Specialist liquidity for private biotech, priced on the science
Biotech companies are staying private for longer, and their shareholders increasingly need liquidity before a traditional exit.
We invest in secondary and liquidity opportunities involving private biotechnology companies, funds and portfolios, with a focus on later-stage private biotechnology, primarily in the United States.
Most secondaries are priced on the last round. We price them on the science.
Understanding a secondary means understanding the biotechnology behind it. We pair transaction analysis with scientific underwriting: the science and its development path, upcoming milestones, intellectual property, the competitive field, capitalization and likely strategic outcomes.
That lets us price each position on the merits of the underlying science, not only on the latest round or reported valuation.
Three ways we provide liquidity.
Direct secondaries
Purchases of existing shares in private biotechnology companies from founders, employees, early investors and funds.
Fund and portfolio liquidity
Fund interests and portfolios of private biotechnology positions, including partial portfolio sales.
Structured solutions
GP-led, structured and deferred-consideration transactions where specialist understanding of the underlying assets is essential.
Considering liquidity in a private biotech?
We welcome confidential conversations with shareholders, fund managers and intermediaries considering liquidity in private biotechnology companies, funds or portfolios.