty biotechs were launched on the
stock market, raising 3,5 billion $US.
For the first time since 2007, IPO for
biotechs is, besides merger-acquisition,
a realistic exit strategy.
These trends will require careful
observation to see whether they are
confirmed in 2014.
One certainty: the level of IPOs was still
very high at the beginning of the year.
Franck Sebag
TXCELL develops economically viable, personalized T-cell-based

immunotherapies using antigen specific regulatory T-lymphocytes
(Ag-Tregs) for severe chronic inflammatory and autoimmune diseases.
DEINOVE is an industrial biotechnology company that develops

processes for the production of biofuels and bio-based chemicals
from non-food biomass, by improving the metabolic capabilities of
Deinococcus bacteria.
ERYTECH PHARMA (Euronext : ERYP) successfully completed Phase III of Acute Lymphoblastic Leukemia clinical trial with GRASPA which
consists in red blood cell-encapsulated L-asparaginase which allows to destroy asparagine, necessary to tumor growth, inside the red blood cell,
preventing allergic reactions and reducing other adverse events.
37
GLOBAL
OUTLOOK
he
biotechnology
industry is at the
basis of the future
of medicine. Over 70% of
innovative drugs in the world
are developed by small life
sciences companies.
With more than 1.726 firms
and an investment in R&D
up to $17.6bn, the United
States leads the sector with
its strong entrepreneurial
mindset that fosters creation
of business. The country
contributes to more than
77% of the world R&D effort
estimated by Ernest & Young
at $22.8bn.
Europe has great potential as
it counts 1.834 biotechnology
firms
and
France
has
established itself as market
leader since more than 250
firms develop therapeutic and
diagnostic products, boosting
the stock market and putting
Paris at the forefront of
Europe.
GLOBAL OUTLOOK
WORLDWIDE PARTNERSHIPS AND SUBSIDIARIES

OF FRENCH LIFE SCIENCES COMPANIES
FINLAND
1
SWEDEN
1
DENMARK
3
UNITEDKINGDOM
POLAND
NETHERLANDS
3
12
1
1
3
GERMANY
7
7
BELGIUM
ROMANIA
SWITZERLAND
1
1
9
PORTUGAL
1
ITALY
SPAIN
1
2
4
3
n Number of subsidiaries
n Number of partnerships
40
3
AUSTRALIA
BRAZIL
CANADA
1
6
CHINA
5
4
SOUTH KOREA
USA
29
27
ISRAEL
JAPAN
2
4
KUWAIT
NEW ZEALAND
SINGAPORE
TAIWAN
VIETNAM
In a globalized market, international openness

seems a necessity to ensure its development. In
Europe, the French biotech were preferentially
oriented to larger markets (Germany, Italy, UK,
Spain), representing 17.8% of the global market
in 2013 (IMS), creating collaborative research
partnerships or commercial agreements for the
distribution of their future products.
However, this is still North America, where
innovation is highly valued, which attracts the
most. Indeed, the worlds largest market (40.6%)
alone accounts for nearly 30 subsidiaries and
33 partners.
On the Asian continent, it attracts more and
more French entrepreneurs.
China (7,2% of global market) is the first
destination with 5 subsidiaries and 4 partnerships.
Followed behind Japan (2 subsidiaries and
partners 4) and South Korea (3 partners).
The internationalization of French biotech is a
must to capture the largest market growth.
41
GLOBAL OUTLOOK
EUROPEAN LIFE SCIENCES PUBLIC MARKET

Life Sciences IPO Fundraising by Country:
NYSE Euronext and Alternext 30
Amount
Raised (m)
350
56
(1)
131
(2)
35
n Belgium
n France
n Netherlands
(2)
(n) = number of IPOs

