Representative Investments

Role: Co-Founder

Genmab A/S, a biotechnology company, develops antibody therapeutics for the treatment of cancer and autoimmune diseases, based on proprietary next generation antibody technologies.

Ticker: GEN.CO – Market cap: 127.9 bln. DKK

Role: Seed investor

BioMarin Pharmaceutical Inc. develops and commercializes innovative biopharmaceuticals for rare diseases driven by genetic causes. BioMarin’s core business is in enzyme replacement therapies.

Ticker: BMRN – Market cap: 15 bln. USD

Role: Pro-management activist public investor

Facet Biotech Corporation was a biotechnology company engaged in the identification and development of oncology drugs. Facet was formed as a spin-off of the biotechnology segment of PDL BioPharma, Inc.

Acquired by Abbott Laboratories Inc. for 450 mil. USD

Role: Founder

Forward Pharma A/S is a NASDAQ traded biotechnology company, founded in 2005 in Copenhagen, Denmark. The company is focused on the immunomodulatory compound dimethyl fumarate for the treatment of immune diseases.

Ticker: FWP – Market cap: 1.3 bln. USD

Role: Co-founder

ACADIA Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of small molecule drugs that address unmet medical needs in central nervous system disorders.

Ticker: ACAD – Market cap: 3.9 bln. USD

Role: Pro-management activist public investor

Élan Corporation PLC was a major drug firm, with a focus in neurology and autoimmune diseases such as rheumatid arthritis, multiple sclerosis and inflammatory bowel disease. In February 2013 Élan sold the rights to their drug Tysabri to Biogen Idec for 3.25 bln. USD.

Acquired by Perrigo for 8.6 bln. USD

The above stated investments were made by CEO Florian Schönharting at NB Capital in investment funds advised by NB Capital/Florian Schönharting or in his prior tenure at an asset management company. Note that some of them may have changed names since the point of investment. In this case the new name is listed.

nb capital

About Us

NB Capital was seeded in 2001 by a small group of highly experienced biotech investors and a pharmaceutical company. Since the beginning we have been focused on investing capital in public and private equity markets using principles of risk aversion and innovation.

Our current investor base is globally spread institutional, SWFs and family offices. Discretionary capital approximates 1 billion USD. Focus has been on all phases of pharmaceutical drug development and commercial enterprise, a sector with an annual revenue of more than one trillion USD globally. Almost every institutional investor is exposed to this sector, yet it remains one of the most complex, treacherous and yet rewarding sectors of them all. With more than 25 years of investment experience, our Chief Executive Officer and a multifaceted expert team aim at finding the rare opportunities that add value to even the largest and most specialized investors.

NB Capital is focused on providing value add investments to even the largest institutional investor with internal healthcare capabilities. Much asset management today is disguised and leveraged high-cost beta. We are committed to providing clear-cut documented value add and nothing else. We have developed a methodology to systematically capitalize the global information and data overload, biased incentives and irrationalities in the complex biopharma area. The methodology has been refined over 25 years in the biopharmaceutical area, from seed to 150 bln. USD market cap companies in this huge market cap sector.

The aim is to find truly low risk investments (defined as low risk of losing capital) with a potential upside to be captured over a 2-3 year time frame, all tailored to the investors risk-tolerance. This approach has been validated with multi-year performance in the context of very large investors with existing beta-exposure in global equities.

nb capital

Past Investments

Investment type:
Public Equity

Ticker: ATLN – Market cap: 21.8 bln. CHF

Investment type:
Public Equity

Acquired by AbbVie Inc. for 21 bln. USD

Investment type:
Founder

Ticker: FWP – Market cap: 1.3 bln. USD

Investment type:
Founder, spin-out

Squeeze-out on Jan 29th 2020 at market cap 11.0 bln. DKK

Investment type:
Pro-management Activist Public Investment

Acquired by Perrigo for 8.6 bln. USD

Investment type:
Public

Ticker: PDLI – Market cap: 389.0 mil. USD

Investment type:
Seed Investment (lead-investor)

Acquired by Chiesi Group for an undisclosed amount

Investment type:
Public

Ticker: FGEN – Market cap: 1.6 bln. USD

Investment type:
Early Public

Ticker: BIIB – Market cap: 61.7 bln. USD

Investment type:
Early Public

Merged with Johnson & Johnson, now a subsidiary.

Investment type:
Early Public

Acquired by Novartis for 5.4 bln. USD (Novartis already owned ~50%)

Investment type:
Early Public

Ticker: IMGN – Market cap: 214.8 mil. USD

Investment type:
Early Public

Ticker: REGN – Market cap: 39.0 bln. USD

Investment type:
Early Public

Acquired by Bristol-Myers Squibb for 5.3 bln. USD

Investment type:
Public

Acquired by Teva for 6.8 bln. USD

Investment type:
Early Public

Ticker: GILD – Market cap: 95.0 bln. USD

Investment type:
Public

Acquired by AstraZeneca for 15.2 bln. USD

Investment type:
Early Public

Acquired by Endo for 370 mil. USD

Investment type:
Early Public

Acquired by Johnson & Johnson for 2.4 bln. USD

Investment type:
Early Public

Acquired by Sanofi for 20.1 bln. USD

Investment type:
Early Public

Acquired by Shire Plc for 4.5 bln. EUR

Investment type:
Early Public

Ticker: VRTX – Market cap: 20.5 bln. USD

Investment type:
Early Public

Acquired by F-Hoffmann-La Roche AG for 46.8 bln. USD

Investment type:
Founder

Ticker: GEN.CO – Market cap: 76.5 bln. DKK

Investment type:
Seed investment

Ticker: BMRN – Market cap: 15.0 bln. USD

Investment type:
Pre-IPO

Ticker: KARO – Market cap: 1.9 bln. SEK

Investment type:
Public

Ticker: QLTI – Market cap: 106.1 mil. USD (merged with Novelion)

Investment type:
Spin-Out (Co-lead investor)

Private

Investment type:
Co-Founder

Ticker: ACAD – Market cap: 3.9 bln. USD

Investment type:
Private

Ticker: NEUR – Market cap: 79.7mil. DKK

Investment type:
Spin-Out Stage

Private

Investment type:
Seed-Investment

Ticker: ZEAL – Market cap: 3.1 bln. DKK

Investment type:
Private

Ticker: BAVA – Market cap: 8.7 bln. DKK

Investment type:
Public

Acquired by GSK for 533 mil. USD

Investment type:
Public

Merged with Biogen: BIIB – Market cap: 61.7 bln. USD

Investment type:
Pro-management Activist Public Investment

Acquired by Abbott Laboratories Inc. for 450 mil. USD

Investment type:
Private

Now Biotage: BIOT – Market cap: 2.9 bln. SEK

Investment type:
Private

Merged with Affitech

Investment type:
Public

Acquired by Astellas Pharma for 4.0 bln. USD

The above stated investments were made by CEO Florian Schönharting at NB Capital in investment funds advised by NB Capital/Florian Schönharting or in his prior tenure at an asset management company. Note that some of them may have changed names since the point of investment. In this case the new name is listed.

Representative Investments

nb capital

About Us

NB Capital was seeded in 2001 by a small group of highly experienced biotech investors and a pharmaceutical company. Since the beginning we have been focused on investing capital in public and private equity markets using principles of risk aversion and innovation.

nb capital

Past Investments

Awards

Careers

Contact

NB Capital ApS