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un-enfant-immature · 5 years

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Boston gets a new biotech accelerator with the launch of Petri

As biotechnology becomes more central to new innovations in healthcare, material science, and manufacturing, one of the nation’s research hubs is getting a new accelerator called Petri to launch companies focused on the commercialization of new technologies.

Backed by the Boston-based venture capital firm, Pillar, Petri has a three-year $15 million commitment to back companies developing new biotech applications in food, healthcare, industrial chemicals, and new materials — along with the enabling technologies to bring these products to market.

“We’re at the inflection point where these technologies will impact and continue to impact health but will also impact food, agriculture, chemicals and materials,” says Petri co-founder, Tony Kulesa. “Everything we touch has some element of biology.”

Pillar has already invested in a couple of companies that show the potential promise of new biotech research coming from Boston-based universities like Boston University, Harvard and the Massachusetts Institute of Technology.

Asimov,io, a company that has set an ultimate goal of designing new genomes for industrial applications, was co-founded by graduates from Boston University and MIT, and is a part of the Pillar portfolio. PathAi, a company working on enabling technologies for computational biology, also counts an MIT grad as a co-founder. Meanwhile, Harvard’s George Church has been instrumental in the development of a number of biotech companies working at the frontier of genetic applications for healthcare and manufacturing.

Kulesa, an instructor at MIT spent seven years at MIT watching, in his words, how engineering has transformed biology. “It became clear to me that these technologies need to get out in the world,” says Kulesa.

Joining Kulesa as a managing director is Brian Baynes, a serial entrepreneur who founded Midori Health, an animal nutrition startup; Kaleido Biosciences, a microbiome control focused company; Celexion, a protein engineering and synthetic biology company; and Codon Devices, a synthetic biology toolkit company which was sold to Ginkgo Bioworks .

Over time, Kulesa and Baynes expect to have 10 to 20 companies in each cohort as the program expands. In addition to checks of at least $250,000 the Petri accelerator has lab space for each company and office space available.

The companies also could benefit from potential partnerships with companies like Gingko Bioworks, which happens to share office space in the same building, and with the accelerator’s clutch of big-name advisors and “co-founders” recruited from across the life sciences industry.

These co-founders who collectively hold a double-digit equity stake in Petri’s accelerator include Reshma Shetty, from Ginkgo Bioworks; Emily Leproust of Twist Bioscience; Stan Lapidus who was at Exact Sciences and Cytyc; Daphne Koller, the co-founder and chief executive of Insitro; Alec Nielsen the founder Asimov; and researchers Chris Voigt of MIT, and Pam Silver and George Church from Harvard’s Wyss Institute.

Genetically engineered organisms are finding their way into everything from food to fuel to chemistry. Companies like Impossible Foods, which uses genetically modified soy product, has raised hundreds of millions for its protein replacement, while Solugen, a manufacturer of chemicals using genetically modified organisms, has raised tens of millions to commercialize its technology. And Ginkgo Bioworks has raised nearly half a billion dollars to pursue applications for industrial biology.

“Engineering thinking has arrived in biology and the number of entrepreneurs that are interested in this area has grown dramatically,” says Pillar founding partner, Jamie Goldstein, in a statement. “Unlike classic biotech, these ideas don’t require tens or hundreds of millions of before you can demonstrate value–creating the opportunity for different funding models.”

#TechCrunch

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thedealnewsroom · 8 years

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Board diversity and $SHE

Greater diversity on corporate boards leads to better outcomes, State Street Global Advisors say.

By Rachel Graf & Anders Keit

This is part of a series of stories that comprise TheStreet's Blue Chip Studio, which will illuminate issues related to corporate board performance, activism, dealmakers and personalities revealed by analysis of data generated by BoardEx, a business unit of TheStreet.

On International Women's Day, women across the U.S. are participating in a general strike dubbed "A Day Without a Woman" to demonstrate their value in the workplace and beyond. One financial services firm is highlighting this issue by calling for more women in leadership roles and is preparing to take the fight to the boardroom.

State Street Global Advisors (SSGA), the investment management business of Boston-based asset manager State Street, plans to send letters promoting gender diversity to the hundreds of companies in which the firm invests that have no women on their boards. SSGA is even prepared to use proxy voting power to drive change if need be.

"We strongly believe in the business case that, intuitively, greater diversity leads to more perspective, less group think, better decision making and better financial outcomes," said Lynn Blake, chief investment officer of global data equity solutions at SSGA.

The presence of women in leadership positions has been positively correlated with improved performance, according to a 2016 report by Washington, DC-based research firm Peterson Institute for International Economics. Specifically, female board membership is positively correlated with gross revenue, though the correlation becomes insignificant when looking solely at profitable companies, the report found.

But a fourth of Russell 3000 companies have no women on their boards, and almost 60% of these companies have boards with women representing fewer than 15% of members, State Street said in a statement on Tuesday. Women constitute approximately 21% of all S&P 500 directors.

"Corporate board service presents a sacred opportunity for companies to ensure the tenor and texture of decision-making reflects the diversity of the constituents they serve," Chanda Gibson, Executive Director at the Council of Urban Professionals. "The lack of will to diversify is inexplicable when the business case is so clear and the pool of highly-qualified diverse leaders is more than deep enough to meet demand."

State Street's support for companies that have women in leadership roles is evident through the holdings in its SPDR SSGA Gender Diversity Index ETF (under the ticker SHE). The top five holdings, Pfizer, PepsiCo, Amgen, 3M and MasterCard, all have at least two women who serve as directors, according to BoardEx data. BoardEx is a business unit of TheStreet.

To underscore SSGA's commitment to gender diversity, the firm commissioned a statue of a young girl, named 'The Fearless Girl’, to stand opposite Wall Street's famous Charging Bull sculpture.

State Street chose the ETF's holdings based on its own evaluation of gender diversity across boards, executive management and senior leadership, Blake said. The firm initially considered companies with at least 30% gender diversity, but ultimately decided that this approach created too much idiosyncratic risk, as it skewed the holdings toward sectors like utilities and consumer spending.

Pfizer, the top holding in the ETF, has three women currently on its 12-member board. Dr. Frances Fergusson and Dr. Helen Hobbs joined the board in 2009 and 2011, respectively. Fellow female board member and Goldman Sachs veteran Suzanne Nora Johnson has served as a director since 2007.

