Aescap 2.0 invests in high-growth public companies that develop and market highly innovative medicines.
Our net performance, since inception on March 28th 2016, is +108,4%, which is 1,8x that of the Nasdaq Biotech Index.
Our monthly presentation for interested investors currently is replaced by a webcast. The next webcast will be held on June 11th at 15.00. During the webcast our investment philosophy as well as methodology are discussed by the portfolio manager.
Aescap 2.0 has a focused portfolio, investing in around 18 public biotech / life science companies. Most of the companies in our portfolio are based in Europe and the US. Our investment decisions are based on ‘high conviction’, fueled by thorough research and fundamental analyses. In the biotech sector such an analysis especially encompasses product portfolio patent protection, product development risks, market entry barriers, competition and the expected market development.
But equally important are the serious efforts we undertake to understand the strengths and weakness of a company’s management, team dynamics, and their view on the future of the company and the markets they serve.
Patrick joined Aescap at its start in 2005 when it was active as a biotech venture capital fund. Patrick has been a private investor in public equity for over 30 years. Building on his track record as a private investor in public biotech companies , outperforming the Nasdaq Biotech Index over 2,5x, he founded Aescap 2.0 early 2016. Patrick has been a board director with 10 biotech companies and was the managing director of Firm United Healthcare B.V from 1995-2004., a company that provided market research, strategy and marketing consultancy services. As a co-founder of Firm United Healthcare Patrick was responsible for growing the company into a market leader on the European continent and guided over 35 listed pharma and biotech companies to successfully introduce or grow their products.
Maurits Brandt holds a Master’s in Life Science and Business Development from Leiden University and a Bachelor’s in Biochemistry from Leiden University and TU Delft. During his master he specialized in the field of medical oncology and focused on the business aspects of exploiting emerging technologies. He performed his research on the Technische Universität Berlin. During this time, he started to learn about the aspects of long term investing in life sciences companies. Maurits joined Aescap 2.0 as an analyst in 2016.
Paolo Del Bufalo obtained a Bachelor’s degree in Chemistry at La Sapienza University of Rome after which he completed two Master tracks at Leiden University, one in Chemical Biology Research and one in Science Based Business. Throughout his academic research career he focused on supramolecular chemistry and photochemistry for applications in medicinal chemistry. During his business studies, he acquired knowledge to combine his scientific background with the business environment, particularly with value investing. Paolo joined Aescap 2.0 as an analyst in 2018.
Tristan Maguet holds a Pharm.D from the University of Grenoble Alpes and a MSc in Management from ESSEC Business School in Paris. During his pharmaceutical studies, Tristan specialized in the biotechnology industry and led a project where he went through all stages of development and registration for human growth hormone. Tristan developed his knowledge in the healthcare industry during his internships at Aescap 2.0 as an analyst and at venture capital fund Andera Partners in their BioDiscovery franchise as a biotech and medtech analyst. Tristan joined Aescap 2.0 as an analyst in 2019.
Claudine (Clo) Calame joined Aescap in 2019 to take care of investor relations. Clo started her career at KBC Bank before she moved to the pharmaceutical industry in 2000. Clo worked respectively for Merck, Pfizer, Roche and Sanofi Genzyme in various commercial positions, including market introduction whilst registration was still pending. Her field of expertise is immunology, especially Rheumatoid Arthritis and Multiple Sclerosis. Clo holds a Bachelor’s in Commercial Economics from the HES in Rotterdam.
Michiel de Haan has been active in life sciences since 1987 when he spun-out Atlas Venture from the ING bank. Under his leadership Atlas developed into a European-American venture capital firm with offices in Amsterdam, Munich, Boston and London and invested in over 300 venture backed companies in Information Technology and Life Sciences. Michiel has been active on numerous boards of Life Science companies such as Crucell and Morphosys.