237
135
146
(5)
98
22
12
0
2007
2008
(1)
106
(7)
92
(8)
153
(8)
(7)
(6)
(1)
(1)
Year
2009
2010
2011
2012
2013 YTD 2014
Biotech is back with a vengeance in the IPO window. European life sciences companies have benefited from the stateside fervour over
drug developers which crossed the ocean and has spread to Europe, where companies are more emboldened by market conditions.
In 2013, the market was receptive to good companies with a well thought out action plan. 7 of them went public raising a total amount
of 153m (vs. 146m in 2012). In France, the public market is still opening up to the life sciences industry, leading the sector far ahead
of the British life sciences industry which registered only one company on the London Stock Exchange in 2013 raising an amount of
45m (57m). The mass of biotech initial public offerings is on pace for a record-setting year, especially in France where 9 successful
IPOs have already been conducted in the first half of 2014 raising an amount of 237m way above the 2013 levels. The fervour is not
likely to slowdown since other life sciences companies are said to be eyeing Euronext IPOs, such as Pixium Vision. The French medtech
company which wants to restore vision for the blind thanks to its innovative Vision Restoration Systems (VRS) that stimulate the retina
to progressively obtain bionic vision and aim to significantly improve the independence, mobility and quality of life of patients who had lost their
sight, has just successfully closed its IPO raising 34.5m. During the last twelve months, the French Stock Exchange has welcomed 40%
of European IPOs while the French contribution to the European GDP is much lower.
The dynamism of French biotech companies on the public market is symptomatic of good performance in the European index NEXT
Biotech. Well represented, the French Biotech attracts more and more investors, industrialists and financiers who prefer initially to invest
through the public market against the overvaluation of certain companies. With lower valuations, European biotechnology companies
(excluding French) remain more accessible to regular buyers, pharma and large biotech.
The increasing appetite for the sector has paved the way for a record pace of IPOs. The opened French public market increased the
exposure of venture capital funds and individual investors to the biotechnology industry, driven by an increased appetite for risk and
eagerness to chase high-return profiles. The rest of European life sciences companies (excluding French ones) remain dependant
of the movements of acquirers; in other terms, whether they are willing to pursue M&A deals in the light of the recent Big Pharma
restructuration operations. In fact, as traditional buyers, Big Pharma companies are no longer stocking the same levels of cash. Many of
these companies now prefer to pursue a strategic partnership with high-growth potential targets, rather than committing to a takeout
biotechs sky-high asset prices and market capitalizations are not helping to change Big Pharmas mind. Luckily, large biotech firms have
stepped in and taken up the role. With an average deal value of $708m in 2013, M&A transactions were mostly made by large biotech
companies (see the chart above), which targeted American and European firms - excluding the French ones that turned to the opened
French public market. Almost half of the top 10 largest biopharma M&A transactions targeted European firms, giving them an option
regarding the feebleness of European public markets (France not included) and the lack of financing.
42
3
TOP 10 LARGEST BIOPHARMA M&A TRANSACTIONS WORLDWIDE DURING 2013 31
Target Company
Upfront Deal
Value ($m)
Private/Public Buyer
Onyx (US)
Bausch & Lomb (US)
Elan Corp (Ireland)
Warner Chicott (Ireland)
Map Pharmaceuticals (US)
Pronova (Norway)
Astex (US)
Trius Therapeutics (US)
Xellia Pharmaceuticals (Norway)
Aragon Pharmaceuticals (US)
Public
Private
Public
Public
Public
Public
Public
Public
Private
Private
Amgen (US)
Valeant (Canada)
Perrigo (US)
Actavis (US)
Allergan (US)
BASF (G)
Otsuka (J)
Cubist Pharmaceuticals (US)
Novo A/S (DK)
Johnson & Johnson (US)
10,4
8,7
8,6
8,5
958
900
886
704
700
650
Source: HBM Partners Pharma/Biotech M&A Report 2013
NYSE NEXT BIOTECH INDEX
NEXT Biotech index by

Market Capitalization* (m) 32
Although a market capitalization of

5bn, the NEXT Biotech Index underperformed the NYSE Arca Biotechnology
Index (BTK). In fact, the European index
lost 21.1% in 2013 while the BTK
increased by 50.6%. We can put this
below-average performance down to the
methodology of the NEXT Biotech Index
that is weighted according to the market
capitalizations of companies.
638
1 229
n Belgium
n France
n Netherlands
3 620
* on 15th, July 2014 - Source: France Biotech, July 2014
Therefore, if companies with a high

contribution to the Index did not
perform well it will affect all the more
the performance of the latter. In 2013,
companies like Thrombogenics (-60% in
2013; contribution to the Index of 17%),
AB Science (-25% in 2013; contribution
to the Index of 12%) and Valneva (-40%
in 2013; contribution to the Index of
6%) did not perform well whereas their
contributions to the Index are high.
43
GLOBAL OUTLOOK
NEXT Biotech vs. BTK index 2013-2014 33
50%
0%
-50%
May 2013
July 2013
September 2013
January 2014
Source: Yahoo Finance
n BTK
n NEXT Biotech
Despite improving dynamism in Europe, there are still deep-seated differences between European and American markets. The wide
pool of US biotech companies has spawned a large number of specialist funds and investors who deeply understand the business and
are willing to take risks investing in young innovative companies, especially this year in medtech companies.
In fact, investors have a better comprehension of the medical device and their interest in such products is all the more important
as these companies are less risky than biotechs. Europe, by contrast, is driven more by generalist investors that are becoming more
specialized but still timid with regard to French life sciences companies. In this context, the IPO market continues in its own way,
underlying the optimism in the public biotech market.
Recent IPO vintages have done very well in biotech, especially in France as the leading market in Europe. M&A deals have liberated cash
for reinvestment into biotech companies through the public market that is still the safest long-term financial guarantee.
44
3
Expert Testimony
Sacha Pouget
Co-founder
Kalliste Biotech fund
The valuations of French biotech companies

are attractive
he landscape of publiclytraded
French
biotech
companies has changed
significantly over the last
decade. Mid-2014, about 20 biotech
companies were listed on the Paris Stock
Exchange against only two in 2004.Today,
biotechnology has become a fully-fledged
sector on the Paris Stock Exchange.
As a consequence, an increasing number
of specialized investment funds such as
Kalliste Biotech are joining the venture
to fuel this momentum. Considering only
pharma development companies, total
valuation reached 4.0 billion euros mid
2014 (versus 2.0 billion euros end 2012,
and around 1 billion euros end 2011).
Going beyond IPOs, this progression
is also due to a remarkable market
performance, the Nasdaq Biotechnology
having progressed by 130% since the
beginning of 2012 (340% since 2009),
and an 85% gain for pan-European index
Next Biotech (100% depuis 2009).
Valuation levels have increased
significantly. However, if we have tight
levels on the other side of the Atlantic or
245 listed biotech companies with a total