Women comprise more than 25% of beverage and snack giant PepsiCo's board, led by CEO and Chairwoman Indra Nooyi. Alongside Nooyi sits Shona Brown, a former senior adviser to Alphabet's Google, former JPMorgan Chase CFO Dina Dublon and Chairwoman of the BBC Trust Rona Fairhead.

Alphabet and PepsiCo are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL and PEP? Learn more now.

"When looking at companies to invest in, having a diverse board where people of different genders, ethnicities and beliefs can collaborate on ideas is certainly an added bonus," said Scott Berman, senior portfolio analyst for Action Alerts PLUS.

A February 2017 study by PricewaterhouseCoopers found that 91% of directors say diversity enhances board effectiveness and 84% of directors said diversity leads to enhanced company performance.

Biotech company Amgen has three female directors out of 15 total. Harvard University professor Dr. Rebecca Henderson was appointed in 2009, and serves on the Governance and Nominating Committee as well as the Corporate Responsibility and Compliance Committee. Judith Pelham joined the board in 1995. She serves on the Audit Committee and the Compensation and Management Development Committee. Ellen Kullman was elected to the board in October 2016.

Manufacturer of Post-it products and Scotch tape, 3M, has two female directors. Sondra Barbour, former Lockheed Martin executive vice president, was appointed in 2014, while former CEO of Archer-Daniels-Midland Patricia Woertz has been a director since 2016.

MasterCard, which represents the ETF's fifth largest holding, has three women on its board. Merit Janow, dean of the School of International and Public Affairs at Columbia University, Nancy Karch, director emeritus at McKinsey, and Rima Qureshi, senior vice president at Ericsson, make up 25% of the board.

#international women's day #day without a woman #board diversity #women in the boardroom #$SSGA #$SHE

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charlesccastill · 7 years

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Related Beal Expands Life Science Footprint With Six Leases at 27 Drydock

BOSTON– Related Beal announced six new or extended leases at 27 Drydock have been executed, building on the developer’s long history of success in life science and biotech real estate.

Under the new agreements, KeraFast, Emulate, MetaStat, Gingko Bioworks, Orig3n and InviCRO have entered into or extended their leases and collectively growing their footprint by more than 120,000 square feet of research and development space throughout the building, which is now over 94 percent leased.

“It has been incredibly satisfying to see so many of our life science tenants successfully grow, demonstrating their ability to attract Boston’s world class R&D talent to the Eastern Seaport. These new and extended leases solidify our commitment to offer best-in-class life science and biotech space for Boston’s most promising companies,” said Stephen Faber, Executive Vice President of Related Beal.

Related Fund Management, an affiliate of Related Beal, acquired 27 Drydock, located in the Raymond L. Flynn Marine Park, in December 2016 through the assumption of an existing long-term ground lease with the Economic Development and Industrial Corporation (EDIC). In addition to the six lessees announced today, 27 Drydock is also home to Dana Farber Cancer Institute, 908 Devices and Boston BioSkills Lab, among other life science companies.

Boasting impressive views of Boston Harbor and infrastructure that is conducive to lab redevelopment, the 286,000-square foot R&D building also offers a prime, transit oriented location. 27 Drydock has an onsite MBTA Silver Line stop that connects to South Station or Logan International Airport in ten minutes, and ample parking with quick access to Route 93 and the Massachusetts Turnpike.

“The combination of unique space, accessible location, new amenities and a growing community of entrepreneurs and scientists continues to drive interest in this building, and we expect more exciting announcements in the months to come,” said Faber.

Most of the transactions were completed with the assistance of professional real estate brokers. Gingko Bioworks was represented by Anne Columbia and Patrick Downing of Columbia Group Realty Advisors. Emulate was represented by Bob Richards of Transwestern|RBJ. InviCro was represented by Paul Leone of Cushman and Wakefield. Orig3n was represented by Michael Weiss, Connor Barnes, and William Foley of Cushman and Wakefield.

Related Beal has been a prominent developer of Greater Boston’s life science and biotech real estate business since the early 1980s, when it repositioned an assemblage of buildings in East Cambridge into Life Science Square, incubating dozens of startup biotech firms.

Related Beal also became the first company to offer multi-tenant wet lab space for lease in the suburbs when it acquired Ledgemont Technology Center (LTC) in Lexington, MA in 1981. LTC consists of 185,000 square feet of newly renovated, first-class life science, office and lab space. In 2000, Related Beal developed 300 Third Street in Kendall Square, a 128,000-square foot, Class-A lab property. Between 2006 and 2013, Related Beal owned and repositioned One Kendall Square, a 667,000-square foot, mixed-use campus with lab, office and retail space.

Related Fund Management was founded in 2009 to provide real estate-related investment advisory services and is principally owned by Related Companies. Staffed by seasoned professionals, Related Fund Management has raised over $5 billion of capital for the platform across three areas: opportunistic real estate investments, origination and acquisition of debt, and multi-family housing opportunities.

from Boston Real Estate http://bostonrealestatetimes.com/related-beal-expands-life-science-footprint-with-six-leases-at-27-drydock/

#boston #condos #boston condos #boston luxury condo #boston condominium #boston rentals #boston condo

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unixcommerce · 4 years

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The Top Funded Women Founders in Every State

The top women entrepreneurs and female founders in the U.S. are doing well, but there is a considerable gap from top to bottom. But there is an even bigger gap between what male and female founders receive in funding.

According to PitchBook, in 2019 only 2.8% of the companies founded solely by women secured the total capital invested in venture-backed startups in the US. It goes up by almost 10% (12.4%) when it is co-founded by female and male entrepreneurs.

As bleak as this might seem, this hasn’t stopped female founders from going after their dreams. And when they do, they deliver better returns for their investors. A study from the Boston Consulting Group revealed startups founded by women generated 78 cents in revenue for every dollar of investment compared to only 31 cents for male-run startups. So, how are female founders doing in the U.S.?

A new report from Business Financing.Co.UK titled, “The Top Female Founder In Every Country World Map” shows the leading female founders in each country. The map in the U.S. goes into more detail by showing the top founders in each state.

