Our team has been involved in the biotechnology sector as investors, senior executives and strategic advisors since its inception in the late 1980's. As such we have seen, worked and prospered through its innumerable cycles of relative attractiveness to investors. The recent period of historically low interest rates and easy access to capital, resulted in an extraordinary number of early-stage healthcare companies being formed as well as a subsequent wave of immature IPOs. Recently, however, there has been a significant downturn in the sector, with an estimated minimum of 25% of NASDAQ listed biotech companies trading below cash-on-hand* and well over a third expecting to run out of cash within 12 months.** In general, venture capital firms, expecting liquidity though public markets, have not seen those events occur, while M&A and strategic partnerships are always difficult to execute. Many of the public healthcare specialist funds are underwater, and many have become forced sellers of attractive assets. Additionally, many either lack fresh capital, for new or existing investments, or have taken a "wait and see" approach to new capital deployment. As a result, the ability for many early-stage healthcare companies to access new capital has essentially dried up.

This combination of macro-economic volatility and investor risk aversion creates an opportunity to invest transformational capital into significantly undervalued companies, many of which are unable to scale or continue to develop their pipeline assets.

Our Approach and Experience

Our initial focus will be on identifying undervalued  companies that are working on paradigm shifting biology and have line-of-site to a value inflecting milestone, but lack the capital to realize it.

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We will seek to finance these companies through transaction-based special purpose investment vehicles (SPVs) utilizing bespoke structures that provide the potential for maximal investment returns while removing the overhangs related to the need for additional capital. We would then seek to build these companies by acquiring additional assets, within the same therapeutic area, to create risk diversification. 

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We expect initial investments to be $10 - 50M per deal.

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We have an experienced team that, working together, has deep pattern recognition across multiple down cycles combined with operational, investment and strategic advisory expertise. 

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