Population Health Investment Co., Inc.
LIQUIDATION – 11/18/22 – LINK
- Population Health Investment Co., Inc. announced that it will redeem all of its outstanding Class A ordinary shares previously issued to the public, effective as of November 30, 2022, because the Company will not consummate an initial business combination within the time period required.
- Net of taxes and dissolution expenses, the per-share redemption price for the Public Shares is expected to be approximately $10.09 (the “Redemption Amount”).
- In accordance with the terms of the related trust agreement, the Company expects to retain $100,000 of the interest and dividend income from the Trust Account to pay dissolution expenses.
- The Company anticipates that the Public Shares will cease trading as of the close of business on November 29, 2022.
- As of November 30, 2022, the Public Shares will be deemed canceled and will represent only the right to receive the Redemption Amount.
- After November 30, 2022, the Company shall cease all operations except for those required to wind up the Company’s business.
- There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
MANAGEMENT & BOARD
Executive Officers
Clive Meanwell
Co-Founder, Chief Executive Officer, Director
The Company was co-founded by its Chief Executive Officer, Dr. Clive Meanwell. Over his more than 30 years of leadership in the life sciences industry, Dr. Meanwell has built a successful track record of selecting and efficiently developing high-quality, clinical-stage, pharmaceutical assets and de-risking those assets through U.S. and E.U. regulatory approval, while creating tens of billions of dollars in shareholder value. As the founder and Chief Executive Officer of The Medicines Company, Dr. Meanwell led evaluations of multiple biopharmaceutical assets and companies, acquired, or licensed fourteen product candidates and products, including six applicable to cardiovascular medicine, three antibiotics, and five for use in surgery and perioperative care. All eight of the product candidates advanced by The Medicines Company into Phase III clinical trials were subsequently approved by the U.S. Food and Drug Administration, or FDA, representing a 100% Phase III success rate. During his leadership, The Medicines Company was ranked first among biopharmaceutical companies and in the top five among all industries in the CNBC RQ index of research and development productivity, for all years of its publication. In 2013, Dr. Meanwell led the acquisition of inclisiran, a first-in-class, potential cholesterol-lowering therapy in the small-interfering RNA class, from Alnylam Pharmaceuticals, Inc., before inclisiran entered Phase I clinical testing. The acquisition was completed for an upfront cash payment of $25 million and scaled double-digit royalties. Over the following six years, Dr. Meanwell restructured The Medicines Company to focus on the development of inclisiran into an NDA-ready asset with worldwide revenue projections in excess of $5 billion for a total capital outlay 50-70% below industry benchmarks for similar programs. Inclisiran was the single value driver behind Novartis AG’s acquisition of The Medicines Company for approximately $9.7 billion in January 2020—the third largest single-product, development-stage acquisition in the history of the global pharmaceuticals industry. In parallel to his leadership of The Medicines Company, Dr. Meanwell has served as a member of the Board of Directors of BB Biotech since 2003. He is currently Vice Chairman of BB Biotech and Chairman of its four offshore operating subsidiaries. Through these entities, BB Biotech invests in fast-growing biotechnology companies that are developing and marketing innovative drugs that address areas of significant unmet medical needs and have above-average sales and profit-growth potential. Further, BB Biotech is one of the world’s largest investors in this sector with a market capitalization of 3.8 billion Swiss Francs (approximately $4.0 billion) and a net asset value of 3.6 billion Swiss Francs (approximately $3.8 billion), as of June 30, 2020. Dr. Meanwell has played an instrumental role in BB Biotech’s governance, strategy, development and growth, as well as reporting of its performance. He has been one of three investment decision-makers at the firm for 17 years and, with its Chief Executive Officer, has co-authored its quarterly reports to shareholders for the last six years. BB Biotech’s investment portfolio typically consists of between 20 to 35 biotechnology companies spanning the spectrum from small-cap to established large-caps. Most of BB Biotech’s investments are in U.S. companies. Therapeutic areas of investments include oncology, orphan diseases, neurological diseases, cardiometabolic diseases, and infectious diseases, including diagnostics, therapeutics and vaccines and contemporary technologies such as RNA platforms and cell and gene therapies. BB Biotech makes public and private equity, debt, and option investments. Dr. Meanwell has participated in multi-stage due diligence processes, working with the analysis team to review a target investment company’s financial statements in detail, and assess its competitive environment, research and development pipeline, and patent portfolio, as well as its customers’ perceptions of its products and services. Close contact with executives of