The company analyzed data from the Crunchbase business information resource to identify the top female founder. It then used the information to create maps with the leading female founders in the relevant states and countries.

In the end, the data set for the result contains 107 female founders and co-founders across 102 countries in the world. The U.S. data has 57 female founders from 50 states and Washington D.C.

Women Entrepreneurs in the U.S.

As the largest economy in the world, the female founders in the U.S. have better opportunities than many people in other countries. The result shows more multi-million/billion startups in the U.S. than any other country. And contrary to popular belief, they are not all in California and New York.

Each state has its own successful women business owners and founders responsible for business development in their communities.

images: Business Financing.Co.UK

The Top Ten Founders in the U.S.

Rebekah Neumann

The top female founder in the U.S. is Rebekah Neumann of The We Company at $19.5 billion. Neumann is a co-founder along with Adam Neumann and Miguel McKelvey. As We Work, a subsidiary of The We Company continues to grapple with the fiasco of its IPO plans falling apart in 2019, only time will tell where this company is heading. But it is fair to say Neuman will not be on top of the list this year. All of the founders since have stepped down and the company now has a new executive chairman.

Kathryn Petralia

Kathryn Petralia the Co-founder and President of Kabbage was named the ninth most powerful woman in finance by Forbes in 2017. In 2018 Petralia was named the Fintech Woman of the Year, again by Forbes. After raising $2.5 billion in funding, Kabbage was slated to be one of the leading online small business lenders in the U.S. However, the pandemic has changed all that.

In April of 2020 the company stopped lending money to small businesses. Kabbage said the biggest reason for this decision was small businesses couldn’t generate any income during the lockdowns around the country. On August 17, 2020, American Express announced it is buying Kabbage. The terms of the deal haven’t been disclosed, but it will close in late 2020.

Jennifer Parke

Jennifer Parke is a co-founder of Fair, a car leasing company in the car-as-a-service segment. To date, the company has raised $2.1 billion in funding.

Parke has extensive experience in art direction and design. Her background includes working for brands like Apple, Cisco, Old Navy and HBO to name a few. Additionally, Parke is responsible for establishing several companies: Sugar Shots, SubGiant, and Boombang Inc.,

Reshma Shetty

One of six founders of Ginko Bioworks, Reshma Shetty and her company has raised almost $720 million to date. This is a company that develops biological engineering products and custom microbes across multiple markets. Shetty received her Ph.D. in Biological Engineering from MIT and also has a B.S. in Computer Science from the University of Utah.

Biotech and health are the more inclusive industries when it comes to women founders. Twenty-three of the 57 women in the U.S. data are in these segments.

Tanya Lipscomb

In addition to being a co-founder at Inscripta, Tanay Lipscomb was also the Chief Technology Officer (CTO) and VP of R&D. To date, the company has raised $259 million. Inscripta is another biotech company developing the world’s first benchtop platform for scalable digital genome engineering.

Since 2018 Lipscomb has moved on to as Biotechnology Entrepreneur and Advisor for The Novo Nordisk Foundation Center for Biosustainability and Chief Technology Officer for Artisan Biotechnologies. She holds a PhD. in Chemical & Biological Engineering from the University of Colorado Boulder and a BS in Chemical Engineering from Kansas State University.

Other Female Founders on the U.S. List

Ayla Rogers, Laura Oden and Celia MacLeod

Even though they are the founders with the least amount of money on the list at $505,000 Ayla Rogers, Laura Oden and Celia MacLeod have a great business going with Pandere Shoes. Based in Alaska, the company has carved out a niche market in the industry, making adjustable ankle, mid-foot and toe box shoes. If you have wide feet, Pandere Shoes is the company for you.

Sevetri M. Wilson

With a total funding amount of $10.4 million, Sevetri M. Wilson is the CEO and Founder of Resilia. Wilson’s company provides organizations with on-demand tools that optimize operations and increase their effectiveness. It also simplifies the formation of new nonprofits.

The enterprise platform offers corporations, foundations, and government entities intuitive, data-driven software so they can leverage technology to accelerate impact and increase connectivity. Wilson holds MPP (Master of Public Policy) from Harvard University and a BA and MA from LSU in History and Mass Communications.

Jessica Rolph

From Idaho, Jessica Rolph is the CEO and co-founder of Lovevery, which has raised close to $26 million in funding. Rolph’s business is a new child development company helping parents ensure they are making the most of each learning stage. Rolph is also the co-founder and COO of Happy Family, the first organic brand to offer a line of organic foods for babies, toddlers and kids.

Rolph has an MBA from Cornell University – Johnson Graduate School of Management.

Suzanne Sysko Clough, MD

With more than $55 million, Suzanne Sysko Clough is another woman founder in the biotech and health sector. Dr. Clough was a co-founder and Chief Medical Officer of WellDoc. Dr. Clough since has co-founded Clough Health and Services and serves as Chief Medical Officer at QualityCare Connect and Amalgam.

Clough received her Doctor of Medicine degree from the University of Maryland School of Medicine.

Courtney Spence

As the co-founder and CMO of the Kenzie Academy, Courtney Spence’s company has raised over $113 million. Spence is a serial entrepreneur who also founded CSPence Group and Students of the World.

Spence is a Duke University graduate.

Global Woman Entrepreneurs

Globally the top female entrepreneurs represent several industries, but financial and fintech make up half of the founders.

The number one spot with $22 billion goes to China’s Lucy Peng, who is the executive chairman of Ant Financial Services. This is the online finance arm of Alibaba Group. At number two is the previously mentioned Rebekah Neumann from the U.S. followed by Tan Hooi Ling from Singapore with $9.9 billion as the co-founder of Grab. Grab is an app that provides transportation, logistics and financial services.

Kate Keenan from Australia is at number four with $1.4 billion as the co-founder and CMO for Judo Bank. And Victoria van Lennep from the U.K. rounds up the top five with $1.2 billion as co-founder of Lendable, a FinTech company.

image: Business Financing.Co.UK

Industries Representing Women Founders

Forbes reveals 32% of the 1,714 women founders in its report represent the software, biotech, and healthcare industries. Just as in this report biotech and healthcare segments represent female entrepreneurs in higher numbers. But women are in many industries and some of them have higher female entrepreneurs representation while others leave much to be desired.

