What we look for
IGC’s Healthcare Team invests in private and public companies tha have a core management team with the skills, experience, vision and drive appropriate to the company’s stage and business plan. Our investment should support the company to an inflection point in value creation.
Sector focus
Our industry sector focus is medical devices and pharmaceuticals. We also consider diagnostic products, healthcare services and life science technology businesses.
Investment size
We target investing USD 10-20 million in a company over the life of our investment, but our investments have ranged from $5 million to $50 million.
Stage of development
Clinically, while we prefer some human data in medical devices or pharmaceuticals, we will invest earlier where there is other evidence (similar products, animal models and validated targets and mechanisms) of efficacy. In both pharmaceuticals and medical devices we will invest in companies that have approved or marketed products.
Medical Devices
Implantable devices
High clinical value, therapeutic devices with potential for premium priced products with high gross margins. Proof of concept in animal or acute human studies sufficient if established therapeutic modality. PMA or 510(k) pathway. Approved and marketed products also.
Surgical tools/medical equipment
Novel technologies that enable new or differentiated procedures/approaches that have potential for price premium and recurring revenues. 510(k) preferred.
Pharmaceuticals
Small molecule and biologic drugs
If development stage, large product markets with undermet clinical need and early evidence of clinical efficacy, with human data preferred. Depending on therapeutic area, animal proof of concept data may be sufficient if target or mechanism is validated. NDA, BLA and 505(b)2 pathways. Approved and marketed products also.
Specialty pharmaceuticals
Differentiated or differentiable marketed or late clinical stage products and companies with potential to grow revenues and expand margins organically and/or through acquisition or licensing. 505(b)(2), NDA, approved and marketed products.
Diagnostics
Differentiated products with validated or demonstrated clinical utility and visibility on reimbursement and distribution.
Healthcare Services and Life Science Tools
Validated business model, fully developed product(s) or service(s), sustainable marketplace demand, revenues and visibility on cash flow breakeven.