Morning Hubsters, John R Fischer here with the US Wire from the New York newsroom.
June is a month of many celebrations: Juneteenth, Pride and Father’s Day among them. What you may not know is that it’s also National Cancer Survivor’s Month. In honor of this, let’s start things off with a look at a six-deal listicle on PE investments in the oncology drug market, which has attracted the likes of Blackstone, HIG Capital and Nordic Capital.
Sticking with pharma, this week’s Friday Focus highlights Summit Partners’ investment in a software company that helps protect drug manufacturers from unnecessary revenue loss.
In a fitting end to today’s Wire, we delve into the news of a record-breaking $4.2 million raised by Veritas Capital and General Atlantic from PE leaders for the Melanoma Research Alliance at the Leveraged Finance Fights Melanoma benefit.
Increasing incidence
An estimated 20 million people were diagnosed with cancer in 2022, with the figure expected to reach 28 million by 2040, according to the World Health Organization. This rise – propelled by ageing populations – has not gone unnoticed by PE investors. Many firms are investing in manufacturers and service providers within the diverse oncology drug market, which ranges from players in the chemotherapy space to those focused on radiopharmaceutical production.
Starting with the most recent, I rounded up six deals from the past six months.
Upgrade to the premium version of the Wire to see details on one of the deals.
Friday Focus
Drug manufacturing for cancer – or any disease – is an expensive process, with errors leading to losses in revenue that cost manufacturers and patients dearly. One firm that sees opportunities for PE here is Summit Partners, whose investment in Ris Rx is the subject of this week’s Friday Focus.
Premium subscribers of the Wire can learn more about the investment.
A worthy cause
In 2011, two melanoma survivors, Brendan Dillon, partner and head of capital formation at Veritas Capital, and Jeff Rowbottom, managing director of General Atlantic, founded Leveraged Finance Fights Melanoma.
To date, LLFM has raised $32 million for research on the disease and this year came away with a record-breaking $4.2 million at its 15th annual benefit.
Sponsors included HPS, Veritas Capital, Apollo MidCap, Kirkland & Ellis, Latham & Watkins, Paul Weiss, Simpson Thacher & Bartlett, White & Case and General Atlantic with Fitch Ratings and Golub Capital, among others.
The premium version of the Wire provides more details about the event.
Well, that’s it from me. As always, if you have any questions, comments or want to chat, feel free to email me at john.fischer@pei.group.
Nina Lindholm will be back with you on Monday with the Europe Wire, and MK Flynn will deliver the US edition.
Cheers,
John
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