In part, this has pushed women to bootstrap their business and grow from there. Female entrepreneurs who started a side hustle and grew it to become billion-dollar businesses are taking place more often. With the advent of the internet and social media, several women have turned their passions into businesses that are now unicorns.

Pat McGrath, a makeup artist, is one of the female entrepreneurs who now has a business with a billion-dollar valuation. Emily Weiss turned her side hustle, which was the blog Into the Gloss the vehicle for her make up line Glossier. The business now has a valuation of $1.2 billion.

Even though the billion-dollar valuation of a business gets the most attention, there are tens of thousands of female entrepreneurs that are successful. And not everyone measures success the same way. A founder in the non-profit segment has a much different goal than a fintech founder.

As long as a woman entrepreneur has the same opportunities they have shown they can grow their business to great heights. Experience, the right education and the guidance of some great mentors don’t hurt. But for most of the highly successful people on this list, it all starts with a solid education from a good school.

The Right School

When it comes to education, the school you go to will not determine the success of your business, but it can give you a heads up. Of the female founders, Medium kept track of in a report, 25% of them are represented by just eight undergraduate universities. What is more, only 10 graduate programs represent 59% of all capital raised by the top 300 female founders.

By company count, Harvard University, Stanford University, and Cornell University are the top three undergraduate institutions. And the top graduate programs by company count are Harvard Business School, Harvard University and The Wharton School at the University of Pennsylvania.

You can’t go wrong with a great education, but going to one of these schools is not a guarantee you will succeed. The business world is full of people without much education who are very successful. Hard work and determination have been responsible for the success of countless entrepreneurs. But for women, even a degree from these schools will not shield them from the bias they will face when looking for funding.

The Gender Bias in Venture Capital

There is undisputed data that shows female founders don’t get the same investment as their male counterparts from venture capital firms. According to the Curnchbase Q1 2019 Diversity Report 83% of venture dollars went to only male founders. And as mentioned previously, it is less than 3% for female only founders. But the bias goes even further. Women entrepreneurs are scrutinized in a much different way. Investors are more inclined to ask male entrepreneurs promotion-focused questions and female entrepreneurs prevention-focused questions.

Why is this so important? Because the study from the Academy of Management says it has a bearing on how much they raise. And it is resulting in divergent funding outcomes. The amount of those who were asked promotion-focused questions raised, “Significantly higher amounts of funding than those asked prevention-focused questions.”

The good news is entrepreneurial women are being recognized and supported for their hard work. The average seed round for female-only founded jumped to $1.2 million in 2019, which is almost the same as male founders at $1.35 million. Furthermore, there were 21 unicorns in that last year founded by female entrepreneurs, these are startup businesses with a value of more than $1 billion.

At the end of the day, investors are looking to increase their investment and gender should not play a role in how good an idea is. If all the data points to a great investment, then women should get the funding just like men. After all, female entrepreneurs are delivering better returns for each dollar invested. And this is driving the growth of female founders globally.

The 2020s: The Decade of Growth for Female Founders

The first quarter of 2020 started out with a bang for female founders. A record-tying $5.2 billion (Q2 2019) of capital was invested with 629 deals. This according to Pitchbook’s VC Female Founders Dashboard analysis. The great start in 2020 was driven by a stellar 2019 in which female founders raised $17.2 billion.

However, the pandemic put a damper in the optimism of the new decade with the third quarter delivering only $1.8 billion in investments compared to $4.9 billion in 2019. But this one in a lifetime incident shouldn’t change much of the growth that has taken place in the 2010s.

To put the growth of the past decade in context, the amount of capital investment for female founders was a mere $442 million in Q1 of 2010. And the deal count was 151. Each subsequent quarter and year experienced impressive growth peaking with the $5.2 billion of the first quarters of 2019 and 2020. Without the curveball of the pandemic, there was a great chance 2020 would’ve been a record year for funding for female entrepreneurs.

When things go back to normal, female and male VCs have to work even harder to get more female founders the capital they need. And it will require both their efforts to close the huge funding gap that currently exists. But first, they have to overcome a big hurdle to get more woman decision-makers in the VC ecosystem. Pitchbook says in 2019 only 12% of venture capital decision-makers in the U.S. were women.

Because general partners (GPs) in VCs control the use of capital as well as management and operations in a venture firm, having female GPs will at the very least give female entrepreneurs a better chance of having their ideas heard.

Conclusion

For venture capital firms that are only investing a minuscule percentage on female-only founders, they are missing out. How much are they missing out on? According to Morgan Stanley, to the tune of $1 trillion by simply overlooking people of different gender and cultures.

Feature Image: Depositphotos.com

This article, “The Top Funded Women Founders in Every State” was first published on Small Business Trends

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todaynewsstories · 6 years

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As China builds biotech sector, cash floods U.S. startups

SAN FRANCISCO/HONG KONG (Reuters) – For three whirlwind days in June, U.S. scientist Zhi Hong went shopping at the Boston Bio Conference to find drugs to fill the pipeline of his two-week-old drug company.

FILE PHOTO: A scientist works at Zai Labo’s drug development facility in Shanghai, China October 18, 2017. REUTERS/Adam Jourdan/File Photo

Crammed in tight, four-person booths executives use for private conversations, the former GlaxoSmithKline PLC executive pitched dozens of U.S. biotech companies to partner with his start-up, Brii Biosciences.

Months earlier, Hong had raised $260 million – much of it from Chinese and Asian investors – with a strategy to bring U.S. biotechnology drugs to China, the world’s second-largest prescription drug market and home to a rapidly growing biotech sector.

Brii is now discussing partnerships with about a dozen drugmakers, which it aims to help by conducting clinical trials in China, applying for governmental approval and eventually negotiating reimbursement in a bid to capitalize on China’s stated plan to become the next global player in biopharma.

“I didn’t see this coming,” Hong told Reuters. “They said, ‘If you start a company, you won’t have any problem raising money.’ I didn’t quite believe that at the beginning. But as we went through the process, it was incredible.”

Brii is one of many biotech startups riding a wave of money from Asia that so far this year has poured $4.2 billion into private U.S.-based biotech companies. That is over 43 percent of the total amount of venture funding invested in the biotech sector, according to PitchBook, up from just 11 percent in 2016.