companies that BB Biotech invests in is of high importance in the due diligence process, and during the securities holding period, and Dr. Meanwell has cultivated widespread and productive relationships with biotech company leaders, past and present, worldwide. Prior to founding The Medicines Company, Dr. Meanwell held executive positions of increasing responsibility at Roche Holding AG, the Swiss-headquartered global pharmaceutical company, ultimately rising to Director and Senior Vice President. At Roche, Dr. Meanwell led the clinical development of Neupogen® in a partnership with Amgen Inc., including authoring clinical sections of the FDA biologics license application and a European marketing authorization for the product, and leading the medical marketing of Neupogen in Roche territories. Neupogen and its long-acting analogue, Neulasta®, became standard treatments in a range of oncology patients and have achieved aggregate global sales of more than $110 billion—among the largest in the history of the industry. In 1990, Roche acquired a majority stake in Genentech Inc. and subsequently, Dr. Meanwell was appointed as one of two Roche executives to coordinate with Genentech leaders the joint management of the portfolio of products discovered and developed by Genentech, including Roche’s election to commercialize them. Also at Roche, Dr. Meanwell led a multi-year initiative to re-engineer global product development, devising ways of working for multidisciplinary global project teams, and a range of systems and tools to enable drug development efficiency, quality and commercial relevance. When Roche acquired Syntex Corporation in 1994, Dr. Meanwell was appointed Senior Vice President of Roche Biosciences in Palo Alto, California and made responsible for the worldwide restructuring and integration of the two companies’ research and development organizations. During that time, he also oversaw the development of drugs which were discovered at Syntex and then became central to Roche’s global portfolio. Dr. Meanwell co-founded Population Health Partners (“PHP”) in May 2020 as an investment company supported by proprietary drug development and payer engagement platforms, with a goal of harnessing his decades of drug development experience into an entity with the breadth and flexibility to contribute to scientific, regulatory and commercial de-risking for a wide range of innovative medical therapeutics. Through these roles, over the span of more than three decades, Dr. Meanwell has built a substantial, proprietary network across public- and private-equity backed companies, the investment community, universities, policymakers, and regulators. During that time, Dr. Meanwell has been a member of a variety of industry boards, including the Pharmaceutical Research Manufacturers of America (PhRMA) and Biotechnology Innovation Organization (BIO). Dr. Meanwell was an ad hoc advisor to President Obama’s Council of Advisors on Science and Technology. Dr. Meanwell is a recipient of the Dr. Sol J. Barer Award for Vision, Innovation and Leadership and of an Ernst and Young award for entrepreneurship.
Chris Visioli
Chief Financial Officer
Until May 2020, Mr. Visioli served as Chief Financial Officer at The Medicines Company, where he was responsible for leading financial strategy, information technology, and served on the executive leadership team. During his tenure as Chief Financial Officer, Mr. Visioli raised over $300 million in outside capital and co-managed the global business development process which resulted in the sale of the company to Novartis AG for $9.7 billion in January of 2020. Prior to becoming Chief Financial Officer, Mr. Visioli led business development for the company, overseeing the acquisition of eight product candidates in cardiovascular medicine, infectious disease, and surgery and perioperative care, as well as the divestiture of seven marketed assets to fund the development of inclisiran. Prior to his time at The Medicines Company, Mr. Visioli was a Management Consultant at Ernst & Young and Cap Gemini Ernst & Young, focused on assisting start up technology businesses to design, develop and scale back office and technology capabilities, in addition to customized system development work for large financial service and communication institutions. Mr. Visioli has an M.B.A. with Honors, from Columbia Business School and a B.S. in electrical engineering, cum laude, from Cornell University.
Chris Cox
Senior Vice President
Chris Cox is a co-founder and Managing Partner of Population Health Partners. Mr. Cox has been a corporate attorney for over 25 years, most recently at Cadwalader, Wickersham & Taft LLP, which he joined as a partner in January 2012 and where he served as co-chair of the global corporate group and a member of the firm’s management committee until February 2016. Mr. Cox specializes in structuring, negotiating and executing complex M&A transactions, joint ventures, restructurings, spinoffs, and debt and equity financings across a broad range of industries. He has been recognized as one of the leading M&A attorneys in the United States, having represented clients in over $200 billion of M&A transactions and related financings over the course of his career. From February 2016 to March 2019, Mr. Cox was Executive Vice President and Chief Corporate Development Officer of The Medicines Company.
