Next Phase Newsletter

A family office located in the Western US with around $100 million in assets is looking for a compelling opportunity for allocation within the next 6-9 months. The office invested in more than five deals in 2012, typically between $1-5 million per firm.

The foundation is most interested in medical devices, and will look at firms within the full gamut of medtech subsectors. Typically, the office allocates to firms that have at least one product on the market. They have no strict criteria in terms of a firm’s EBITDA or revenue, but require that any firm in which they invest has goals to lower the cost of healthcare.

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The foundation is currently looking for new firms in the life sciences space for potential allocations. Although they do not have a set number of firms they wish to allocate to over the next six to nine months, they typically will provide capital to around 20 firms annually. With that being said, they will allocate to a number of firms over the next 6-9 months if some compelling opportunities are uncovered.   Currently, the foundation is most interested in the biotech space, specifically in firms focused on environmental biotechnology. In particular, the firm is seeking firms that are developing anti-pollution or waste remediation technologies.

The foundation is only looking for companies that are pre-revenue, and thus provide seed funding to these. The foundation is willing to provide up to one-third of the capital required to develop the technology. However, they must demonstrate that they will be able to obtain funding for the remaining two-thirds of the financing.

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A venture capital group based in the Eastern US has around $200 million in assets, and is currently deploying capital from its second fund, which has approximately $150 million in assets. They are currently looking for new investment opportunities in the life sciences space, and plan to invest in 2-3 new firms within the next six to nine months.

The firm allocates $1-10 million per investment, and the majority of its investments are in the $5-10 million range. Currently, the VC is most interested in biotech R&D services firms, and is seeking contract manufacturing organizations (CMOs) and contract research organizations (CROs).

Their primary mandate is for biotech firms whose primary customer base are biotech therapeutic and diagnostic firms, as well as pharmaceutical companies. The firm prefers companies that have at least $2 million in revenue, but prefers firms in the $5-30 million range.

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A private equity group based in the Eastern US has around $800 million in total assets under management, 30% of which are dedicated to the life sciences space. The firm is currently looking for new opportunities within the life science sector, and while they have no set time frame to make an allocation, they would invest in a company within the next six months if a compelling opportunity were uncovered.

The firm is most interested in the medtech space, specifically in firms developing medical devices. The PE only invests in firms that have products that are on the market, and prefers that they have $2-20 million in EBITDA and $10-100 million in revenue. The firm typically makes investments of $2-60 million in the form of subordinated uni-tranche debt. The firm will consider both private as well as smaller public companies.

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A private equity group with offices worldwide has approximately $20 billion in total assets, and has raised 17 funds to date. Currently, around 15% of the firm’s portfolio is dedicated to the healthcare/life sciences space, and is currently looking for new opportunities for their most recent fund, which closed at more than $10 billion. The firm is unsure of how many investments it will make within the next 6-9 months, however, they would allocate to a company within the next few quarters if a compelling opportunity were identified. The firm typically allocates between $20-80 million per company.

The PE is looking for companies in the biotech R&D services, therapeutics and diagnostics, as well as medtech space, and are most interested in contract research organizations (CROs), contract manufacturing organizations (CMOs), diagnostics, and medical devices. Because the firm has a global footprint, they invest in companies based across the globe.

This particular PE only engages in growth and buyout transactions. They typically look for companies that have between $50-250 in EBITDA, and an enterprise value of at least $250 million. With that being said, the PE will only consider companies that are cash flow positive with a product currently on the market.

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A pre-seed and seed stage fund that was established when its state government allocated $7 million in order to promote life science within its borders has managed to grow their initial investment to $20 million. The firm is now seeking new investments in the life sciences space, and typically initially invests around $500,000, but has the ability to invest upwards of $1 million. The firm has an evergreen structure, and thus is always looking for new investment opportunities. With that being said, the firm has no strict timeframe to make an allocation, but would invest in a firm within the next 6-9 months if a compelling opportunity is identified.

This particular firm is interested in the biotech therapeutics and diagnostics space, as well as in medical technologies. Although the firm does invest in therapeutic companies, they are most interested in the diagnostics and medical device space currently. Additionally, they are interested in companies that are developing research tools.

The firm makes seed and seed stage investments, and therefore does not consider firms that have raised a significant amount of venture capital, or more research-oriented projects that are better suited for an NIH grant. Consequently, the firm will consider companies that have a prototype of their medical device, or diagnostics companies that are in the pre-clinical phase of development.

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A venture capital fund that has relationships with nearly 50 university partnerships has around $100M in assets, and acts very opportunistically within the life science space. The firm also acquires participation rights for university spinout companies.

About 70% of the VC’s life sciences investments are in therapeutics, 30% of which are distributed between devices, diagnostics, and discovery platforms. Currently, the firm is most interested in therapeutics, and is avoiding med-tech opportunities due to an internal perspective of unpredictability of the FDA’s activities in the med-tech space.

Though they do not have a strict mandate in terms of subsector or indication, therapeutics for oncology, cardiovascular, anti-inflammatories, and ophthalmology drugs have historically done well, and are favored by, the investment team.

The VC does not have a specific timeline for allocation, and will make investments as opportunities arise. Typically, they will invest $500K – $1.5MM initially and reserve 1-3x initial invested capital for follow-on rounds, however the firm is comfortable investing broadly across stage, from seed to late stage, and will selectively invest $100K – $250K in angel rounds on an opportunistic basis. The firm prefers to be a co-investor alongside other firms or syndicates, and lays significant value on investing alongside notable “top-tier” firms.

Tags: biotech, biotechnology, CMO, consulting, CRO, family offices, Fundraising, investor, Investors, issue, letter, life, Life Science, life science nation, medicine, nation, news, newsletter, pharma, Pharmaceutical, private equity, research & development, science, startup, venture capital