These investors range from China’s 6 Dimensions Capital and Hillhouse Capital Group to Hong Kong-based Blue Pool Capital, the investment arm of Alibaba’s executives. They are in search of better returns across the Pacific after China’s recent homegrown biotech push has driven sky-high valuations.

“There are companies in China that haven’t even started clinical trials, and they have received term sheets for $400 million,” said Nisa Leung, managing partner and leader of healthcare sector at China-based Qiming Venture Partners, referring to the agreements that describe the terms of an investment. “I think that’s crazy.”

China’s biotech craze stems in part from a government plan launched a few years ago as part of the Made In China 2025 campaign. The goal is to promote biotech as a strategic emerging industry, spawning rapid development and investment into the burgeoning sector.

A rule change at the Hong Kong stock exchange this spring is also providing an added incentive for investors. Biotechs without revenue or profit from around the world are now able to list on the exchange – which provides a faster way for investors to cash out.

Among the winners are Menlo Park, California’s GRAIL Inc, an early-stage cancer detection company that in May raised $300 million in a Series C round led by Chinese healthcare fund Ally Bridge Group. Immuno-oncology company TCR2 Therapeutics of Cambridge, Massachusetts, received $125 million in March in a Series B round co-led by Pacific-focused investor 6 Dimensions.

In the United States, the influx of cash from China has inflated the size of biotech funding rounds and quickening the pace that companies can raise money. (Graphic: tmsnrt.rs/2CG36Gb)

Companies that rely on licensing deals to develop innovative drugs in China – like Brii or Shanghai-based Zai Lab – are more often paying a premium. The interest from China has driven the upfront payments for licensing agreements for U.S. drugmakers to over $30 million currently from $1 million or $5 million three years ago, according to Leung.

Other headwinds for Chinese biotech investment persist – ranging from the nagging threat of the Trump administration broadening restrictions on Chinese investment to the lackluster stock performance to date of the first Hong Kong biotech IPO under the new listing regime, Ascletis Pharma.

Still many investors interviewed by Reuters do not expect China’s biotech hunger to end overnight.

“It makes a lot of sense (for Chinese funds) to look at U.S. biotech firms especially as many Chinese biotechs still lag behind their U.S. peers in terms of the quality and the pipeline of products,” said Jonathan Wang, senior managing director and co-founder of the Asia fund at OrbiMed Advisors, a healthcare investment firm that continues to invest in young biotechs in both China and the United States.

FORTUNATE TIMING

For some biotech companies, money from China has breathed new life into experimental drugs or devices that lost priority inside company pipelines for various reasons.

That was the thinking behind scientist Bing Yao’s move to strike out on his own, just as Asia investor interest in biotech was taking off.

Yao first had the idea to leave his position as the head of the respiratory, inflammation and autoimmunity disease unit at AstraZeneca MedImmune in March 2017. The pharmaceutical company was pruning its drug development to focus on priority areas like cancer, so he proposed spinning off some programs to a new start-up that he would create to develop the drugs.

One year later, Yao launched Viela Bio with AstraZeneca’s blessing and six of the pharmaceutical company’s experimental drugs. The furthest along is a medicine for neuromyelitis optica spectrum disorder, a rare disease affecting the optic nerve and spinal cord of around five in 100,000 people.

Yao raised $250 million from a consortium of investors led by China-focused funds, including Boyu Capital, 6 Dimensions and Hillhouse. AstraZeneca remains the largest minority shareholder.

Yao said he received interest from more investors than he wanted to manage, so he selected the firms that “came earlier and faster.”

“A few years ago, it would have been harder to raise large sums like this,” said Yao, who spent over 20 years focusing on immunology at companies like Amgen and Genentech before AstraZeneca.

But it may not be as easy for companies going forward.

HURDLES AHEAD?

Changes in Washington and the challenges of breaking into the Chinese healthcare sector are emerging on investor radars.

A new law passed in August expanded the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS), which reviews foreign investments for potential national security concerns. The broader scope prioritizes the protection of emerging technologies, including genetic information.

Even those with funding could find the China market difficult to navigate. Launching new medicines in China is still relatively untested, and conducting clinical trials, getting government approval and selling medicines in China’s segregated healthcare marketplace present formidable hurdles.

“It’s a significant job,” said Moncef Slaoui, former head of global research and development and vaccines chairman at GSK and a Brii strategic advisor. “But this is a moment where there is an opportunity,” he said, because moves by the Chinese government, such as modernizing its version of the FDA, will have long-lasting impacts.

At Brii, the strategy calls for working with AliHealth, the healthcare arm of Alibaba Group Holding Ltd, to find potential patients for its drugs. Another deal with WuXi AppTec Co Ltd gives Brii access to WuXi’s extensive research and development capabilities in China.

Brii’s first U.S. biotech partnership is with San Francisco-based Vir Biotechnology, an infectious disease-focused startup headed by former Biogen CEO George Scangos. The deal grants Brii the rights to develop some of Vir’s future drugs in China. ARCH Venture Partners’ Robert Nelsen backed both companies.

“Other companies try to become global,” said Hong. “We’re doing the reverse. We are dedicated 100 percent to the Chinese market.”

Reporting by Robin Respaut in San Francisco and Julie Zhu in Hong Kong, additional reporting by Gui Qing Koh in New York; Editing by Elyse Tanouye and Edward Tobin

Our Standards:The Thomson Reuters Trust Principles.

