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SOURCE Pappas Capital
RESEARCH TRIANGLE PARK, N.C., Jan. 3, 2018 /PRNewswire/ -- Pappas Capital announced today that Kyle Rasbach, PhD, PharmD has joined the firm as a partner. Dr. Rasbach was previously a Vice President with T. Rowe Price, where he was an equity research analyst responsible for pharmaceutical, specialty pharmaceutical and biotechnology investments for funds managed by T. Rowe Price, a global asset management firm. He is expected to play a key role in the investment of Pappas Capital's most recent fund, Pappas Ventures V, which made its initial investment last May and has invested so far in Amplyx Pharmaceuticals, Kezar Life Sciences, Reneo Pharmaceuticals and OrphoMed.
"I am thrilled to become part of the Pappas Capital team, whose track record and reputation for building innovative companies I have long admired," said Dr. Rasbach. During his time at T. Rowe Price, he led the firm's IPO investment in Pappas portfolio company CoLucid Pharmaceuticals, which was sold in early 2017 to Eli Lilly for just under $1 billion.
Since 2014, three portfolio companies founded or co-founded by Pappas have been sold to large pharmaceutical companies: CoLucid; Afferent Pharmaceuticals, bought by Merck in 2016 for $500 million upfront and $750 million in milestones; and Lumena Pharmaceuticals, bought by Shire in 2014 for more than $300 million. Over the past five years a dozen Pappas portfolio companies have been acquired or have completed an initial public offering – among them, Ultragenyx Pharmaceutical (IPO), TESARO (IPO), TYRX (acquired by Medtronic), and Chimerix (IPO). Most recently, in early December portfolio company Rotation Medical was acquired by Smith & Nephew.
"Kyle's deep scientific experience will further position Pappas Capital to identify and nurture the most promising biotech companies," said Managing Partner Art Pappas. "And meanwhile, his extensive background in equity research and public market investing will add an important new dimension to our firm."
Prior to T. Rowe Price, Dr. Rasbach was a Vice President at Cowen and Company, where he covered global pharmaceutical equities. He completed his postdoctoral work in the laboratory of Bruce Spiegelman at Harvard Medical School, where he contributed to numerous high profile publications, including papers in Cell, Cell Metabolism, Nature and PNAS. Dr. Rasbach received his PhD and PharmD from the Medical University of South Carolina, and an MBA from the Citadel.
About Pappas Capital
Founded in 1994, Pappas Capital invests exclusively in the life sciences sector – biotechnology, biopharmaceuticals, drug delivery, medical devices and related ventures – across the United States and Canada. Pappas Capital has raised more than $500 million in capital and has guided the launch and/or development of more than 70 companies. For more information about Pappas Capital, please visit www.pappas-capital.com.
Ford S. Worthy
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