Biotech

“And the reason tech has been so successful so quickly and has had so much human impact is because it's been lightly regulated. And I think it's better to keep it that way than not, and we'll lose optimism, we'll lose momentum, we'll lose progress, and that's w…”

“I still deeply believe that academic is the main source of innovation for the whole field, and particularly when it comes to biotech.”

“So whether it's incubating companies from for-profit to non-for-profit businesses investing in companies and founders that are really right at the edge of transformation, whether that be AI. Biotech, neurotech, robotics, ah, even space.”

“I think the, there are two things that kind of have to be true for a structure like this to make sense. I think one of them is that you have to have Very high conviction in how the market will value this big end thing. Or not end thing, but like this big inter…”

“I, I'm positive on, like, I think biotech is about to have a renaissance. Like, ultimately we'll be driven by AI. You know, I'm not going to name a particular company, but like you know, nor will I say whether I think it's better to bet on the big pharma compa…”

“Today, we can't afford to let the technologies that we're working on, whether it's biotech, whether it's AI whether it's technology that can cross borders today because of digital infrastructure that connects us, or the open borders that we have around the wor…”

“Biotech, you know, biotech also bio and healthcare, I think are obviously going to be transformed by AI, both on the healthcare side and on the actual drug discovery side.”

“I think that in biotech, we're in this sort of moment where there's a lot of opportunity in re-bundling. The types of platforms that I see that I'm super excited about Are this composite of incredible synthetic biology and genomics tools plus modeling you know…”

“We're probably like the last couple of years are probably like the equivalent of like the dot com bust happening for biotech.”

“I think we're like, we've got GPT, but there's no chat. Like, that, that's kind of how I think about it. Like, I think the chat, and I mean chat metaphorically, like, that was the interface that made things really take off in, in software. And I don't think it…”

“While it's true that the origin of, I think it's a little more than half of medicines approved in the last 10 years have come from biotech, hardly any of those traveled all the way through biotech.”

“There is no doubt in my mind. We are faster, more robust, probably cheaper than actually every biotech out there trying to do their own early phase clinical trials.”

“Literally one sector will discover the most things where AI will be useful, it's biotech.”

“One of the places where we see public, private, and credit incredibly dislocated, unloved, and where we think there's huge opportunity is biotech. It has been such a bubble through the pandemic where biotech and vaccines were going to solve everything, and now…”

“In software, our margins are high, and it kind of covers up mistakes that we make, and we actually had revenue relatively early in our journey, whereas, in, like, in biotech, you have to invest in it for 10 years to try to get your first dollar revenue sometim…”

“So like, it looks like in the nearest future, we probably will not need like VC firms for companies which operates as a SaaS or something similar where you do not need to investigate in in, like in hardware or in biotech or something like that.”

“I don't personally do bio because, you know, I speak to someone and they're like, we've cured cancer. And I speak to the next person and they're like, we've cured cancer. I'm like, I don't know.”

“I do a lot in biotech as well, and we have all these new machines that are able to like construct and build Like, you know, chains of things and build viruses and stuff like they did in China. Like maybe we should be regulating those. Like I'm like, so against…”

“Five years from now, we will, first of all, see major industries that have formed in each of these market verticals that are dominating those verticals. And we'll also have seen some incredible new science come out. Biotech with cancer treatments and discovery…”

“We don't invest in any biotech because it's very research and development heavy. So there's a lot of capital expense there, and it takes a long time before you start to see some revenue. So not exactly the most capital efficient type of company.”

“Like we are leading in AI. We're leading in biotech. We're leading in transportation in, in most categories. We have the chance to lead in, in energy in most areas. We're leading in space. So you kind of look at all of these areas where we're clearly in front …”

“So biotech's another example where there's clearly in that marketplace an advantage to specialization. There aren't many like that in public markets where the generalists are clearly at a disadvantage to the specialists.”

“I was asking him like, what do you think the next like big, like, you know, VC tech bubble will be, and he was very bullish on biotech. He wants to like write, write the next book on like the flagship pioneering model.”

“In my experience, there's been things in biotech that are being really, like, hurt and set back, and things are not being cured because she's being so aggressive and blocking things.”

“And so whenever you, whenever you're engaging with a regulator, no matter if it's aviation or if it's biotech or some other thing, if you're really, really on the frontier, it means that, that the regulator doesn't necessarily understand the technology any bet…”

“I got a PhD in biology, and I think biotech is a really tough place to work, right? As is academic biology. So, you know, arguably I got that wrong, and if I could get those, you know, four or five years back, I would kind of thing.”

“I think biotech is a really interesting place to be investing in the public markets right now.”

“I am inclined to believe that, you know, a lot of these domains are going to be solved, and it's just a question of, like, picking the product path through.”