valuation of 530 billion euros, in France
we have significant discounts. Therefore,
market quotation per employee reached
9,9 million dollars in the USA, versus 3,75
million dollars in France.
And, if 80% of American biotech
companies have a valuation lower than
1 billion dollars, the fact remains that 82
of the 100 highest world valuations in
biotechnology are still American.
With however high concentration, since
in New York the 10 largest American
biotech companies represent 80% of
the total stock-market value. In Paris, the
five largest biotech companies represent
50% of the total stock-market value.
The overall valuation of French biotech
companies corresponds in the end to the
valuation of the 17th American biotech
company.
While, at the same time, scientific quality
in France is high, and even if the stage
of maturity is not comparable, it is
pretty difficult to be able to justify such
variations.
Sacha Pouget
45
14
2
COMPARISON OF VC FINANCING
IN EUROPEAN LIFE SCIENCES: 2008-2013 34
52
85
11
5
30
63
GLOBAL OUTLOOK
48
8
21
1
28
33
5
61
46
14
32
tria
Aus
Un
ite
dK
ing
do
14
16
35
92
54
Switzerland
64
151
46
130
34
209
55
34
98
14
ed
Sw
18
11
en
10
54
45
38
6
4
72
25
Spai
13
30
19
5
35
13
29
9
Source: Dow Jones Venture Source
46
23
41
1
3
Biopharmaceuticals
Medical Devices and Equipment
Biopharmaceuticals
2013 2010
2012 2009
2011 2008
Amount raised per country (m)

Biopharmaceuticals
Biopharmaceuticals
Biopharmaceuticals
Biopharmaceuticals
2
1
55
5
21
29
55
29
31
81
Belg
22
ium
68
0
10
41
8
19
30
ar
nm
De
9
95
92
43
60
France
137
102
21
53
76
21
109
84
82
Ge
rm
an
y
130
12
36
77
21
96
100
73
57
44
16
19
51
21
12
46
20
26
land
her
Net
47
ANNEX
COMMERCIALIZED PRODUCTS
n ARIANA
PHARMACEUTICALS : Ariana KEM
n AXESS VISION TECHNOLOGY

n BCI
n KORILOG
n MAUNA
KEA TECHNOLOGIES : Cellvisio, GastroFlex,

CholangioFlex, Cholanioscopy, ColoFlex, AlveoFlex, AQ-Flex 19
: Broncoflex SU
PHARMA : Bikin 1
n BIOALLIANCE
n MEDTECH
PHARMA : Loramyc, Sitavig
n BIOMEDICAL TISSUES
: LMS-Lesion Management Solutions,

LCSIS-Lung Cancer Screening Imaging Services
: CanCell, Kit cGPS, DermaVax, hES-CMC,

hiPS-HEP , TALENS
: Dendridiag, Dendri-Graft Poly-Lysine (DGL)
n DBV TECHNOLOGIES
n DIAXONHIT
: Allomap, TQS (Tetanus Quick Test)
n PRENYL
: Bloxiverx, Coreg CR
n GRAFTYS
: Viticell
n IMAXIO
: FSHDCombing test
: Hemoxcell
n SYNEIKA
: DNAshell
n TBF
: Spirolept , Trovolol
n IMPLANET
: InnoScan, InnoStamp
n INTEGRAGEN
n KOELIS
48
CELL ART : ICAFectin, ICANtibodies
n INNOPSYS
: ARISK 1, ARISK 2
: Urostation
IMAGINE : Aixplorer
PERSPECTIVE : TPEA Lifter, Versa Lifter, Versa Lifter Band
: PowerMAG, Syneika One
GENIE TISSULAIRE : PHOENIX, Allogreffes osseuses, TBFIX
n TETRAHEDRON
: Twist Vis , Twist Bouton , Paso Wire ,

Madison, Implanet Spine System, Jazz, Haka-PLIF
n IN
: Stent AC, Stent Bifurcation
n SURGICAL
: HYBE, MINK
n SUPERSONIC
: Bioactys Granules
: ACSIA
: Adipsculpt, Scivet
n STENTYS
n HEMARINA
n IMAGENE
n STEMCIS
: RD-iPSC, Non pathological iPSC, PhenoCopies
B : NoStem
n RBNANO
: Flueobeam, Angiostamp, SentiDye,

Angiolone , Fluostick
: DUAB, NEOGIL
: C-Cube
n PRIMADIAG
n FLUOPTICS
n GENOMIC VISION
MEDICAL NUTRITION : Castase, Polydol
n PHENOCELL
: MFCS, ESS
n GENBIOTECH
: NovaPrep Processor System
: CACIPLIQ20, CACICOL20
n PIXIENCE
BRAIN : Eye brain 1, Eye brain 2
n FLUIGENT
: Adenoplus, Xailin, Sj, RetnaGene
n NUTRIALYS
n OTR3
IMAGING : EOS, Ster Eos
n FLAMEL TECHNOLOGIES
n NICOX
BIOSYSTEMS : Glut1
n NUTRIVERCELL
: EPIgray, ISOgray, MU2net,

PLANET ONCO, PLANET Dose
n E(YE)
n METAFORA
n NOVACYT
: Viaskin, Diallertest
n DOSISOFT
n EOS
: Rosa Brain
n MEDIAN TECHNOLOGIES
: Cellweb
n CELLECTIS
n COLCOM
: ngKlast, KLASTRunner, CLC KLAST
n THERACLION
n THERADIAG
n TROPHOS
n VALNEVA
n VEXIM
: Ergoneine, NutraSelen, Bioneine
: Echopulse
: FIDIS, LISA Tracker
: Plate RUNNER HD
: EB66 Cell Line, VIVAIScreen, IXIARO/JESPECT
: SpineJack
PUBLIC LISTED COMPANIES

