Deploying Private Equity In Biotech

Recorded on 09/04/25

TD Cowen analyst Yaron Werber speaks with Ricky Sun about Bain Capital's collaborative edge with both the Life Sciences and Private Equity teams, their broader Asia strategy with a focus on Japan and China, advice for biotech CEOs and boards, and opportunities and challenges in the current life sciences investing landscape. Ricky shares his learnings from Bain’s recent carve-out/taking private of Mitsubishi Tanabe Pharma (valued at roughly $3.3B), and notably how leveraging deep scientific and operational expertise across the Life Sciences and Japanese Private Equity teams was crucial for deal execution. In what is one of the key underpinnings of this deal, he shares optimism that the streamlining of drug approvals within the Japanese PMDA, especially for orphan indications, will allow faster time to market, reduce requirements to conduct Ph1 studies in Japanese patients by employing data from Western patients, and facilitate earlier feedback to sponsors, which will expedite approvals. He also cites his experience from >80 deals that suggests that quality of management, sound decision making, and discipline in capital deployment are the key factors for success in biotech.

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