There are perhaps second acts in English lives
Neil Woodford, the U.K. investor whose disastrous bets in biotech saw him driven out of his namesake funds, is reportedly mounting a comeback in China. According to Bloomberg, Woodford and his top deputy have decamped to China and are taking meetings with investors “interested in early-stage assets.”
Woodford’s gradual undoing began with collapses at public biotech companies Circassia and Prothena, got compounded by underwater and immobile stakes in privately held firms, and then concluded with the liquidation of his banner fund in October.
But over that same period, biotech has been ascendant in China. In 2019, local drug startups raised more than $5 billion from IPOs in Hong Kong and Shenzhen, and their valuations, while volatile, have been on the rise. If Chinese biotech investors believe Woodford, despite his recent past, can replicate those kind of returns, the storied fund manager may yet stage a comeback.
Woodford’s gradual undoing began with collapses at public biotech companies Circassia and Prothena, got compounded by underwater and immobile stakes in privately held firms, and then concluded with the liquidation of his banner fund in October.
But over that same period, biotech has been ascendant in China. In 2019, local drug startups raised more than $5 billion from IPOs in Hong Kong and Shenzhen, and their valuations, while volatile, have been on the rise. If Chinese biotech investors believe Woodford, despite his recent past, can replicate those kind of returns, the storied fund manager may yet stage a comeback.
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