Page 23 Bain Capital Helthcare
P. 23
One of Bain Capital Life Sciences’
earliest investments was SpringWorks,
a partnership with Pfizer, OrbiMed,
LifeArc, and Bain Capital Double
Impact. Pfizer engaged with Bain
Capital to discuss a common challenge
pharma companies face: strong
assets that are no longer a corporate
fit, like products focused on rare and
orphan conditions with an unmet
need. “We worked with Pfizer to
review potential assets and create
a shared vision for a company that
would advance those programs in a
way Pfizer couldn’t achieve itself or
through more classic out-licensing
activities,” said Jeffrey Schwartz, a
Partner at Bain Capital Life Sciences.
The result was SpringWorks, which has
built a robust platform for pursuing
targeted oncology therapeutics and
has completed multiple partnerships
to further advance assets to serve
patients. Springworks reported positive
clinical data in 2022 for its lead asset
nirogacestat, a treatment for desmoid
tumors which received approval by
the FDA in 2023, the first approval
of a pharmaceutical for this disease.
SpringWorks also reported positive
clinical data in 2023 for mirdametinib,
a treatment for NF-1, and anticipates
regulatory approval in 2025.
When Bain Capital Life Sciences
considered the opportunity to invest
in Dicerna in 2017, it found a company
with a promising technology and
a complicated backstory. Publicly
traded Dicerna, which pursues RNA
interference technology to “turn off”
disease-causing genes, had seen its
valuation plummet due to a decision to
shift its pipeline to a next-generation
delivery technology and the overhang
of a significant lawsuit brought by a
competitor. The team was impressed
by Dicerna’s revamped pipeline and
dove deep into the lawsuit’s particulars
before putting the full force and
reputation of the Bain Capital platform
behind the company. Ultimately, Bain
Capital partnered with the company
leadership to accomplish a $70M
investment round and joined Dicerna’s
Board of Directors. “It’s not often that
you lead a capital raise that is larger
than the company’s market cap,”
notes Adam Koppel, a Partner with
Bain Capital Life Sciences. Since the
investment, the company advanced
multiple clinical programs, completed
multiple scale partnerships with large
pharma and settled the litigation. In
2021, Dicerna was acquired by Novo
Nordisk at share price over 13-fold
higher from when Bain Capital Life
Sciences invested in the company.
Like Cerevel, Kestra was a vision
in search of the right commercial
plan. In 2016, Kestra was a division
of Physio-Control, a medical device
company in the Bain Capital Private
Equity portfolio, and was working on
a new type of wearable defibrillator
for high-risk cardiac patients. When
Physio-Control was sold to Stryker,
Bain Capital decided that Kestra would
better develop as an independent
company. “We believed in the vision
of the product but knew it would take
several more years to come to fruition,”
says JP Chilazi, a Managing Director
on the Bain Capital Private Equity
team. Bain Capital Life Sciences then
teamed with Bain Capital Private Equity
to invest over $250M to complete
the development and roll-out of the
groundbreaking defibrillator, which
successfully received FDA approval in
2021.
BAIN CAPITAL LIFE SCIENCES INVESTMENTS
A Running Start
In just a few years, Bain Capital Life Sciences has brought the firm’s distinct
advantages to a broad range of investments. The team has invested in over 75
companies driving innovation in pharmaceuticals, biotechnology, medical devices,
diagnostics, and life sciences tools. Examples from our portfolio include:
23
Bain Capital
Healthcare
earliest investments was SpringWorks,
a partnership with Pfizer, OrbiMed,
LifeArc, and Bain Capital Double
Impact. Pfizer engaged with Bain
Capital to discuss a common challenge
pharma companies face: strong
assets that are no longer a corporate
fit, like products focused on rare and
orphan conditions with an unmet
need. “We worked with Pfizer to
review potential assets and create
a shared vision for a company that
would advance those programs in a
way Pfizer couldn’t achieve itself or
through more classic out-licensing
activities,” said Jeffrey Schwartz, a
Partner at Bain Capital Life Sciences.
The result was SpringWorks, which has
built a robust platform for pursuing
targeted oncology therapeutics and
has completed multiple partnerships
to further advance assets to serve
patients. Springworks reported positive
clinical data in 2022 for its lead asset
nirogacestat, a treatment for desmoid
tumors which received approval by
the FDA in 2023, the first approval
of a pharmaceutical for this disease.
SpringWorks also reported positive
clinical data in 2023 for mirdametinib,
a treatment for NF-1, and anticipates
regulatory approval in 2025.
When Bain Capital Life Sciences
considered the opportunity to invest
in Dicerna in 2017, it found a company
with a promising technology and
a complicated backstory. Publicly
traded Dicerna, which pursues RNA
interference technology to “turn off”
disease-causing genes, had seen its
valuation plummet due to a decision to
shift its pipeline to a next-generation
delivery technology and the overhang
of a significant lawsuit brought by a
competitor. The team was impressed
by Dicerna’s revamped pipeline and
dove deep into the lawsuit’s particulars
before putting the full force and
reputation of the Bain Capital platform
behind the company. Ultimately, Bain
Capital partnered with the company
leadership to accomplish a $70M
investment round and joined Dicerna’s
Board of Directors. “It’s not often that
you lead a capital raise that is larger
than the company’s market cap,”
notes Adam Koppel, a Partner with
Bain Capital Life Sciences. Since the
investment, the company advanced
multiple clinical programs, completed
multiple scale partnerships with large
pharma and settled the litigation. In
2021, Dicerna was acquired by Novo
Nordisk at share price over 13-fold
higher from when Bain Capital Life
Sciences invested in the company.
Like Cerevel, Kestra was a vision
in search of the right commercial
plan. In 2016, Kestra was a division
of Physio-Control, a medical device
company in the Bain Capital Private
Equity portfolio, and was working on
a new type of wearable defibrillator
for high-risk cardiac patients. When
Physio-Control was sold to Stryker,
Bain Capital decided that Kestra would
better develop as an independent
company. “We believed in the vision
of the product but knew it would take
several more years to come to fruition,”
says JP Chilazi, a Managing Director
on the Bain Capital Private Equity
team. Bain Capital Life Sciences then
teamed with Bain Capital Private Equity
to invest over $250M to complete
the development and roll-out of the
groundbreaking defibrillator, which
successfully received FDA approval in
2021.
BAIN CAPITAL LIFE SCIENCES INVESTMENTS
A Running Start
In just a few years, Bain Capital Life Sciences has brought the firm’s distinct
advantages to a broad range of investments. The team has invested in over 75
companies driving innovation in pharmaceuticals, biotechnology, medical devices,
diagnostics, and life sciences tools. Examples from our portfolio include:
23
Bain Capital
Healthcare