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enough-finance · 7 years

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What makes the book fun and important is how Karen uses deep ‘case histories’ ... This is a highly readable memoir from a preeminent investor and a remarkable person. Karen (Harvard College ’77 where I knew her) and later a Harvard MBA, was a Peter Lynch acolyte at Fidelity in Boston and went on to manage some of the largest Fidelity funds until she decided to start her own successful private equity firm Aureus in 2005. She is a frequent guest on CNBC’s morning show Squawk Box. A rocket in a man’s world, but the story is not a paean to success in the face of gender challenge. Rather, Karen synthesizes four primary tenets of risk management that apply to all of our lives, businesses and investment decisions: right-sizing, right-timing, knowledge/research, and skepticism. What makes the book fun and important is how Karen uses deep ‘case histories’ to make her points. Many of the persons/subjects are pseudonymized yet some are not and Karen’s own decisions, some in error, are fully owned. It is a colloquialized text book of the roller-coaster biotech, internet, finance, real estate and other industry bubbles and troubles in the last 30 years from a wily personality who made key decisions across many events of our time and has lived with positive humor to tell the tales. A determined but skeptical entrepreneur and calculated risk-taker, Karen lays out the ups and downs of starting and succeeding in her own business in her late forties, as well as the dreams, planning, foibles, successes, misses and reaches of many clients and colleagues. I loved the vignette of George Bell and Excite at Home (which, not due to George, famously flamed and burned as an internet portal) turning down an opportunity to buy Google in its infancy from Sergei and Larry for $1 million. Karen’s decision to accept an early morning jogging monitorship for Boston sportswriter Bob Gamere, on trial for child pornography, applies her tenets personally, as does the surprise of becoming a mother of a second (!) set of twins during her nascent Fidelity career and the accidental advice she receives from the real-life Ann Landers (Eppie Lederer) on a flight across the country where the advice columnist validates Karen’s desire to have it all with family and career (as long as Fidelity pays for all the extra nannies and support). I say accidental, but Karen slips in how she moved seats to get the conversation started. Just like her. Karen was never shy and the book should be required reading in business and academia and for all of us out there navigating life risks and decisions. Go to Amazon

The risk/reward of reading this book is deeply in your favor. I was eager to read Even the Odds because it was written by one of the most respected money managers in Boston and it did not disappoint. I was thrilled to see Karen Firestone sharing her perception of risk by using candid real life anecdotes. This book is highly recommended for anyone who wants to understand risk (not memorize equations and formulas) and get inside the mind of a brilliant, sincere and determined investment professional. Go to Amazon

The case studies she chooses further exemplify the importance of each tenet and bring to life the reality of good and bad risk t Karen's short, concise book on risk is masterfully written to benefit us all in our personal Go to Amazon

A must-read guide to thoughtful risk taking Could there be a more important topic than risk management? Thoughtful risk taking is important in my line of business but I quickly found that I could also apply every chapter to my personal life. The book is well written and I like how the author draws from a wealth of experience as an institutional investor, CEO and a spouse/parent to share real life examples of her risk taking philosophy in action. I hope you enjoy the book as much as I did. Go to Amazon

Even the Odds has a great 'return on investment'! Very readable book appropriate for a college graduate, an investor or anyone interested in human nature. Karen distills her observations into a very readable form and her message is very relevant to us all. I highly recommend it. Go to Amazon

Five Stars Practical, clear, concise, I read it thru with pleasure, uncommon for an investment book. Go to Amazon

A gem I read this book because I was curious as Karen Firestone is a powerhouse in portfolio management in the investment world of Boston. Back in the days she was a protégée of Peter Lynch, the superstar who managed Fidelity Magellan Fund. This is a very readable and enjoyable book. I loved all the case studies (sort of HBS style, only more friendly and realistic). The stories throughout the book were interesting to read and it is not anything like one of those business books that aim to bore you to death. She is witty and self-deprecating. She puts in little sentences here and there to show how relaxed and comfortable she is with herself. I gained even more respect for her as a person as well as a portfolio manager after reading the book. She has a guiding principle that directs her career and decision-making process. A great book that shows what a remarkable human being she is. When someone raised four kids and managed to be such a successful investment professional with a kind heart, she would definitely gain your respect as well. Go to Amazon

With great risk comes great opportunity... Karen Firestone's new book Even the Odds is a remarkably powerful guide to taking risk, something she has done quite effectively for years as an investment professional and advisor -- first at Fidelity Investments, and now at the helm of her own firm. The book divides risk taking into a number of different areas, including taking risks in business, investing, and life. We all know that with risk comes reward -- the key is to make sure you do your homework before you take a risk that could potentially damage your business, your investment portfolio, or yourself. In this book, Karen Firestone explains exactly how to do your homework, how to take smart risks, and what to do if things go wrong. The real icing on the cake, however, is the wealth of Karen Firestone's personal anecdotes and stories, which are both instructive and fun to read. Highly recommended. Go to Amazon

Waste of time. Don't bother. Great insights. Wonderful Reading. Well worth the risk. Accessible, enjoyable read A great read! Words of wisdom from an inspiring female entrepreneur Very well written and great concept. I would recommend Even the Odds to ... Very helpful and insightful

#and Life (9781629560984): Karen Firestone: Books

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charlesccastill · 6 years

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Citizens Bank leads $150 million construction loan for Bulfinch’s speculative lab building

PROVIDENCE, RI – Citizens Bank announced that the Citizens Commercial Real Estate Finance team is leading a $150 million construction loan for Bulfinch, a Boston based commercial real estate and investment firm, to build a new 270,000 square-foot lab building and 383 space standalone garage at Cambridge Discovery Park (CDP) in Cambridge, MA. Citizens is the sole lead arranger and administrative agent.

A longtime Citizens client, Bulfinch is an entrepreneurial, value-add real estate investment firm specializing in the development, acquisition, management and repositioning of commercial properties in Greater Boston. Since inception in 1936, Bulfinch and its affiliates, have developed, acquired and repositioned more than $1 billion of commercial real estate.

Building 400-500 is a Class A, six-story, LEED registered life sciences building. The property will offer large floor plates with 100 percent laboratory compatible space and feature two separate bases with two distinct lobbies, connected on the third floor and above. Building amenities include a fitness center, full-service cafeteria, outdoor patio, roof deck and bicycle storage area.

Building 400-500 is situated in the highly desirable Cambridge Discovery Park (CDP). CDP is a 27-acre master-planned redevelopment located in West Cambridge’s Biotech Mini Cluster and 1,600 feet from the MBTA’s Alewife Station and in close proximity to Cambridge’s Fresh Pond Shopping Area that includes: Whole Foods, Chipotle, Starbucks, Bon Me, CVS, Trader Joe’s, Dunkin Donuts, among others.

Building 400-500 is the last phase of Bulfinch’s master-planned redevelopment totaling nearly 800,000 square-feet of lab, office and amenities. Existing CDP occupants include: Forrester Research’s World Headquarters, The Smithsonian Astrophysical Institution, FogPharma, LifeMine Therapeutics, and Genocea Biosciences, Inc., as well as a brand new 150 room AC Marriot Hotel.