Whit Bernard
Senior Vice President
Whit Bernard is a co-founder and Managing Partner of Population Health Partners. Prior to that, Mr. Bernard served as Senior Vice President of Commercial Strategy and Business Development at The Medicines Company, where he had responsibility for corporate strategy and go-to-market planning, and co-managed a global business development process which resulted in the sale of the company to Novartis AG for $9.7 billion in January 2020. Subsequent to the closing of that transaction, Mr. Bernard co-led the integration of The Medicines Company into Novartis. Prior to his role at The Medicines Company, Mr. Bernard was an Associate Partner in the Life Sciences Practice at McKinsey and Company, where he advised large pharmaceutical firms and clinical-stage biotechnology companies on growth strategy, go-to-market strategy, transactions, and operations. Mr. Bernard was also active in the firm’s private equity practice, advising and leading diligence efforts on a range of over $1 billion pharmaceutical and healthcare services deals. Mr. Bernard co-founded a service line within McKinsey focused on emerging biotechnology firms, and gained experience advising a range of pre- and post-IPO life sciences companies at critical stages of their maturation. Mr. Bernard has an M.B.A., with Honors, from the Kellogg School of Management and a B.A., Phi Beta Kappa, from Brown University.
Board of Directors
Ian Read
Co-Founder, Executive Chairman, Director
The Company was co-founded by its Executive Chairman, Ian Read. Mr. Read brings a distinguished 42-year track record as one of the foremost leaders, dealmakers, and shareholder value creators in the global biopharmaceutical industry. Mr. Read was Chairman and Chief Executive Officer of Pfizer from December 2010 until January 2019, and Executive Chairman until December 2019. During that tenure, he oversaw over 30 new drug approvals, $88 billion in acquisition and divestiture deals, and a total shareholder return of 250%—representing over $242 billion in value creation—in the wake of the 2011 patent expiry of Lipitor, then the largest single product in the history of the industry. Upon his retirement, the company possessed one of the strongest pipelines in the industry, with over 15 potential pharmaceutical blockbusters in mid-to-late stage development. Mr. Read oversaw a period of industry-shaping innovation regarding the structure of Pfizer and its portfolio. He executed a novel spin-out of the company’s animal health business into what became Zoetis in 2013—widely regarded as one of the most successful pharmaceutical spin-outs in recent history. Zoetis’ market value has increased six-fold since its launch, creating precedent for similar spinouts by Eli Lilly and Merck. Mr. Read also oversaw a re-organization of Pfizer into three groups with three fundamentally different risk-return profiles—one focused on innovative pharmaceuticals, another focused on established, post-loss of exclusivity pharmaceuticals, and a third focused on consumer health. This presaged two major deals in 2019 that transformed the company: The spin-merger of the established products business into Mylan Pharmaceuticals, creating a new $20 billion entity by 2020 estimated pro forma revenues (Viatris); and the creation of a consumer healthcare joint venture with GlaxoSmithKline. Within the innovative portfolio, Mr. Read oversaw the creation of dedicated entities to develop the company’s CAR-T portfolio (Allogene) and its Neuroscience portfolio (Cerevel). The go-forward Pfizer is exclusively focused on innovative therapeutics in oncology, rare disease, internal medicine, immunology, and vaccines, and remains one of the top five pharmaceutical companies by revenue globally. Mr. Read also oversaw the acquisition of 22 pharmaceutical and biotechnology companies for a total of $54 billion during his tenure, alongside dozens of major licensing agreements. Notable deals included Hospira ($17.1 billion) Anacor ($4.8 billion), Medivation ($14.0 billion), and the acquisition of AstraZeneca’s small molecule antibiotics business ($1.6 billion). Mr. Read also conceived and initiated potentially transformative acquisitions of AstraZeneca ($100 billion) and Allergan ($160 billion), which were highly influential in shaping the strategic directions of both of those companies going forward. Finally, Mr. Read oversaw notable transformations in the culture and performance of Pfizer. His efforts to create an “ownership culture” at the company laid the pathway for substantial improvements in productivity and employee retention and satisfaction, returning the organization to operational growth and earning an industry-leading 85% colleague engagement score. Through culture-related initiatives and broader strategic initiatives, Mr. Read also led a transformation of the organization’s R&D group from one of the least productive in the industry to a top-tier capability, setting the stage for over 30 approvals and over 15 organically-developed potential blockbuster assets in mid-to-late stage development by the end of his tenure. Mr. Read joined