Market
Market
capitalization on
Number
06.30.2014
of
employees
(m)
Revenue
2013*
Revenue
2012*
R&D
R&D
expenses expenses
( thousands) ( thousands)
2013
2012
(
(
thousands) thousands)
All
revenues*
2012
(K)
( thousands)
( thousands)
in operating
expenses 2013
in operating
expenses 2013
(K)
Operating
expenses
2013**
Operating
expenses
2012**
Part of
R&D expenses
Part of
R&D expenses
All
revenues*
2013
THERAPEUTICS
AB SCIENCE
Euronext
354
106
12,118
8,725
1,933
1,340
15,705
11,953
77%
73%
ADOCIA
Euronext
90
73
5,588
3,995
11,475
11,784
8,821
7,236
13,124
13,306
87%
89%
CELLECTIS SA
Alternext
341
60
11,683
13,573
24,941
18,981
15,078
15,291
74,908
40,797
33%
47%
NASDAQ, Euronext
297
50
182
174
17,366
11,579
3,826
2,777
23,780
16,280
73%
71%
DBV TECHNOLOGIES
Euronext
77
40
2,503
1,622
1,802
5,737
8,767
6,855
29%
24%
FLAMEL TECHNOLOGIES SA1 NASDAQ
538
251
7,288
7,860
21,720
21,256
17,809
20,711
33,400
27,289
65%
78%
GENFIT
Alternext
552
80
1,899
1,672
12,229
11,314
2,416
2,902
16,348
13,728
75%
82%
GENOWAY
Alternext
13
84
7,698
7,403
3,282
3,474
9,627
8,849
9,453
9,289
35%
37%
GENTICEL
Euronext
87
31
6,910
5,373
392
4,149
8,231
9,575
84%
56%
HYBRIGENICS
Alternext
63
46
1,332
853
1,859
2,375
2,387
1,644
7,073
7,875
26%
30%
INNATE PHARMA
Euronext
468
84
15,131
13,417
16,652
14,282
19,444
17,668
78%
76%
NEOVACS
Alternext
75
21
30
6,264
5,409
44
115
14,205
13,762
44%
39%
NICOX SA
Euronext
166
101
824
284
3,685
6,471
7,312
8,305
22,883
17,112
16%
38%
ONCODESIGN
Alternext
39
58
7,339
7,251
7,756
9,033
9,716
ONXEO (ex-Bioalliance Pharma)
Euronext
161
60
9,979
9,300
3,324
4,563
19,813
17,576
50%
53%
ERYTECH PHARMA
QUANTUM GENOMICS
Alternext
24
17
19
670
31
447
1,934
1,508
35%
STALLERGNES
Euronext
799
1,000
244,520
239,845
47,849
38,600
248,147
239,845
208,178
199,445
23%
19%
TRANSGNE
Euronext
366
280
50,063
48,679
15,735
13,061
56,933
55,196
88%
88%
TXCELL
Euronext
91
38
17
5,673
3,804
1,774
1,121
7,224
5,364
79%
71%
VALNEVA (ex-Vivalis)
Euronext
297
193
23,239
21,423
12,885
35,991
5,909
56,847
18,742
38%
69%
DIAGNOSTIC
BIOSYNEX SA
Alternext
28
1,822
1,533
98
327
1,822
1,533
3,154
2,553
3%
13%
DIAXONHIT
Alternext
47
85
7,346
6,983
4,552
5,126
11,098
11,589
66%
60%
GENOMIC VISION
Euronext
65
40
2,887
2,901
3,453
4,107
4,039
4,138
9,179
10,144
38%
40%
INTEGRAGEN SA
Alternext
28
28
5,408
4,741
5,884
4,805
4,741
8,377
7,173
NOVACYT
Alternext
24
1,154
1,055
509
1,201
1,102
2,484
1,674
30%
QIAGEN MARSEILLE
Alternext
74
75
12,615
10,407
3,642
3,623
15,471
13,866
10,483
12,405
35%
29%
THERADIAG
Alternext
24
49
6,760
8,253
1,225
1,200
7,652
8,791
6,227
5,262
20%
23%
MEDTECH
CARMAT
Alternext
325
43
11,098
14,450
2,873
18
18,990
22,403
58%
65%
CROSSJECT***
Alternext
67
18
354
1,631
1,484
519
1,205
3,180
2,619
51%
57%
DIAGNOSTIC MEDICAL
Euronext
23
85
22,265
27,964
951
846
24,662
29,659
25,631
30,152
4%
3%
EOS imaging
Euronext
103
101
13,350
8,312
2,598
2,164
15,399
9,544
19,941
14,917
13%
15%
IMPLANET
Euronext
43
35
7,139
6,647
1,205
700
7,786
8,507
14,352
13,382
8%
5%
INTRASENSE
Alternext
15
57
4,153
4,102
1,572
1,200
5,671
5,163
8,266
6,415
19%
19%
LDR1
NASDAQ
294
323
88,527
72,125
7,437
8,524
88,527
72,125
75,951
61,272
10%
14%
MAUNA KEA TECHNOLOGIES
Euronext
130
112
8,756
9,338
3,611
3,262
9,402
10,454
17,858
17,120
20%
19%
MEDIAN TECHNOLOGIES
Alternext
48
45
1,203
886
2,876
2,891
1,450
1,029
6,039
5,737
48%
50%
MEDICREA INTERNATIONAL
Alternext
84
109
22,900
20,700
1,326
22,900
20,700
MEDTECH***
Euronext
76
21
740
483
789
536
1,933
1,348
NANOBIOTIX
Euronext
242
40
185
74
6,026
4,312
1,595
971
9,775
6,123
62%
70%
PIXIUM VISION
Euronext
100
26
6,590
3,013
1,478
699
7,625
3,922
77%
QUANTEL
Euronext
20
304
4,979
5,700
32,595
28,539
34,642
33,316
14%
17%
SPINEGUARD
Alternext
40
25
4,615
3,877
965
765
4,826
4,087
4,336
4,170
22%
18%
SPINEWAY
Alternext
29
37
6,592
4,724
6,643
5,523
6,927
5,391
STENTYS
Euronext
103
38
3,436
2,531
4,697
2,813
3,771
3,061
17,226
14,866
27%
19%
SUPERSONIC IMAGINE
Euronext
179
126
16,961
14,097
3,311
3,293
16,961
14,097
28,249
25,380
12%
13%
THERACLION
Alternext
44
19
14
2,200
2,100
76
0,003
4,623
3,646
48%
58%
VEXIM
Alternext
63
30
5,791
2,756
674
1,141
6,701
2,289
12,076
8,360
6%
14%
VISIOMED GROUP
Alternext
10
77
11,268
13,732
11,268
13,732
13,180
16,094
BIOCLEANTECH
CARBIOS
Alternext
50
3,314
1,695
900
554
4,016
2,675
83%
63%
DEINOVE
Alternext
75
44
3,945
3,345
51
666
5,574
4,518
71%
74%
52%
FERMENTALG
Euronext
99
56
181
138
2,617
1,485
1,422
592
3,654
2,834
72%
GLOBAL BIOENERGIES
Alternext
109
38
2,978
1,180
1,794
7,849
5,367
METABOLIC EXPLORER
Euronext
58
73
7,711
9,207
8,340
10,939
12,618
14,965
61%
62%
OLMIX****
March libre
TOTAL
17
250
14,925
16,086
16,572
16,224
15,632
16,154
7,613
5,117
575,303
520,745
372,039
336,375
734,756
669,321
1,059,111
897,266
35%
37%
* only revenues from actual activity of the company (research tax credit, revenues from licensing agreements and other operating incomes not included)
** among which R&D expenses; exceptionnal and financial expenses not included. *** period of 6 months (from January to June).
**** period of 6 months (from July to December). 1: at constant exchange rates
Source: reference documents and annual financial

