PitchBook News - Insurers brace for LA fires’ impact

Biopharma's key is chemistry; ID'ing public comps for AI, healthcare services startups; Timberlyne Therapeutics banks $180M Series A
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The Daily Pitch: VC
January 13, 2025
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
🎁 2024 is a wrap. These themes defined the year.

📈 Our latest valuation guides are here. For key companies, the guides track stock performance, changes in valuation, historical valuations, revenue growth, EBITDA growth and EBITDA margins.

In AI, Amazon's stock bested Microsoft's following major AI announcements despite the latter's partnership with OpenAI. AI-first company Palantir's stock has experienced outsized growth with a 340% increase over 2024.
AI & ML Public Comp Sheet and Valuation Guide

Public healthcare services companies underperformed major indexes. Every tracked company in the value-based care segment saw negative returns in Q4, and one filed for Chapter 11 bankruptcy protection in 2024.
Healthcare Services Public Comp Sheet and Valuation Guide

Plus...
• Our market map of biopharma VC investment
Warning signs for PE fundraising
 
As LA wildfires rage, PE-backed insurers start to count the costs
A fire burns Tuesday in Los Angeles.
(Qian Weizhong/Getty Images)
The wildfires that have raged across Los Angeles will take a heavy toll on property insurers with exposure in areas affected by the blazes. Even before the fires, the property insurance market in California had struggled due to mounting risk.

PE could face an impact as well. Globally, PE deals backing property & casualty insurers totaled $8 billion from 2018 to 2024. But industry participants think the latest wildfires are unlikely to scare away PE firms from the property & casualty market.
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Will 2025 see a PE fundraising slowdown?
(Nicola Margaret/Getty Images)
The new year is expected to bring fundraising headwinds for private equity unless exit activity rebounds significantly.

Several factors, including elongated timelines for fund closings, fewer fund launches and reduced contributions from mega-funds, are set to cause a significant decline in PE fundraising.
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Market Map: Investors have chemistry with biopharma
(Jenna O'Malley/PitchBook News)
Investors are feeling chemistry with biopharma. The segment, which focuses on the development and research of small-molecular drugs, has routinely led the broader sector in funding and exits.

PitchBook's latest market map explores the chemistry segment within biopharma, showcasing the startups investors are betting on.
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Funds-of-funds post worst year in fundraising in 16 years
(Sakchai Vongsasiripat/Getty Images)
Private market funds-of-funds likely finished 2024 with the lowest amount of capital raised in 16 years, as new products overwhelm their prospective investor base, including the private wealth channel.

While capital gathering across various private market strategies slowed this year, the decline in commitments to funds-of-funds signals a more existential threat to the strategy, which buys up shares in other private market funds.
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VC Deals  
San Diego-based Timberlyne Therapeutics, a startup developing monoclonal antibodies to treat autoimmune diseases, has raised a $180 million Series A led by Abingworth, Bain Capital Life Sciences and Venrock Healthcare Capital Partners.

San Francisco-based Ouro Medicines has raised a $120 million Series A co-led by TPG Life Sciences Innovations, NEA and Norwest Venture Partners to develop treatments for autoimmune disorders.

Leyden Labs, a Dutch biotech startup, raised $70 million in a round led by ClavystBio and Polaris Partners.

Light Horse Therapeutics, a San Diego-based small molecule therapeutics startup, has raised a $62 million Series A led by Versant Ventures.

Numab Therapeutics, a Swiss developer of immunotherapies for inflammation and cancer, closed a 50 million Swiss franc (around $54.6 million) Series C extension from investors including Forbion, Cormorant Asset Management and HBM Healthcare Investment.

Vancouver, Canada-based Gumloop, a no-code AI automation platform, has raised a $17 million Series A led by Nexus Venture Partners.

Seattle-based Pipe17, an ecommerce ordering operations startup, has raised a $15.5 million Series A led by LFX Venture Partners.

Oxford Cancer Analytics, a UK-based developer of blood tests for early cancer detection, secured an $11 million Series A led by We Venture Capital and Cross-Border Impact Ventures.
 
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Join PitchBook analysts live for a series of webinars offering reflections and analyses of 2024 and outlooks for the private financial markets in 2025. Covering European private capital, US leveraged loan and private credit, and US private equity, these webinars will prepare you for investment success in the year ahead.

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PE Deals  
Apollo Global Management may add $9.5 billion to a bid by the founding Ito family to take Japanese convenience store operator Seven & I private, Bloomberg reported.

Virginia Transformer Corporation is weighing a sale that could value the manufacturer of electric power transformers at $6 billion, according to Bloomberg.

According to Bloomberg, Ströer is exploring a sale to fetch a €4 billion valuation.

KKR and Public Sector Pension Investment Board bought a 19.9% stake in American Electric Powers' transmission lines for $2.82 billion.

Court Square Capital along with WindRose Health will acquire Soleo Health from HIG Capital in a deal valued at $1.1 billion, Axios reported.

DBay Advisors agreed to acquire Alliance Pharma, a UK-based consumer healthcare business, at a £350 million valuation.

Fundamental Advisors have launched a helicopter investment strategy, focusing on businesses that enhance public safety and protect national infrastructure. As part of the launch the firm has acquired HeloAir, a regional operator of fire suppression helicopters.

Middle market investor Palm Beach Capital has made a strategic investment in MBI Companies, a provider of architectural, engineering, and design services.

Staple Street Capital has exited Eastern Dental Management to lower middle-market investor Branford Castle Partners.
 
Portfolio Companies  
Defense-tech startup Anduril has bought the radar and control business of Numerica.
 
Exits  
BlackRock is in talks to sell its stake in Authentic Brands Group to CVC Capital Partners, General Atlantic, HPS Investment Partners and Leonard Green & Partners, Bloomberg reported. The deal could value the New York-based sports and entertainment licensing company at $3 billion, according to the report.

VC-backed Protenus, a data privacy and security startup, has been acquired by Thoma Bravo-backed Bluesight, a drug diversion company.

Femtech startup Feminade has been bought by wellness company Superpower for an undisclosed amount. Both are venture-backed businesses.

Nasdaq-listed Constellation Energy has agreed to acquire Calpine from Energy Capital Partners. The deal is valued at a net purchase price of $26.6 billion.
 
Fundraising  
Unless Ventures has raised $90.6 million to target industrial system startups, according to SEC filings.

Wildfire tech-focused Convective Capital is raising $75 million for its second flagship fund, according to SEC filings.
 
Chart of the Day  
Source: Asian PE fundraising drifts away from China
 
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