Pfizer as an operational auditor in 1978 and proceeded into roles of increasing responsibility. As CEO of Brazil from 1992 through 1995, he oversaw a fully integrated business including a complex manufacturing organization, successfully launched four products, and grew sales from $100 million to $330 million. Subsequently as President of Pharmaceuticals for Latin America and Canada from 1996 through 2001, he oversaw local development of Lipitor and Zithromax, and achieved 20% topline and 10% bottom-line growth, exceeding $1 billion in sales. From 2002 to 2005 he was President of Pharmaceuticals for Europe and Canada, delivering high-single-digit revenue and profitability growth with revenue responsibility of more than $7 billion, while overseeing the European integration of Farmacia. He also led a significant reorganization of the company’s European operations, integrating operations at a regional level and simplifying in-country operations. From 2005 until his appointment as Chairman and CEO in 2010, Mr. Read took global responsibility for the company’s $29 billion pharmaceuticals business and became part of the global leadership team. He played a key role in the $68 billion acquisition of Wyeth and its integration into Pfizer, and architected a restructuring of the pharmaceuticals business into independent, therapeutic area-aligned business units, integrating product development into each global business to ensure continuity of strategy and resource allocation through the innovation cycle. Mr. Read is lead independent director at Kimberly Clark, having joined that company’s Board of Directors in 2007. He also serves as Chairman of DXC Technology and will become a founding member of the Board of Directors of Viatris upon the completion of that company’s formation. He is also an Operating Executive at the Carlyle Group.
Farah Champsi
Independent Director
Farah Champsi has spent over 30 years evaluating, advising and building companies in the life sciences industry as a Managing Director and General Partner at Alta Partners, a leading venture capital firm and as a senior banker at Robertson Stephens, a preeminent emerging growth investment bank. From 1987 to 1999, Ms. Champsi was the lead banker for numerous successful initial public offerings, mergers and acquisitions and financings in the biotech industry. In her subsequent role at Alta Partners (2000-present), Ms. Champsi raised over $1 billion in venture funds, served as a board member of 14 public and private companies, and led investments in many companies, including Kite Pharma (acquired by Gilead for $11.9 billion in 2017), Portola Pharmaceuticals (acquired by Alexion Pharmaceuticals for $1.4 billion in 2020), Excaliard Pharmaceuticals (acquired by Pfizer in 2011) and Agensys (acquired by Astellas in 2007). Ms. Champsi has a B.A. from Smith College and an M.B.A. from Stanford University. She currently serves on the board of UCSF Benioff Children’s Hospitals and as a trustee of Smith College.
Clarke Futch
Independent Director
Clarke Futch brings over 30 years of experience in biopharmaceutical/healthcare investing and financing, having raised over $5 billion across eight investment vehicles, and executed more than 100 transactions, including royalty, equity, debt and M&A deals. Since 2001, as co-founder, Managing Partner, and Chairman of the Investment Committee at Healthcare Royalty Partners, he has led or co-led more than 50 royalty and related debt financings representing more than $3 billion of invested capital, involving companies ranging from emerging biopharma to some of the largest global pharmaceutical companies. Before co-founding Healthcare Royalty Partners, Mr. Futch served as a partner at Paul Capital Partners where he co-managed the firm’s royalty investments as a member of the royalty management committee. Mr. Futch previously served as a founding member of the healthcare group at Thomas Weisel Partners (now Stifel), and as a vice president at Raymond James. He holds a B.A., magna cum laude, from Vanderbilt University and a J.D. from the University of Virginia School of Law.
Charles Homcy
Independent Director
Charles Homcy, M.D. brings over 30 years of experience as a physician, entrepreneur, biotech executive, and investor. Dr. Homcy co-founded Portola Pharmaceuticals in 2003, and served as its President and Chief Executive Officer until 2010. Prior to that, Dr. Homcy served as the president of research and development at Millennium Pharmaceuticals and COR Therapeutics (acquired by Millennium in 2002). He was a clinical professor of medicine at the University of California, San Francisco Medical School, and an attending physician at the San Francisco Veterans Affairs Hospital from 1997 to 2011. Dr. Homcy currently serves on the board of directors of BridgeBio, and as Chairman of Pharmaceuticals. He was previously a partner at Third Rock Ventures, where he launched and built several major, publicly traded biopharmaceutical companies including MyoKardia and Global Blood Therapeutics. He has a B.A. and M.D. from Johns Hopkins University and currently serves on its board of trustees.