statements; France Biotech
49
LIST OF THE COMPANIES THAT PARTICIPATED IN THE STUDY
A
ACTICOR BIOTECH
ADOCIA
AFFICHEM
AFFILOGIC
AGUETTANT BIOTECH
AISA THERAPEUTICS
ALAXIA
ALKION BIOPHARMA
ALZPROTECT SAS
AMAROK BIOTECHNOLOGIES
ANAGENESIS BIOTECHNOLOGIES
ANTABIO SAS
APOH-TECHNOLOGIES
ARCHIMMED SARL
ARIANA PHARMACEUTICALS SA
ATLANBIO
ATLANGRAM
ATLANTIC BONE SCREEN
ATRAGENE RESEARCH
INFORMATICS
AXESS VISION TECHNOLOGY
AXO SCIENCE
B
BCI PHARMA
BIOALLIANCE PHARMA
BIOALTERNATIVES
BIOCYTEX
BIOGALENYS
BIOGEMMA
BIOMANDA
BIOMEDICAL TISSUES
BIOPHYTIS
BIOVIRON
C
CAPSULAE
CARBIOS
CARBOMIMETICS
CARLINA TECHNOLOGIES
CARMAT SA
CAVISKILLS SAS
CELENYS
CELL CONSTRAINT & CANCER
CELLECTIS
CELL PROTHERA
CERENIS THERAPEUTICS
CHROMALYS
CILOA
CIRMA
CISBIO BIOASSAYS
COLCOM
CONIDIA
CROSSJECT
CYBERNANO
CYTOO CELL ARCHITECTS
CYTOSIAL BIOMEDIC
D
DA VOLTERRA
DBV TECHNOLOGIES
DEFYMED
DEINOBIOTICS SAS
DEINOVE
DENDRIS
DENDRITICS
DIAFIR
50
DIALPHA
DIAXHONIT
DNA THERAPEUTICS
DOSISOFT
E
E(YE)BRAIN
ECO-SOLUTION
EFFIMUNE
ELSALYS BIOTECH
ENTEROME
EOS IMAGING
ERYTECH PHARMA
EUKARYS
F
FERMENTALG
FLAMEL TECHNOLOGIES
FLUOFARMA
FLUOPTICS
G
GAMAMABS PHARMA
GENBIOTECH
GENOMIC VISION
GENOSAFE SAS
GENOSCREEN
GENTICEL
GLOBAL BIOENERGIES
GLYCODIAG
GRAFTYS
GTP TECHNOLOGY
H
HEMARINA
HISTALIM
HORAMA
HORUS PHARMA
HYBRIGENICS
I
I SONIC MEDICAL
ICDD-SAS
IDBIO
IMAGENE SA
IMAXIO
IMMUNO TARGETS SAS
IMMUTEP
IMPLANET SA
INDICIA BIOTECHNOLOGY
INFLECTIS BIOSCIENCE
INNATE PHARMA
INNAVIRVAX
INNOPSYS
INTEGRAGEN SA
INVECTYS
INVIVOGEN
K
KAPTALIA MONITORING
KELIA
KOELIS
KORILOG
KOWOK THERADIAGNOSTIC
LABORATOIRE SYMBIOTEC
LABSKIN CREATIONS
LCA-A DERMATECH
LPS-BIOSCIENCES
LTKFARMA
LUNGINNOV
LYSECONCEPT
M
MABLIFE
MANROS THERAPEUTICS
MAUNA KEA TECHNOLOGIES
MEDIAN TECHNOLOGIES
MEDIT SA
MEDSENIC
MEDTECH SA
MEIOGENIX
METABOLIC EXPLORER
METABRAIN RESEARCH
METAFORA BIOSYSTEMS
METIS BIOTECHNOLOGIES
MINMAXMEDICAL
MITOLOGICS
N
NANOBIOTIX S.A.
NANOMEDSYN
NATENCAPS
NATURALPHA
NATURAMOLE
NEOVACS
NEURONAX
NICOX
NORMANDY BIOTECH
NOSOPHARM
NOVACYT
NOVADISCOVERY
NOVALIX
NOVOTEC
NUTRIALYS MEDICAL NUTRITION
NUTRIVERCELL SAS
O
ODESIA NEOSCIENCES
ONCODESIGN
ONCOMEDICS
ORIBASE PHARMA
OTR3
OXELTIS
P
PEPTINOV
PHARNEXT
PHENOCELL
PHERECYDES PHARMA
PHYLOGENE
PHYSIOSTIM
PILOSCIENCES
PIXIENCE
PLANT ADVANCED
TECHNOLOGIES PAT
PLUGMED HEART
POLYPLUS TRANSFECTION
POXEL
PRENYL B
PRIMADIAG
PROTNETEOMIX
Q
QUANTUM GENOMICS
R
RBNANO
RD-BIOTECH
REGULAXIS
RNTECH FRANCE
ROOT LINES TECHNOLOGY
S
S3D
SCANELIS
SCREENCELL
SELEXEL
SENSORION
SP3H
SPLICOS
STEMCIS
STENTYS
STILLA TECHNOLOGIES
STRATOZ
SUPERSONIC IMAGINE
SURGICAL PERSPECTIVE
SURGIMAB
SURGIVISIO
SYNAPCELL SAS
SYNEIKA
T
TARGEON
TBF, GENIE TISSULAIRE
TEKNIMED
TETRAHEDRON
THERACLION
THERADIAG
THERAVECTYS
TRANSGENE
TROPHOS
TXCELL
V
VALNEVA
VAXEAL RESEARCH
VAXON BIOTECH
VECT-HORUS
VEXIM SA
VIA VEGETALE
VIROXIS
VITAMFERO
VOXCAN
X
XEGEN
Y
YSLAB
INDEX
1 Number of employees 12
2 Level of education achieved by employees
12
3 Origin of the company
13
4 Companies by age 13
5 Domain of activity 14
6 Creations and liquidations
15
16
7 Distribution of partners types
8 Geographical distribution of partners
16
9 Distribution of clients by industry sector
16
10 Patents filed
17
11 Patents granted 17
12 Patents exploited 17
13 Therapeutic areas - therapeutic products 18
14 Stage of development - therapeutic products
18
15 Orphan drugs approval by FDA 2003-2013
19
16 FDA approval 1998-2013 20
17 Therapeutic areas - medical devices 21
18 Stage of development - medical devices
21
19 Therapeutic areas in vitro - diagnostic
22
20 Stage of development in vitro - diagnostic
22
21 Therapeutic areas in vivo - diagnostic
23
22 Stage of development in vivo - diagnostic
23
23 Domaine of activity - Biocleantech
24
24 Biotech model Life ScienceTech 28
25 Evolution of Life Sciences Industry Funding
29
26 Distribution of VC Funding 31
27 Evolution of French Life Sciences IPOs on NYSE Euronext
31
28 Companies eligible to the PEA-PME
33
29 Number of new entrants JEI 34
30 Life Sciences IPO Fundraising by Country: NYSE Euronext and Alternext
42
31 Top 10 Largest Biopharma M&A Transaction during 2013
43
32 NEXT Biotech index by Market Capitalization
43
33 NEXT Biotech vs. BTK index 2013-2014
44
34 Comparison of VC Financing in European Life Sciences: 2008-2013
46
51
GLOSSARY
List of terms
Angel investors
Biocleantech
Biofuel
Bioinformatics
Biomass
Biotechnology
BTK
Business model
CE marking
Clinical trial
Creation ex-nihilo
Crowdfounding
Dilution
EMA
FDA
Infectious diseases
Intellectual Property
IPO
In vitro diagnostic
In vivo diagnostic
Market capitalization
Medtech
Angel investors: Angel investors are generally former managers

