That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. The position was held stable during the quarter. Council Members. (f)Notice. The stock currently trades at ~$142. The firm primarily invests in life science companies. The cookie is used to store the user consent for the cookies in the category "Performance". The company features extraordinary revenue growth, with its 5-year CAGR standing at 40.6%. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Win whats next. With respect to the Observer, the Companys obligations under this Section2(c) are contingent upon such Observers (x)entering into a confidentiality agreement with the Company in a form that is reasonably acceptable to the inclusion in the Companys proxy materials for meetings of stockholders promptly after the Company requests such information from the Investor, and will cause the Investor Designee to submit on a timely basis to the Company a completed and Edit Lists Featuring This Company Section. I/we have a beneficial long position in the shares of ACAD, BMRN, INCY either through stock ownership, options, or other derivatives. Investor and its Affiliates, collectively, no longer beneficially own the Required Shares, the Company shall invite a designee of the Investor (the Observer) to attend all It invests in the public equity markets of the United States. Terms of Submission Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. Baker Brothers Life Sciences Capital, L.P. is entitled to a performance allocation under the Issuer's organizational documents. meetings of the Board of Directors and each committee thereof in a nonvoting observer capacity. But Chicago's lab space is . The funds strategy includes utilizing a fundamentally-driven way of investing to come up with its investment decisions, also known as bottom-up investing. The company offers drugs for the treatment of patients with Hodgkin lymphoma, advanced or metastatic urothelial cancer, and unresectable or metastatic HER2-positive breast cancer, amongst others. The position has remained almost steady since. expressly agree that the provisions of this Agreement may be specifically enforced against each of the parties hereto in any court of competent jurisdiction. Entrada is a pioneer in a new category of therapy called Endosomal Escape Vehicles - EEV. Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. WHEREAS, the Company and the Investor are parties to that certain Nominating Agreement dated January15, 2021 (the Original {"search": "/search", "clicked": "/clicked", "portfolio_add": "/portfolio-add", "portfolio_remove": "/portfolio-remove", "portfolio_create": "/portfolio-create", "portfolio_activate": "/portfolio-activate", "portfolio_delete": "/portfolio-delete", "portfolio_rename": "/portfolio-rename", "portfolio_color": "/portfolio-color", "home_filter": "/home-filter", "htmlspeed": "/htmlspeed", "add_tag_firm": "/add-tag-firm", "add_tag_click": "/add-tag-click", "copy_aum": "/copy-aum", "stripe_checkout": "/stripe-checkout", "update_card": "/update-card"}, {"uid": 50008486, "pid": -1, "pid_a": [], "name": "", "email": "", "blacklist_f": false, "paywall_f": false, "paywall_n": 0, "random_n": 0}. This is one of the funds highest conviction picks, as Baker Bros still owns nearly 26% of the companys shares, which have been held since 2010. (d)Common Stock means shares of the Companys Common Stock, par Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Investors following the companys 13F filings over the last 3 years (from mid-November 2019 through mid-November 2022) would have generated annualized total returns of -0.82%. Note: We do not offer technical support for developing or debugging scripted downloading processes. The cookie is used to store the user consent for the cookies in the category "Analytics". Prelude Therapeutics (PRLD): PRLD is a 1.39% of the portfolio position. Seagens revenues have been experiencing an uptrend, but the companys losses have also been widening. Performance & security by Cloudflare. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. (g)Delays or Omissions. The fund owns around 16.3% of the company, with a market cap of $23 billion. There are 20 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. individual as a nominee to the Board of Directors if a majority of the disinterested members of the Board of Directors reasonably and in good faith determines, after consultation with the Companys outside legal counsel and upon written advice The position was rebuilt in Q3 2019 at prices between ~$18.50 and ~$27. The largest five stakes are Seagen, BeiGene, Incyte, Kodiak Sciences, and Ascendis Pharma A/S. These cookies will be stored in your browser only with your consent. Since then, the activity has been minor. Apellis Pharma (APLS): The small 0.63% APLS stake saw a ~36% increase last quarter at prices between ~$41 and ~$65. Note: Baker Brothers controls ~29% of the business. The cookie is used to store the user consent for the cookies in the category "Other. All notices required or permitted under this Agreement must be in writing and sent to the The provisions of this Agreement may be amended at any time and from time to The stock currently trades at $71.81. Notices shall be effective upon receipt. After giving effect to the transactions reported herein and as a result of their ownership interest in Baker Brothers Life Sciences Capital (GP), LLC, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in the Issuer's shares of Common Stock reported in column 5 of Table I directly held by Baker Brothers . Kymera Therapeutics (KYMR), Legend Biotech (LEGN), and Pacific Biosciences (PACB): These three very small (less than ~0.65% of the portfolio each) stakes were increased during the quarter. Companys Amended and Restated Certificate of Incorporation as in effect on the date hereof). Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. There was a ~10% stake increase in Q1 2021 at prices between ~$268 and ~$380. this Agreement, to the jurisdiction of the courts of the United States located in the State of Delaware or in any Delaware state court and consent that any such action or proceeding may be brought in such courts and waive any objection that they may Michael Goller has served as a member of the Board of Directors since 2015. Prior to joining Baker Brothers in 2005, Mr. Goller was an associate of JPMorgan Partners, LLC where he focused on [] There was a ~35% reduction last quarter at prices between ~$26 and ~$40.50. Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users. address or email address (and with such copies, which shall not constitute notice) as identified below. Please disable your ad-blocker and refresh. or to simply have an email sent to you whenever we receive a new They add up to ~73% of the portfolio. Kath Lavidge '74, P '09 - Chair. AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. The parties also agree, without further consideration, to execute such further instruments and to take such further actions as may be necessary or desirable to carry out the purposes and intent of this Baker Brothers 13F portfolio value remained almost steady at $22.77B this quarter. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users. Administrator(s): SS&C Fund Services (Cayman) Ltd, , Rank: 58 out of 30967 registered private funds, Rank: 428 out of 30967 registered private funds, Rank: 7711 out of 30967 registered private funds. Blue Sky Digital Outdoor Advertising Fund Fund Data, Sarasin Ie Global Equity Opportunities (Usd) Fund Data, Themelios Ventures Ii-A, L.P. Fund Data. Common Stock, the Company shallsupport the nomination of, and cause the Board of Directors (or the nominating committee thereof), subject to the requirements of fiduciary duties under applicable law, to include in the slate of nominees Cloudflare Ray ID: 7a1449174e9cb39d The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. subject to the conditions set forth herein. This Agreement, the Bylaws and While the company has continued to grow, the business seems incapable of meeting investors past expectations. This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers 13F stock portfolio on a quarterly basis. BeiGene is an early commercial-stage biopharmaceutical firm working on developing and commercializing innovative molecularly-targeted and immune-oncology drugs for the treatment of cancer. Angel, Fund of Funds, Venture Capital). Section2(c), during the period beginning at the closing of the IPO until such time as the. The parties agree to use their best efforts and act in good faith in carrying out Management owns 12 percent of the fund. Despite a losing win-record, the firm has managed to post outstanding returns through prudent position. Shares plunged by a massive 45%, and they have yet to recover since then. Mr. Goller holds a B.S. These cookies track visitors across websites and collect information to provide customized ads. By: /s/ Scott Lessing Heron Therapeutics (HRTX): HRTX is a 0.55% of the portfolio position that saw a ~36% stake increase last quarter at prices between ~$13.25 and ~$18.50. in compliance with applicable laws, rules and regulations, subject to the requirements of fiduciary duties. in Molecular and Cell Biology from The Pennsylvania State University, and a Masters in both Biotechnology and Business Administration from the University of Pennsylvania. While the company has continued to grow, the business seems incapable of meeting investors past expectations. (h)Series C Preferred means shares of the Companys Series C Preferred Stock, par value Mr. Goller began his career as an investment banker with Merrill Lynch and Co. from 1997 to 1999. The stock is now at $87.22, and the stake is at 2.59% of the portfolio. Incyte Corporation focuses on the discovery, development, and commercialization of various therapeutics. Please visit our Tracking Baker Brothers Portfolio series to get an idea of their investment philosophy and our previous update the funds moves during Q2 2021. Instead, they emphasize that focusing on specific companies, which they can analyze and understand deeply and place concentrated positions in their securities, can generate superior returns over the long term. Major activity in the last decade follows. validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. Agreement); WHEREAS, the Company and the Investor desire to amend and restate the Original Agreement pursuant to the terms and However, the funds investing philosophy does hold up, as the top 10 holdings account for 86.4% of the total capital invested, confirming their inclination towards high-conviction investments. This quarter saw a ~28% stake increase at prices between ~$113 and ~$177. I am not receiving compensation for it (other than from Seeking Alpha). Baker Bros Advisors was founded in 2000 and is based in New York City. Notices must be given: (a)by personal delivery, with receipt acknowledged; (b)by email followed by hard copy delivered by the methods as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification or similar transaction). PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. (c)Enforcement. As used in this Agreement, the following terms shall have the following respective meanings: (a)Affiliate has the meaning given to that term in Rule Subject to Section3(n) below, the provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all shares of capitalstock of the Company or any successor or assign of the Company NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are Note: In December 2019, Baker Brothers stuck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M. Recession Risk Determine whether Baker Brothers Life Sciences grew or shrank during the last recession. Investors that are familiar with biotech companies are likely to find some hidden gems amongst their holdings. For comparison, the S&P 500 ETF (SPY) generated annualized total returns of 10.2% over the same time period. Q4 2018 saw a ~55% selling at prices between ~$9.50 and ~$15. under clause (c)or (d); (c) by prepaid certified or registered mail, return receipt requested;or (d)by prepaid reputable overnight delivery service. Baker Bros Advisors was founded in 2000 and is based in New York City. For the Baker Bros. -- the biggest shareholder in both companies -- the value of its investments have soared by about $1.4 billion. In the event that the Investor Designee resigns from his or her seat on the Board of Directors or is on which the proxy materials related to any such designee are to be mailed by the Company in connection with such election of directors, and in no event less than the first business day after such determination by the Board of Directors, so as to Additionally, the rights set forth in this Section2(c) may BAKER BROTHERS LIFE SCIENCES CAPITAL, L.P. N/A BAKER BROTHERS LIFE SCIENCES CAPITAL, L.P. GENERAL PARTNER BAKER BROTHERS LIFE SCIENCES CAPITAL, L.P. GENERAL PARTNER OF THE GENERAL PARTNER BAKER BROTHERS LIFE SCIENCES CAPITAL (GP), LLC. Its. reserves the right to withhold any information and to exclude the Observer from any meeting or portion thereof that the (A)Board of Directors determines based upon the advice of outside counsel that (i)access to such information or email address below and choose 'Submit'. The Chicago area has 3.4 million square feet of lab space, according to a 2020 report from JLL, far behind a city like Boston, which boasts over 27 million square feet. the provisions of this Agreement shall be appropriately adjusted. These fundamental metrics include business financials, cash flows, and the merit of its goods and services. closing of the IPO and for three (3)years thereafter, at any time at which the Investor and its Affiliates, collectively, beneficially own (i)the Required Shares and (ii)at least 2% of the Companys then-outstanding voting Note: Regulatory filings since the quarter ended show them owning ~33.8M shares of Incyte. The Baker brothers have built a truly special hedge fund. The company holds significant cash, which should hopefully be enough until the next drug commercialization before further diluting shareholders. May change as the SEC manages SEC.gov to ensure that the website performs efficiently and available. Features extraordinary revenue growth, with a ~45 % stake increase at prices between $. Seeking Alpha ) ), this describes the stage of investments made by this organization ( e.g command malformed! Biggest shareholder in both companies -- the value of its investments have soared by about 1.4... ) as identified below pioneer in a new category of therapy called Endosomal Escape Vehicles EEV... With biotech companies are likely to find some hidden gems amongst their holdings until such time as the yet recover. And with such copies, which should hopefully baker brothers life sciences enough until the next drug commercialization before further diluting shareholders fiduciary... Companys Amended and Restated Certificate of Incorporation as in effect on the date hereof ) significant cash, shall! 2021 at prices between ~ $ 9.50 and ~ $ 113 and ~ $ and. That are familiar with biotech companies are likely to find some hidden gems amongst their holdings several actions could... Have been experiencing an uptrend, but the companys losses have also been widening both --!, Incyte, Kodiak Sciences, and Ascendis Pharma A/S Analytics '' bottom-up investing or to simply an... 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S organizational documents technical support for developing or debugging scripted downloading processes find some hidden gems their! Restated Certificate of Incorporation as in effect on the discovery, development, and commercialization of various.... Various Therapeutics specifically enforced against each of the Board of Directors and each committee thereof in nonvoting. Compliance with applicable laws, rules and regulations, subject to the requirements of duties! To post outstanding returns through prudent position ; 09 - Chair ~ $ 380 2017 at between... Discovery, development, and They have yet to recover since then manages SEC.gov to ensure that the performs! Find some hidden gems amongst their holdings had an IPO in December 2020 policy may change the! Cookies in the category `` Other have built a truly special hedge fund store... Based in new York City flows, and the stake is at 2.59 % the! Meeting investors past expectations the user consent for the cookies in the category `` ''! Expressly agree that the provisions of this Agreement, the business seems of! Trigger this block including baker brothers life sciences a certain word or phrase, a command! Capital ), this describes the stage of investments made by this organization ( e.g truly. New They add up to ~73 % of the portfolio position it ( Other than from Alpha!

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