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SHS Newsletter – To open this newsletter in your browser, please click here.
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May 2017
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Dear Sir or Madam,
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We are convinced that the German medical technology market can sustainably secure its excellent reputation and outstanding global market position by remaining innovative. Together with Professor Christian Koziol from the University of Tübingen, we have studied the relationships between the economic success of medical technology companies and their equity base. The research has provided some very interesting insight, a summary of which is included in this newsletter.
We also present the second part of our politics series, which focuses on "how Germans invest in companies" this time, and provide information on the most recent developments at our portfolio companies numares, AMW and ndd.
I hope you enjoy reading and look forward to your feedback.
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Hubertus Leonhardt
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Topics
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SHS market analysis: medical technology companies show a preference for equity financing
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The 2017 SHS medical technology and VC election check, part II: German political parties' statements on investment in company stock in Germany
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numares sets course for further growth
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AMW signs license agreement for distribution in China
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EasyOne receives FDA approval – device allows for improved diagnosis of pulmonary disorders
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Christoph Westerteicher joins the Venture Advisor team at SHS
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Jobs at portfolio companies
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SHS market analysis: medical technology companies show a preference for equity financing |
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| Prof. Dr. Christian Koziol |
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Medical technology companies have high equity ratios and the most successful of them also have the most equity capital. The author of the market analysis, Professor Christian Koziol, has noted a clear trend: "Medical technology companies prefer equity financing to reduce their dependency on the more risk-adverse outside creditors."
You can read more about this and the other results of his analysis here:
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The 2017 SHS medical technology and VC election check, part II: German political parties' statements on investment in company stock in Germany |
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In this edition of the election check, we take a closer look at shareholding in Germany. For several years now, savers have only been rewarded with low interest rates on their deposits and life insurance policies. Nonetheless, only a small percentage of the German populace holds shares in companies even in light of the fact that people should actually be taking a more active role in financing their own retirement.
Here you'll learn more about the stances that the various political parties in Germany are taking with regard to the number of Germans investing in stocks.
In the last issue of our newsletter, we presented the statements of the political parties on the subject of TTIP and free trade. You will find the answers here.
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numares sets course for further growth |
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.jpeg "numares_AXINON_LipoFIT_Testsystem") |
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| numares AXINON® lipoFIT® test system |
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numares is on track for growth. More than a million lipoprotein tests have already been conducted using the numares lipoFIT series the United States alone. The results provide physicians with valuable information about the risk of their patients for cardiovascular disease. numares has opened an office in Boston to better support its customer base in the United States. In Europe, the world's first metabolomics test has been launched, which uses a metabolic biomarker network instead of individual biomarkers. This helps doctors diagnose acute rejection of a transplanted kidney.
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KEYFACTS |
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Year established: 2004
Business purpose: Development and marketing of new analytic and diagnostic tests based on nuclear magnetic resonance (NMR) spectroscopy and specific evaluation algorithms
Products: Diagnostic tests for detection of diseases (oncology, cardiovascular diseases, nephrology and neurology)
Location: Regensburg, Richmond, Boston and Singapore |
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AMW signs license agreement for distribution in China |
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Arzneimittelwerke Warngau (AMW) has entered a license agreement in China. The aim of the agreement consists of approval and marketing of the company's Alzheimer's patch in partnership with a large Chinese pharmaceuticals companies. Thus, AMW has achieved a further milestone in internationalizing its distribution.
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.jpeg "AMW") |
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| The rivastigmine patch produced by AMW |
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KEYFACTS |
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Year established: 2008
Business purpose: Development, production and marketing / out-licensing of specialty pharmaceuticals.
Products: Transdermal systems (drug patches) and active implants for medical applications in oncology, neurology, psychiatry and endocrinology.
Location: Warngau (D) |
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EasyOne receives FDA approval – device allows for improved diagnosis of pulmonary disorders |
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.jpeg "NDD_EasyOneAir") |
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| The new ndd spirometer EasyOne Air |
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ndd's products EasyOne Air and EasyOne Pro have both received FDA approval in 2017. EasyOne Air's predecessor most recently had a market share of 45 percent in the United States and the new products in this series are even easier to use and allow for even more accurate measurements than the previous models.
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KEYFACTS |
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Year established: 1996
Business purpose: Development, production, and distribution of diagnostic products in the area of respiratory disorders, mainly COPD and asthma.
