EVIDENCE-BASED INVESTING IN HEALTHCARE & LIFE SCIENCES.

RA Capital Management, LLC (“RA Capital”) is a crossover fund manager dedicated to evidence-based investing in public and private healthcare and life science companies that are developing drugs, medical devices, and diagnostics.

DENALI

NATIONAL PARK & RESERVEALASKA

"THERE IS SO MUCH LEFT TO DISCOVER."

PETER KOLCHINSKY,

MANAGING DIRECTOR & PORTFOLIO MANAGER

YELLOWSTONE

NATIONAL PARKIDAHO, MONTANA, WYOMING

ABOUT US

RA Capital Management, LLC (“RA Capital”) is a crossover fund manager dedicated to evidence-based investing in public and private healthcare and life science companies that are developing drugs, medical devices, and diagnostics.

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OUR VALUES:

WE ORIGINATE CONVICTION

WE DO NOT BORROW IT FROM OTHERS

WE EXPECT AND STRIVE TO

INSPIRE THE BEST IN EVERYONE

WE DO NOT FEAR THE UNFAMILIAR

WE DO NOT LET CONVENTION
STAND IN THE WAY OF WHAT IS RIGHT

WE COMMUNICATE
WITH PASSION

WE ARE DATA-DRIVEN
AND CHALLENGE ASSUMPTIONS

WE ARE PERSISTENTLY CURIOUS

AND HUMBLED BY WHAT IS LEFT TO LEARN

WE ADMIT OUR MISTAKES
AND SHARE LESSONS LEARNED

WE ENCOURAGE BRAINSTORMING

BUT EXECUTION IS REWARDED

WE PRESERVE THE RIGHT TO CHANGE OUR MIND

WE ADDRESS THE
ELEPHANT IN THE ROOM

WE WORK WITH A
SENSE OF URGENCY

WE VALUE OUR RELATIONSHIPS

AND ARE POSITIVE, RESPECTFUL, AND OPEN-MINDED

OUR VALUES:

  • OVERVIEW
  • BEYOND CAPITAL
  • TRANSLATION & HUNTING

Tab 1

WHO WE ARE

RA Capital Management, LLC (“RA Capital”) is a crossover fund manager dedicated to evidence-based investing in public and private healthcare and life science companies that are developing drugs, medical devices, and diagnostics. The flexibility of its strategy allows RA Capital to lead private, IPO, and follow-on financings for its portfolio companies, both facilitating the crossover process and allowing management teams to drive value creation with fewer capital concerns from inception through commercialization.

At RA Capital’s core is its TechAtlas research division, a scientifically trained team that maps out competitive landscapes in a continual effort to put data into context, identify breakthroughs, and originate conviction in new ideas. TechAtlas provides RA Capital’s investment team and portfolio companies (see Beyond Capital) with strategic intelligence, market research, and other resources. The team’s understanding of industry best practices is derived from an extensive collection of case studies documenting the impact of clinical trial design, partnership structures, public market dynamics, and many other factors on valuation and business viability.

RA Capital offers an Executive-in-Residence (EIR) program for experienced professionals seeking thought partners and a platform from which to survey diverse competitive landscapes in search of worthy projects, though we also have other models for collaborating with experienced “drug hunters” (see Translation and Hunting).

Tab 2

BEYOND CAPITAL

IN ADDITION TO CAPITAL, RA CAPITAL INVESTS CONSIDERABLE TIME AND RESOURCES INTO HELPING ITS PRIVATE AND PUBLIC PORTFOLIO COMPANIES SUCCEED.

We leverage our TechAtlas platform to identify potential indications that our portfolio companies may not have considered pursuing, potential partners and acquirers (to whom we make introductions), as well as complementary drug candidates and technologies for in-licensing consideration.

Members of our Investment Team take board and/or observer seats when appropriate. We also host board meetings at our offices from time to time, providing access to maps to facilitate strategy discussions.

We help identify candidates for key executive positions at portfolio companies.

Portfolio companies are welcome to explore our maps with us; in certain cases, we may license one or more maps to them.

When appropriate, our team can create a custom map that comprehensively aggregates and organizes R&D opportunities as well as competitive and complementary technologies in those indications.

Portfolio companies have access to the TechAtlas team’s primary scientific and market research; we interview clinicians and KOLs, host Advisory Boards, and attend many academic conferences.

Our literature surveillance team flags discoveries that may be important to portfolio companies.

Our graphics design team helps portfolio companies communicate complex concepts with high quality graphics for their slides and websites, sometimes incorporating TechAtlas map elements.

Our communications team can offer assistance with grant writing and preparation of scientific publications.

Tab 3

TRANSLATION & HUNTING

WE ARE INTERESTED IN BOTH THE NOVEL AND THE RE-IMAGINED.

Discoveries and improvements in chemistry, molecular and cell biology, and material science create novel capabilities that open up new possibilities for tackling previously unsolved challenges.