or stockholders who invest their personal capital in young innovative
companies (that are typically early-stage). They act as advisors, share
their professional network and usually expect an equity stake in
return.
Biocleantech: Biocleantech refers to the application of science and
technology to living organisms, as well as to its components in order
to produce highly sophisticated environmental friendly goods and
services.
Biofuel: Biofuels are a type of energy derived from renewable plant
and animal materials. They contain energy from geologically recent
carbon fixation, such as plants. Biofuels are made by a biomass
conversion and are most useful in liquid or gas form because they
are easier to transport, deliver and burn cleanly. The designation
biofuel was adopted by the European Parliament in 2003.
Bioinformatics: Bioinformatics is a field that gathers all informatics
applications aiming at resolving a scientifical problem due to biology.
These applications can consist in computer analysis of biological
data, statistics or mathematics.
Biomass: Biomass refers to plants or plant-derived materials.
Biotechnology*: Biotechnology refers to 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.
BTK - NYSE Arca Biotechnology Index: As part of the NYSE
Arca a securities exchange on which stocks are traded the NYSE
Arca Biotechnology Index (BTK) is an index aiming at measuring the
performance of companies in the biotechnology industry.
Business model: A Business model is the method or means by
which a company tries to capture and create value from its business.
CE marking: The CE marking is a mandatory marking which
indicates the conformity of a product. Thanks to this marking, the
products sold within the European Economic Area (EEA) meet all
the legal requirements.
Clinical trial: A clinical trial is a medical study conducted on humans
in order to evaluate the effectiveness and safety of medications or
medical devices by monitoring their effects.
*
52
OECD definition
M&A
Monoclonal antibodies
NME
NEXT Biotech Index
Orphan diseases
Patent
Pharmacogenomics
Pipeline
Preclinical
Proof of concept
Quotation
Rare diseases
R&D
Royalties
Seed funds
Spinoff
Tumor escape
Therapeutics
Venture Capital
Creation ex-nihilo: The term creation ex nihilo refers to the