Bulfinch’s speculative development aims to fill the demand for Cambridge lab space. To date, 11 of the largest 15 biotechnology companies have a presence in Cambridge where vacancy rates are extremely tight due to strong demand for research and development space and limited supply.

“Citizens’ Commercial Real Estate bankers are trusted longstanding advisors who deliver valuable advice and exceptional financial products,” said Eric Schlager, CEO of Bulfinch. “The Citizens team’s knowledge of the commercial real estate landscape is second to none and the close attention to detail that they brought to our transaction made for a seamless and timely execution. We are so pleased to have Citizens lead this opportunity and we look forward to expanding our relationship in the years ahead.”

“At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions,” said Gary Magnuson, Head of Commercial Real Estate Finance at Citizens Bank. “Leading construction loan financings so our developer clients can build projects, providing jobs and strengthening our growing communities, is just one of the ways that Citizens delivers substantial value for our clients.”

Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.

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unixcommerce · 4 years

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The Top Funded Women Founders in Every State

In the end, the data set for the result contains 107 female founders and co-founders across 102 countries in the world. The U.S. data has 57 female founders from 50 states and Washington D.C.

Women Entrepreneurs in the U.S.

Each state has its own successful women business owners and founders responsible for business development in their communities.

images: Business Financing.Co.UK

The Top Ten Founders in the U.S.

Rebekah Neumann

Kathryn Petralia

Jennifer Parke

Jennifer Parke is a co-founder of Fair, a car leasing company in the car-as-a-service segment. To date, the company has raised $2.1 billion in funding.

Reshma Shetty

Biotech and health are the more inclusive industries when it comes to women founders. Twenty-three of the 57 women in the U.S. data are in these segments.

Tanya Lipscomb

Other Female Founders on the U.S. List

Ayla Rogers, Laura Oden and Celia MacLeod

Sevetri M. Wilson

Jessica Rolph

Rolph has an MBA from Cornell University – Johnson Graduate School of Management.

Suzanne Sysko Clough, MD

Clough received her Doctor of Medicine degree from the University of Maryland School of Medicine.

Courtney Spence

As the co-founder and CMO of the Kenzie Academy, Courtney Spence’s company has raised over $113 million. Spence is a serial entrepreneur who also founded CSPence Group and Students of the World.

Spence is a Duke University graduate.

Global Woman Entrepreneurs

Globally the top female entrepreneurs represent several industries, but financial and fintech make up half of the founders.

image: Business Financing.Co.UK

Industries Representing Women Founders

The Right School

The Gender Bias in Venture Capital

The 2020s: The Decade of Growth for Female Founders

Conclusion

Feature Image: Depositphotos.com

This article, “The Top Funded Women Founders in Every State” was first published on Small Business Trends

https://smallbiztrends.com/

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charlesccastill · 6 years

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Citizens Bank leads $150 million construction loan for Bulfinch’s speculative lab building

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charlesccastill · 6 years

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SQZ Biotech Signs 63,477 SF Lease as Lead Lab Tenant at Arsenal Yards in Watertown

BOSTON– Boston-based real estate developer Boylston Properties announced that cell therapy company SQZ Biotech has signed a 63,477 square foot lease at Arsenal Yards.

With 200,000 square feet of lab and office space, Arsenal Yards is meeting the demand from the life science community for lab space in the East End of Watertown.

Set within an original 1800’s Arsenal historic building, with soaring 25’ ceilings, multiple boutique fitness operators, dedicated parking, and a private shuttle to Harvard Square, the new lab space is across the street from LINX, 185,000 square feet of new fully leased lab space, completed in 2018, also developed by Boylston Properties.

“When you look at the needs of life science companies and the advantages that the East End of Watertown provides, it’s not surprising to see Arsenal Yards becoming the place to turn to,” said Bill McQuillan, President of Boylston Properties. “We look forward to working with SQZ and seeing the company continue to grow.”

SQZ Biotech recently completed a $72 million Series C and expanded a clinical and commercial development collaboration with Roche. The young life science company will dramatically increase its footprint when it relocates from its current Watertown location to Arsenal Yards later this year. Utilizing the proprietary CellSqueeze® platform to develop a new generation of cell therapies, SQZ currently focuses on the development of novel treatments that leverage targeted immune modulation to impact oncology and autoimmune disease.

“For a young life science company, Arsenal Yards is an ideal location,” said Armon Sharei PhD, CEO and Founder of SQZ Biotech. “Being able to expand our operations while staying in Watertown was win-win for SQZ. We look forward to all the amenities that Arsenal Yards will provide our team.”

“This continues a trend of life science companies choosing to grow in Watertown’s booming biotech scene,” said Duncan Gratton, Executive Director at Cushman & Wakefield. “This is our 6th new life science space lease in Watertown in the past 18 months.” Gratton and Elizabeth Donatoni of Cushman & Wakefield represented ownership, a joint venture of Boylston Properties, J.P. Morgan and Wilder, while SQZ Biotech was represented by Juliette Reiter and Mark Winters of Newmark Knight Frank.

Located on the Charles River in the dynamic East End neighborhood of Watertown, Arsenal Yards will be a thriving urban village with over 50 retailers & restaurants including Roche Bos. and the seven screen Majestic Theater, over 300 contemporary residences, a 150-room Hampton Inn & Suites by Hilton, as well as office and life sciences space. The development will also include considerable open spaces throughout, access to a revitalized Arsenal Park, as well as connection to the Watertown-Cambridge multi-use bike path. Arsenal Yards is being developed by Boylston Properties, Wilder, and J.P. Morgan.

Boylston Properties is a Boston-based real estate developer of mixed-use places including retail, residential, hotel, corporate, and lab buildings. With four decades of experience and a contemporary vision, Boylston Properties’ distinctive projects have become part of Greater Boston’s new urban landscape.

Wilder is a Boston-based real estate development, management, and leasing firm specializing in the positioning of retail properties. Privately held and owner managed, Wilder’s mission has been and continues to be to create vibrant shopping places that meet and exceed the expectations of customers, retailers, and investors. From lifestyle centers, urban properties, and community centers to mixed-use developments and super-regional malls, Wilder has developed, managed, and leased more than 20 million square feet of retail properties throughout the United States and Puerto Rico. The company continues to have a diverse portfolio of properties throughout the East Coast.

