Blue Owl Capital recently announced an agreement to acquire funds managed by Cowen Healthcare Investments (CHI), a life sciences investment manager, from CIM. The deal is subject to customary closing conditions and is expected to close in the fourth quarter of 2023.
This acquisition will add about $1 billion in assets across several funds and further strengthen Blue Owl’s market presence in the life sciences sector with an emphasis on mid-to-late-stage equity investments into biopharmaceutical and healthcare companies. As part of the deal, the CHI team will become full-time Blue Owl employees, including senior leaders Kevin Raidy, Tim Anderson, and Rob Sine. Upon the deal’s completion, CHI’s funds will be rebranded to Blue Owl Healthcare Opportunities.
Blue Owl’s Life Science efforts are focused on credit, royalty, and growth equity investments in innovative biopharmaceutical, medical technology, and healthcare companies and products. And the recent transactions include the acquisition of a royalty interest in Novartis’ PLUVICTO (Lutetium 177Lu vipivotide tetraxetan) for the treatment of metastatic castration-resistant prostate cancer and an economic interest in Horizon Therapeutics’ TEPEZZA (teprotumumab-trbw) for the treatment of Thyroid Eye Disease.
As part of Blue Owl, CHI will continue to invest primarily in mid-development stage biotherapeutics. And adding CHI’s team and capabilities enables Blue Owl to develop a multi-strategy life sciences offering further, supporting across growth stages and capital structure with shared resources and relationships.
Blue Owl is a leading asset manager that is redefining alternatives. And with $150 billion in assets under management as of June 30, 2023, Blue Owl invests across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Estate. Anchored by a strong permanent capital base, Blue Owl provides businesses with private capital solutions to drive long-term growth and offer institutional and individual investors differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.
KEY QUOTES:
“The rapid level of innovation within science and technology is driving a deep need for private capital solutions to support the life sciences sector’s exponential growth. Adding CHI to Blue Owl expands our ability to better meet the needs of our investors and users of our capital who are focused on the life sciences sector.”
— Marc Lipschultz, Co-CEO of Blue Owl Capital
“CHI is a well-respected team within Life Sciences whom I’ve had the privilege of getting to know over the years. We believe the addition of this team to our platform is highly complementary to our current investment strategy in terms of domain expertise, network, and breadth of life science capabilities.”
— Sandip Agarwala, Managing Director at Blue Owl Capital
