BioPharma Value Chain

This portfolio intends to tap into the growth dynamic of the Biopharma industry, primarily through selected investments into the industry's supplier base that offers products, services and technologies along the Biopharma Value Chain, from drug discovery to market approval. Why invest in the Biopharma industry? - This industry is by its nature very stable and offers attractive growth due to the global trend of ageing populations and related healthcare needs. - Highly innovative sector entering a new growth cycle with novel Biologic modalities such as Cell and Gene therapies, Gene editing, mRNA platforms, Viral Vectors, CAR-T therapies and Antibody Drug Conjugates to name a few. Why invest in the Biopharma Value Chain? Investments in the supplier base are inherently more diversified and hence less risky compared to the direct investment in the Biopharma end markets that depend on the success of individual drug candidates/drug pipelines, constantly under pressure to replace their blockbusters that lose IP protection. Further attributes adding to the attractiveness of this sector: 1) Highly regulated environment (cGMP) - high barriers to entry. 2) Concentrated and innovative sector - strong pricing power and high margins. 3) Recurring revenues due to large share of consumables. 4) Strong outsourcing trend - benefitting specialized CDMOs and CROs. 5) Trend towards integrated end-to-end solutions - favouring large and established players.. Companies will be analyzed through publicly available information (websites, quarterly and annual reports, investor and tech conferences) and investment decisions made based on technology, strategy, management team and past and expected growth patterns etc.. The value based investment horizon is at least 5 years with selective changes within the portfolio.