J.P. Morgan Asset Management is a leading asset manager for individuals, advisors, and institutions. J.P. Morgan Asset Management investment professionals are located around the world, providing strategies that span the full spectrum of asset classes. As one the largest asset and wealth managers in the world, with assets under management of $1.7 trillion, J.P. Morgan provides global market insights and a range of investment capabilities that few other firms can match.

SQZ Biotech is a privately held company creating innovative treatments by transforming cells into powerful therapeutics. Using its proprietary platform, SQZ has the ability to precision engineer any cell type with multiple functions, resulting in sophisticated, targeted allogeneic and autologous therapeutics for a wide range of cancer types and other devastating diseases. The first applications for the company leverage SQZ’s ability to generate target-specific immune responses, both in activation for the treatment of solid tumors, and immune suppression for the treatment of auto-immune diseases.

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charlesccastill · 6 years

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Citizens Bank leads $150 million construction loan for Bulfinch for speculative lab building

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charlesccastill · 6 years

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SQZ Biotech Signs 63,477 SF Lease as Lead Lab Tenant at Arsenal Yards in Watertown

BOSTON– Boston-based real estate developer Boylston Properties announced that cell therapy company SQZ Biotech has signed a 63,477 square foot lease at Arsenal Yards.

With 200,000 square feet of lab and office space, Arsenal Yards is meeting the demand from the life science community for lab space in the East End of Watertown.

from boston condos ford realtor https://bostonrealestatetimes.com/sqz-biotech-signs-63477-sf-lease-as-lead-lab-tenant-at-arsenal-yards-in-watertown/

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charlesccastill · 6 years

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Blackstone’s Byron Wien Announces Ten Surprises for 2019

NEW YORK–Byron R. Wien, Vice Chairman in the Private Wealth Solutions group at Blackstone, has issued his list of Ten Surprises for 2019. This is the 34th year Byron has given his views on a number of economic, financial market and political surprises for the coming year. Byron defines a “surprise” as an event that the average investor would only assign a one out of three chance of taking place but which Byron believes is “probable,” having a better than 50% likelihood of happening.

Byron started the tradition in 1986 when he was the Chief U.S. Investment Strategist at Morgan Stanley. Byron joined Blackstone in September 2009 as a senior advisor to both the firm and its clients in analyzing economic, political, market and social trends.

Byron’s Ten Surprises for 2019 are as follows:

The weakening world economy encourages the Federal Reserve to stop raising the federal funds rate during the year. Inflation remains subdued and the 10-year Treasury yield stays below 3.5%. The yield curve remains positive.

Partly because of no further rate increases by the Federal Reserve and more attractive valuations as a result of the market decline at the end of 2018, the S&P 500 gains 15% for the year. Rallies and corrections occur but improved earnings enable equities to move higher in a reasonably benign interest rate environment.

Traditional drivers of GDP growth, capital spending and housing, make only modest gains in 2019. The expansion continues, however, because of consumer and government spending. A recession before 2021 seems unlikely.

The better tone in the financial markets discourages precious metal investors. Gold drops to $1,000 as the equity markets in the United States and elsewhere improve.

The profit outlook for emerging markets brightens and investor interest intensifies because the price earnings ratio is attractive compared to developed markets and historical levels. Continuous expansion of the middle class in the emerging markets provides the consumer buying thrust for earnings growth. China leads and the Shanghai composite rises 25%. The Brazil equity market also comes to life under the country’s new conservative leadership.

March 29 comes and goes and there is no Brexit deal. Parliament fails to approve one and Theresa May, arguing that a change in leadership won’t help the situation, remains in office. A second referendum is held and the U.K. votes to remain.

The dollar stabilizes at year-end 2018 levels and stays there throughout the year. Because of concern about the economy, the Federal Reserve stops shrinking its balance sheet, which is interpreted negatively by currency traders. The flow of foreign capital into United States assets slows because of a softer monetary policy and a lack of need for new capital for business expansion.

The Mueller investigation results in indictments against members of the Trump Organization closest to the president but the evidence doesn’t support any direct action against Trump himself. Nevertheless, an exodus of Trump’s most trusted advisors results in a crisis in confidence that the administration has the people and the process to accomplish important goals.

Congress, however, with a Democratic majority, gets more done than expected, particularly on trade policy. Progress is made in preserving important parts of the Affordable Care Act and immigration policy. A federal infrastructure program to be implemented in 2020 is announced.

Growth stocks continue to provide leadership in the U.S. equity market. Technology and biotech do well as a result of continued strong earnings. Value stocks other than energy-related businesses disappoint because of the slowing economy.

Every year there are always a few Surprises that do not make the Ten because either I do not think they are as relevant as those on the basic list or I am not comfortable with the idea that they are “probable.”

Geopolitical tensions increase. Iran continues to destabilize the Middle East and Kim Jong Un fails to live up to his North Korea denuclearization promises. Secretary of State Pompeo and National Security Advisor Bolton make statements indicating the United States may take pre-emptive action in both places, thereby causing one of several sharp market sell-offs. But in spite of hostile rhetoric, the United States does not go to war with anyone as we approach the 2020 election. Trump’s tough talk on some issues like trade works, however, and leads to successful diplomatic negotiations on national security.

In desperation China engages in ambitious infrastructure programs to bolster its economy. China grows at 6.5% real, but the increased debt causes concern around the world and has a negative impact on the renminbi.

China announces, “We want to be the world leaders in free trade.” It sends envoys around the globe to negotiate better bilateral trade terms in order to offset the losses from the ongoing U.S. disagreements. Joint ventures in which foreign companies control the majority share are initiated in all sectors, from industrials and autos to raw materials. As China’s influence around the world becomes greater, the U.S. further isolates itself.

The European Central Bank is forced to restart quantitative easing in response to a defiant Italy, a weakening Germany and Brexit. Thwarting expectations that Brexit would bring the rest of Europe closer together, Italy realizes that it can break all fiscal rules without any fear of punishment from the E.U. As a result, the Italian economy falls into recession, debt spreads surge and the ECB is forced to liquefy the system again.

Blackstone is one of the world’s leading investment firms. The firm’s asset management businesses, with $457 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.

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