Bo Jesper Hansen, M.D., Ph.D. resigned as the Executive Chairman of the Board of SOBI AB (Swedish Orphan Biovitrum AB) in 2016. SOBI is a biotech company listed on the Swedish stock exchange and at the time had a market capitalization of around 3,5 billion euros. He is Chairman of Karolinska Development AB and is also non-executive Director of the biotech / pharma companies Ablynx NV, Orphazyme ApS, Newron Pharmaceuticals SpA, CMC AB and Genspera Inc. Dr Hansen served as CEO and President to the Board of Swedish Orphan International (1998-2010) until the merger with Biovitrum, forming Swedish Orphan Biovitrum. He then became the company’s executive chairman. He also was non-executive Director of Gambro until its acquisition by Baxter, as well as of Zymenex, until its acquisition by Chiesi.
Fred Oudshoorn is the founder and managing director of Jonghoud BV, an investment firm in amongst others, equity of private and listed healthcare companies. As a pharmacist he built a chain of 40 pharmacies “De Vier Vijzels” which was later acquired by Alliance Unichem. He is also a founder of MediZorg, the former chairman of Sinensis Laboratoria and supervisory board member of Kadans and Kadans Science Partners. Mr Krol and Mr Oudshoorn first met in their function as supervisory board members back in 2012 and soon discovered their mutual activities in investing in public innovative medical companies.
Gert Hoogland, M.D., MBA (INSEAD) is a pharmaceutical executive with deep operational experience. He began his career in 1982 as Medical Advisor to Organon NV in Oss, The Netherlands, followed by CEO positions for Schering AG in New Zealand and South Africa. He then founded Pharmaplan Pty Ltd in Johannesburg, which became the leading specialty pharma distributor in Africa representing biotech companies like Biogen, Bracco, Recordati, Ipsen, Genzyme and Shire. After the sale of this company to the Canadian Specialty Pharma company Paladin Inc., he relocated to Zurich to start HealthCrest AG, a healthcare investment and consulting company.
Morningstar has rated Aescap 2.0 as a 5-star investment fund, the highest possible rating given. Morningstar’s rating has become the industry’s leading standard for determining a fund’s performance (risk/reward) relative to other funds. To rate a fund, Morningstar takes into account the long-term performance (3+ years) and only the top 10% best performing funds will receive a 5-star rating.
Aescap 2.0's net performance over April was +13,6% versus a performance of +15,2% for the NBI. The recovery of share prices in our portfolio was mainly seen amongst the larger companies, the smaller ones often need to announce positive news such as clinical trial results, a product approval or licensing agreement to drive the share price up again. We are in constant dialogue with the management of our portfolio companies and can inform you that, taking the Covid-19 pandemic situation into account, more than 20 value inflection events are scheduled across our portfolio for the remainder of 2020.Read more
Founded in 1989 in Carlsbad, California, Ionis Pharmaceuticals is a leading biotech company specialized in the development of RNA-based medicines. The company employs over 800 people and its proprietary technology exploits the so called “antisense oligonucleotide” therapeutic approach. Since inception, the company has heavily invested in R&D to become the leader in RNA therapeutics. Ionis achieved this by constantly challenging itself to allow its technology to reach the full potential it holds. By today, that technology delivered a blockbuster medicine to treat a neuromuscular disease, called SMA (Spinal Muscular Atrophy), that significantly changed the life of those patients. The product is marketed a top-5 biotech company, called Biogen. The company also brought two other products on the market via a company, called Akcea, of which Ionis owns 75% of shares. Ionis has the broadest and most mature pipeline of RNA medicines, investigating new treatments for many different severe diseases.
The first quarter has been a turbulent one, with the coronavirus outbreak impacting global economies. Like the general market, the biotech market together with Aescap 2.0 portfolio, has been going down significantly. Despite all this and especially now, the biotech industry remains a very attractive industry because of its non-cyclical character. In times like these, the same amount of medicines are used as before, if not more, and health insurers continue to reimburse them.Read more