Products: Spirometer (EasyOne/EasyOne Air), different devices for lung function testing (EasyOne Pro/EasyOne Pro Lab; Easy on PC)
Locations: Zurich (CH) and Andover (USA) |
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Christoph Westerteicher joins the Venture Advisor team at SHS |
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.jpeg "Westerteicher") |
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| Christoph Westerteicher, new Venture Advisor at SHS |
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SHS is further strengthening its Digital Health unit with Christoph Westerteicher, who was most recently responsible for the sale of telemedicine solutions and services at Philips. He has more than three decades of experience in the industry and has held various executive positions in the medical device sector.
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Managing Director / MBI candidate (m/f) for medical technology, succession solution
Read more »
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Internships for students
Read more »
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Master's thesis at SHS
Read more »
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Jobs at portfolio companies |
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medtech zwo, March 2017, page 20 ff. "Auf Einkaufstour nach Deutschland" (On a Buying Spree in Germany) |
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Chinese investors have become significantly more active lately. Therefore medtech zwo has dedicated the first printed edition of its magazine to a detailed look at this topic. Dr. André Zimmermann provided insight into the work at SHS for the article and reported on our experience with the Chinese market and investors. Special issues have to be taken into consideration both with regard to entering the Chinese market and doing business with Chinese investors. |
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Read more » |
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Handelsblatt, February 25, 2017: "Die Eigenkapitalkönige" (The Equity Capital Kings) |
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The newspaper Handelsblatt took a look at the market analysis of the financing behavior of medical technology companies and summarized the most important findings: Development of new products plays a big role in the medical technology industry. Therefore, the industry primarily relies on equity financing. "Medical technology companies do not want to be forced to comply with the requirements of lenders who are wary of risk", explains Professor Christian Koziol as a primary reason for the high equity ratio. |
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Read more » |
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Frankfurter Allgemeine Zeitung, February 6, 2017: “Der Knochen aus dem Drucker hält besser” (Bones from the Printer Last Longer) |
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The company Emerging Implant Technologies (EIT) produces spinal implants using 3D printing. The Frankfurter Allgemeine Zeitung newspaper published a portrait of this SHS portfolio company and the founder of Guntmar Eisen as part of its founders series. The medical technology company is the first manufacturer of orthopedic products to exclusively focus on implants designed and produced exclusively using additive manufacturing methods. SHS is supporting EIT with its continued internationalisation efforts. |
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Read more » |
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Frauenfelder Zeitung, January 12, 2017: “Von Frauenfeld auf den Weltmarkt” (From Frauenfeld to the Global Market) |
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SIS Medical is seeking to continue its growth and has therefore moved to Thurgau. The company, which was founded in Winterthur in 2007, develops and produces pressurized balloon catheters for heart patients. The move is an important milestone for SIS Medical, as the new site provides the company with enough space to rigorously pursue its continued grow in the years to come. This is an ideal location for realizing managing director Willi Zwahlen's plans to forge ahead with the company's expansion around the globe and meet his expectation to achieve significant growth rates. The company, in which SHS holds a majority share, is already represented in more than 40 countries. |
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Investment focus
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| Sector: |
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life sciences (medical technology, diagnostics, applied technologies, industrial biotechnology/pharmaceutical industry; no drug development) |
| Geographical Focus: |
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Germany, Austria, Switzerland |
| Reasons for investment: |
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growth capital, strengthening equity, MBO/MBI, change of shareholders/succession, M&A financing, spin-off |
| Company situation: |
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growth/expansion, succession/company sale, internationalization; operating profit may be negative for growth, or for technology-related reasons |
| Transaction value and investment size: |
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transaction value: up to € 100 mn; investment amount SHS IV:
€ 2-20 mn, with a co-investor from the SHS-network up to € 50 mn |
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majorities or minorities, equity & financial instruments similar to equity |
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The SHS Newsletter is
published by:
SHS Gesellschaft für Beteiligungsmanagement mbH
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Bismarckstrasse 12
72072 Tuebingen
Germany
www.shs-capital.eu
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Tel +49 7071 9169-0
Fax +49 7071 9169-190
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Editorial team: SHS Gesellschaft für Beteiligungsmanagement mbH, Ira Wülfing Kommunikation GmbH | Design and technical realisation: UNIBRAND GmbH
To open this newsletter as a PDF file please click here.
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