creation of a company from scratch. The founder must think about
the concept, forecast all the steps and realize everything until the
creation of the company.
Crowdfunding: Crowdfunding is a way of financing by asking a large
number of people to invest in early stage projects. Young innovative
companies can use this way of raising money using networks of
friends, family and colleagues through social media websites.
Dilution: Dilution refers to the issuance of new stock causing the
reduction in the ownership percentage of a share of stock.
EMA - European Medecines Agency: The EMA is the European
agency for drug and medical devices in human and animal health.
Related to the EU, the EMA grants the drug market application for
all the countries of the European Union.
FDA - Food and Drug Administration: The FDA is the American
agency for the control of food and drugs. The FDA grants the drug
market application for all the states in the USA.
Infectious diseases: Diseases caused by pathogenic microorganisms
(such as bacteria, viruses, parasites, fungi). These diseases are
transmissible directly from one person to another. Some preventive
treatments exist to avoid the contagion.
Intellectual Property: The Intellectual Property aims at protecting
inventions, innovations and creations. It legally recognized exclusive
rights to the owners that are granted certain exclusive rights to a
variety of assets. Intellectual property can consist of patents, trade
secrets, copyrights and gives its owner a protection of use.
In vitro diagnostic: An in vitro diagnostic is a method of performing

a diagnostic test outside of a living body in an artificial environment,
usually a laboratory. These tests can detect diseases, conditions or
infections.
In vivo diagnostic: Medical procedure done on a living organism,
such as a laboratory animal or human in order to test how the body
responds to a substance.
IPO - Initial Public Offering: Initial public offering refers to the
process by which a private company turns to a public one by selling
for the first time a stock to the public. Usually, an IPO aims at
expanding the capital of a company.
Market capitalization: Number of shares constituting a company

multiplied by the price of the share. Total price that a buyer would
have to reach if he wants to purchase the company.
Preclinical: Preclinical studies refer to the stage of research that

begins before clinical trials. These studies consist in evaluating the
activity of a drug candidate based on the research phases.
Medtech - Medical device: Medtech refers to the use of novel

technologies to develop highly sophisticated scientific products or
medical devices for diagnostic, therapeutic, rehabilitative, preventive,
or experimental purposes in medicine.
Proof of concept: The proof of concept refers to the first

administering of a substance to humans in order to test the efficacy
of a drug candidate. Generally related to a phase II, the proof of
concept determines the optimal dose and evaluates more precisely
its safety.
M&A - Mergers and Acquisitions: Mergers and acquisitions

(M&A) are restructuring operations referring to the buying, selling,
dividing and combining different companies helping them grow
rapidly.
Monoclonal antibodies: Monoclonal antibodies are antibodies
produced by identical immune cells that are clones. They are a
cornerstone of immunology and are increasingly coming into use as
therapeutic agents to treat some types of cancer.
NME - New Molecular Entities: A New Molecular Entity (NME)
is a drug that contains an active substance which has never been
approved or marketed. The NME designation indicates that the
product in development is without precedent among regulated and
approved drug products.
NEXT Biotech Index: Launched in April 2008, the NEXT Biotech
Index concerns all biotechnology companies publicly listed on
Euronext and Alternext. The index has been created in order to
improve the cohesion of the sector in Europe and is composed by
25 biotechnology companies.
Orphan diseases: Orphan diseases are pathologies with no
effective treatment. Their treatments consist in only reducing the
symptoms.
Patent: A set of exclusive rights granted by a sovereign state to an
inventor or assignee for a limited period of time in exchange for
detailed public disclosure of an invention.
Pharmacogenomics: Pharmacogenomics is the study of genetic
mechanisms of individual variations of toxic or therapeutic effects
of the drugs. The study is based on the analysis of genes and their
functions.
Quotation: Price of the share on the stock exchange.

