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Symphony Capital’s Collaborations, Take Two

Symphony Capital pioneered an alternative project financing model to accelerate drug development that met with mixed success. With its 2.0 retool, Symphony hopes to transition the model to larger cap companies better able to weather down markets.

Symphony Capital’s alternative project-financing model generated much heat in the early years of the past decade among biotechs looking for ways to speed development of their pipelines. In a series of so-called Symphony Collaborations, Symphony Capital took ownership of the late-preclinical and clinical stage drugs and then funded accelerated testing. The original drug developer could choose to buy back the entire NewCo at a previously agreed-upon price. Everything seemed staged for a win-win. Then the recession threw cold water on the Symphony 1.0 model. Now with a fresh capital source and a revised 2.0 model for Symphony Collaborations, the private equity firm hopes to resurrect its unique way of driving forward pipeline development.

Looking to close Symphony’s first 2.0 deal in the coming year, Mark Kessel, co-founder and a partner of the New...

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