“The ability to operate on financial or accounting data with these models seems like a very A very useful commercial capability and actually perhaps much more tenable and like a sort of linear path to commercial value than some of the things that we're describi…”

“I think we're going to start seeing this in venture and bio right now, and maybe real estate where deal volume is slow. What are they doing all day? How do you manage that as the managing partner? You're going to start seeing that.”

“It's one of the reasons we don't do much in biotech because we have not managed to hire that onto our team, and the more time I spend on it, the more convinced I am that without that knowledge, I just don't believe that we can be successful choosing managers i…”

“Okay, so a lot of biotech, unfortunately, is based on taking something that's already out there and tweaking it very, very slightly, changing a few atoms here and there in order to get a patent worth 20 years of life, and then going to market there with an inc…”

“We learned that there's a lot of risk other than equity beta in these portfolios, ok? China, there's geopolitical risk, and Biotech, there's basic regulatory risk, small company size risk, unprofitable or profit tomorrow company risk, and all of those are risk…”

“So we don't have any investments in biotech or pharma or anything like that simply because we don't have a knowledge or understanding where we are confident we can make that investment for our clients.”

“We're probably gonna win chips, and we're gonna probably win material science and batteries, and we're obviously gonna win biotech.”

“The last time a biotech company hit, I don't know what it is, 3040, fifty billion dollars in market cap, something like that. The last year such a thing was founded was in the late eighties. So it's been at this point, what is that? 35, 40 years without a new …”

“I mean, honestly, I think biotech, especially the way we, that I've always done it, which is longer term oriented, is difficult to fit in any larger firm that's not focused only on healthcare.”

“We're fundamentally value oriented and we are looking for asymmetric risk reward. The trick is that you have to overlay that we live in a probabilistic business or one that's binary.”

“I put things in three basic buckets. Low percentage of the time management that is so stellar. That you think they can take a very marginal product, right? They can sell ice to an Eskimo, and there's drugs like that. And they can find a way to get it across th…”

“And that's why half of biotechs that are public are trading below cash.”

“In biotech, you can actually like learn to pick up most of the operating stuff from being an investor. Whereas I think in tech, like, you know, being an investor in a software company certainly doesn't make you a programmer.”

“I'll always be affiliated in some way with Bain Capital, helping Bain Capital. I'm going to continue to build the sports group, which I love, and then continue to invest in these areas like biotech and artificial intelligence and space on a venture basis.”

“When I think of how do all of those compete with each other, it's not going to be emerging markets that gets my, say, redeployment, rebalancing dollars. We just actually put more money to work in biotech.”

“I would say my sort of falsifiable prediction would be that we're going to start seeing more and more biotechs make drugs that they try to commercialize themselves as opposed to selling to pharma to do the commercialization.”

“The market went from being heavy risk on to heavy risk off in those particular sectors, and probably was way overbought, and now it's probably way oversold.”

“In terms of directly investing into biotech and life sciences companies that take FDA risk, we won't do that.”

“The majority of kind of applications and investment in biotech broadly is still related to pharma.”

“If you're making something that's super low value it's pretty hard to break into a new market.”

“There's a fraud in biotech going on right now that David and I saw up front.”

“My biggest anticipated trend for 2022 is gonna be a gold rush in biotech into what I think will become the cover story on magazines throughout the year that humans have discovered the fountain of youth.”

“I actually see a lot of women investors on the biotech side. I think less on the tech side, but I think the numbers are great and growing.”

“Investors like me are saying, don't sell yourself. Don't partner. You don't need them. I'll give you the money. Go at it alone. Build out commercial. Become your own standalone company, and many, many more are going that path, and I think that they don't need …”

“There is a IPO, time to public market, that has been far shorter than what the tech industry has experienced, Because unlike the tech industry, these companies' product development cycles are seven to 10 years, and they need capital, and so the public markets …”

“And you can think about a category that I think is going to have the same type of growth over the next 10 to 20 years and has had the same type, if not more, Moore's law effects. It's life sciences, biotech, pharma.”

“At its highest level, you have today some 600 public companies in this country, about out of 4000 total public companies, so it's about a seventh of all public companies in this country are in biotech per se. They small caps, so the total caps about six hundre…”

“We are seeing now improvements in delivery mechanisms like Carti, in implementation mechanisms like CRISPR, and all of these things set us up, I think, for a renaissance in biotech”

“Unlike investing in enterprise software or consumer investing, the depth of knowledge needed to invest in the area is extremely, extremely deep and usually involves a PhD in some one of the areas that you're gonna invest in, in bioengineering or biotech.”

“It's not unheard of to spend a million dollars on a deal and a large deal just on diligence.”

“The Chinese, as you all know, are using all elements of their capacity, government, The private sector, academia, in complete unison to advance their capacities, whether in biotech, or AI, or you name it.”

“I think most acquisitions that you see in, in biotech are late stage to marketed stage companies, so they are, I think pharma companies are still very conservative in terms of making big bets on early stage platforms for acquisition.”