Rare diseases: Rare diseases are pathologies who affect a small
number of people compared to the general population. In the
European Union, a disease is considered as rare when it affects 1
person per 2,000.
R&D - Research & Development: The research and development
(R&D) refers to the procedures aiming at designing, developing,
testing and producing a new industrial or commercial product.
Royalties: Royalties are a monetary commission paid to an owner
of a patent or a brand. The payment is made by those who wish to
make use of its brand or technology.
Seed funds: Seed funds refer to the money invested (by family,
angel investors) to finance the first steps of a company creation.
Spinoff: The spinoff refers to the creation of a new independent
commercial company born from the split from a bigger company.
Spinoff is a way for encouraging employees to create their own
company.
Tumor escape: Tumors escape refers to the capacity of a tumor to
escape the immune system of the human body.
Therapeutics: Therapeutics refers to the branch of medicine that
deals with the application of remedies to diseases among animals
or humans.
Venture Capital: Investment funds specialized in financing startups. These funds can invest several millions and allow SMEs to
continue growing.
Pipeline: A pipeline refers to the products in development of a

company related to and their stage of development.
53
France Biotech would like to thank the organizations that have

contributed to producing the 2013 edition of the Panorama of Life Sciences
I2D Sant (Bretagne)
n Rouen Dveloppement (Haute Normandie)
n Biocitech (Ile-de-France)
n Institut du Cerveau et de la Moelle pinire, ICM (Ile-de-France)
n Avrul (Limousin)
n Cancerbiosant (Midi-Pyrne)
n Eurasant (Nord Pas de Calais)
n Cancerople (PACA)
n Eurobiomed (PACA)
n Provence Promotion (PACA)
n Atlanple (Pays de la Loire)
n AEPI (Rhnes-Alpes)
n Lyonbiople (Rhnes-Alpes)
n
Mention
Although our best efforts were given to assuming 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
Credits
Photos: Franck Dunouau, Fotolia

Artistic Direction: Plus que les mots
54
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 Frances 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 Pierre Olivier Goineau since 2014, 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 450 companies via a secure online questionnaire and has
analysed the data provided from 214 of the 255 total responses. The results of this survey will remain the property
of France Biotech.
Pilot committee
Haude COSTA
Joffray LANON
Mehdi CHATTOU
General Secretary
France Biotech
Project Manager
France Biotech
Project Manager
France Biotech
Christine PLACET
Sacha POUGET
Emmanuelle COUTENCEAU
CEO Trophos
Co-funder
of Kalliste Biotech fund
Partner life sciences

Auriga Partners
Chahra LOUAFI
Pierre SORLIER
Pierrick VETIER
Investment Director
Bpifrance
Project Manager
DGCIS
Project Manager
DGCIS
FRANCE BIOTECH
3/5 Impasse Reille 75014 Paris
Phone: +33 (0)1 56 58 10 70
contact@france-biotech.org
www.france-biotech.org

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Panorama 2013

of the French Life

nnovate: a synonym for undertake

Major element, obvious driving force, nonetheless we

nnovate: a question of speed

nnovate: a variety of funding

Those who are successful today and make the headlines

Innovate; some key success

None of our companies has the same technology or the

nnovate: an international success story

At the laying of the foundation stone, our start-ups are

nnovate: a French story

In all sectors of the industrial marketplace and especially

French Life Sciences Industry Timeline

THE LIFE SCIENCES INDUSTRY IN FRANCE

FRANCE: FINANCING INNOVATION

Company size and employee education

A constantly changing business model

Worldwide partnerships and subsidiaries

FRENCH LIFE SCIENCES INDUSTRY TIMELINE

IPOs: Adocia (February); EOS imaging (February);

IPOs: AB Science (April); Deinove (April); Neovacs (October);

IPO: Ipsogen (June); Creation of NEXT

IPOs: Cellectis (February); Metabolic Explorer (April);

IPOs: Innate Pharma (November);

IPOs: Exonhit (November); BioAlliance Pharma (December)

IPO: Nicox (November)

IPOs: Cerep (February);

IPO: Flamel Technologies

Founding of France Biotech

IPOs: Crossject (February); Oncodesign (March);

EOS imaging: CE marking for hipEOS

Theradiag: CE marking for diagnostic kit in vitro anti-CCP

Cellectis (FR) purchases CytoPulse Sciences (US)

Creation of the PEA-PME

Creation of Bpifrance, the French public bank of investment

Reform of the JEI designation (January 2011)

Creation of InnoBio, the specialty investment fund for Biotech

Creation of the NYSE Euronext NEXT Biotech Index*;

Passing of the TEPA Law* (August 2007)

Creation of the Agence Nationale de la Recherche (ANR)*;

Creation of the Young Innovative Company (JEI) designation*

Passing of the Innovation Law (July 1999),

Creation of the Nouveau March stock exchange for start-up companies

Creation of the Research Tax Credit (CIR)

FRANCE: 2013/2014 HIGHLIGHTS

Source: France Biotech July 2014; 214 companies

THE LIFE SCIENCES

early five years after

THE LIFE SCIENCES INDUSTRY IN FRANCE

COMPANY SIZE AND EMPLOYEE EDUCATION

Source: France Biotech, June 2014, 214 companies

Nearly 62% of companies have

n Spin-off from Big company

Source: France Biotech, June 2014, 214 companies

Research and Development (R&D)

THE LIFE SCIENCES INDUSTRY IN FRANCE

Biocleantech and energy transition