The rules by which we understand biology are also constantly being defined and revised, revealing new applications for existing technologies and partially-developed drug candidates. Programs we consider worthwhile may form the basis for a new venture.

RA Capital’s TechAtlas platform is designed to systematize the translation of novel science and technology into optimal commercial applications, which both helps our portfolio companies with their pipeline prioritization as well as generates ideas for new venture formation.

In those areas that we have mapped, it typically takes us a few hours to go from a mechanism-inspired idea for treating a disease to knowing the companies that might have relevant clinical and preclinical assets to license, the companies from whom a candidate could be commissioned, trial designs and endpoints, competing and complementary agents, current and future standard of care, market size, comparable pricing, financing strategy, and potential acquirers, all meant to enable a thoughtful first-pass assessment of whether an idea could be worth a much deeper assessment.

The size and efficiency of our team allows us to parallelize the first-pass assessment of many ideas sourced from literature, technology transfer offices, pipelines of large pharma as well as small biotechnology companies, as well as discussions with academic researchers and clinicians.

We welcome experienced drug hunters searching for technologies/candidates and looking to start new companies to collaborate with our team and take advantage of the breadth and depth that the TechAtlas platform has to offer, as well as the capital we manage.

We believe that, when a business proposition is framed correctly, the capital markets have the resources and depth of understanding to fund proper experimental design and solution development, without forcing companies to cut corners, and we have collaborated extensively with other funds that share our philosophy to enable ambitious and capital intensive endeavors.

"WE OWE A DEBT TO THE PEOPLE WHO HAVE MENTORED US, AND WE IN TURN HAVE A RESPONSIBILITY TO TURN OUR HARD WON LESSONS INTO A SOLID FOUNDATION FOR OUR INDUSTRY'S EMERGING INNOVATORS AND LEADERS."

RAJEEV SHAH,

MANAGING DIRECTOR & PORTFOLIO MANAGER

SEQUOIA & KINGS CANYON

NATIONAL PARKCALIFORNIA

THE TEAM

Investment team is supported by a diverse group of scientific researchers and writers that help facilitate the firm’s technical and clinical research efforts.

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"We all start here as scientists who know the importance of asking the right questions and then learn to assimilate more knowledge than one might think possible so that we can recognize an elegant and robust investment thesis."

"SEEING OUR NEWEST TEAM MEMBERS MAKE THEIR FIRST CONFIDENT DATA-DRIVEN PREDICTION IS INCREDIBLY REWARDING."

TOMAS KISELAK,

MANAGING DIRECTOR

ARCHES

NATIONAL PARKUTAH

VENTURE

RA Capital has a particular interest in funding innovation that contributes to the following healthcare themes, which converge on a higher quality and more cost-effective delivery of significant healthcare outcomes. These investment themes may change in the future.

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CONTACT US

RA CAPITAL MANAGEMENT, LLC
20 Park Plaza, Suite 1200
Boston, MA 02116

T: 617.778.2500

www.RACAP.com

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"WE ARE PRIVILEGED TO BE TAUGHT EVERYDAY BY THE GREATEST SCIENTIFIC MINDS IN THE INDUSTRY AND ACADEMIA."

Our curiosity and work drive us to restore context to data and knowledge, from which emerge remarkable insights, each one potentially inspiring investment in outstanding people and technologies. But to have the greatest positive social impact, we must share those insights in an effort to enrich discourse and spark collaboration among all stakeholders, including patients, physicians, innovators, researchers, policy makers, and the next generation searching for inspiration.”

PETER KOLCHINSKY, MANAGING DIRECTOR & PORTFOLIO MANAGER

EVERGLADES

NATIONAL PARKFLORIDA

OUTREACH

From class rooms to board rooms, we believe in sharing what we have learned from thousands of case studies about clinical trials, product development, and business/finance strategy with our portfolio companies and, through our outreach efforts, with the broader healthcare and life science community.

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GENERAL PUBLICATIONS

The biotechnology industry is a vibrant community of researchers, business executives, and investors often charting new territory in the pursuit of innovation. After many years of investing in both public and private companies across the therapeutic, diagnostic, and device landscapes, our team has come to recognize some of the patterns of success and failure. We believe in openly contributing what we know; we have shared our perspective on valuation methods, business models, clinical trial design, and other best practices gleaned from hundreds of case studies in boardrooms, classrooms, conferences, and articles.

For example, we have helped entrepreneurs identify comparables for their businesses, guided management teams in prioritizing their development programs, helped companies gauge when they might be IPO-ready, and informed companies’ decision about how much capital to raise, when to raise it, which banks to work with, and which investors to talk to.

On occasion, we have also had the pleasure of speaking with students near and far (University of Helsinki currently holds the record/tops the charts/is the current leader for furthest distance). We typically discuss trends in innovation, how we invest, and risks in the healthcare and life science industries; we hope they remember us when they someday launch companies and are looking for capital.

We do our best to make time for outreach and welcome all queries –
contact Katie Maher at kmaher@racap.com.