Jim has been a lead financier and thought partner for some of the most impactful and fastest growth companies of their generation including: 10x Genomics, Amerigroup (NASDAQ: ANTM), and Jazz Pharmaceuticals (NASDAQ: JAZZ). In 2000, I had the concept that a large dedicated healthcare fund would have competitive advantages across asset classes (private and public). In 2009, I had multiple opportunities to invest in companies that I knew well and that I knew needed capital. . Additionally, Jim Tananbaum has had 1 past job as the Management Positions at GelTex Pharmaceuticals. Prior to founding Foresite Capital, Jim co-founded two leading biopharmaceutical companies and two healthcare investment practices. The new company, FS Development II, announced this week it raised $175 million in an upsized offering at $10 per share. Whether they will fill these seats in the near future remains in question as well. A board member of the non-profit organization that runs Burning Man resigned Thursday, two months after he was the subject of a critical article in Bloomberg about the growing influence of extreme wealth at the annual event in the Black Rock Desert. SPAC mergers have become something of a craze among life sciences companies. Whoops! 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Healthcare investing is ever changing. Jim architected Foresite in 2011 as a healthcare-dedicated private equity firm specializing in identifying emerging healthcare leaders, which it helps grow to profitability by supplying capital, networks, and information. Copyright 2023 Surperformance. If I were to start again, I would grow my business concepts entirely on what was ideal for business growth as recognized by myself and be less accepting of doing things the way they have always been done. DNA-testing giant 23andMe also took the SPAC route earlier this month. 2023 Forbes Media LLC. Much of the ire focused on Tananbaum, who had become the unwitting face of Burning Mans shark-jump. In his last two seasons: 4-13, 4.76. Master of Business Administration, Harvard Business School; Medical Doctor, Harvard University; Master of Science, Massachusetts Institute of Technology; Bachelor of Arts/Science, Yale University. I invested all of my liquidity in people to support my entrepreneurial exploration and deeply believed that if I found something compelling, I would be able to make it happen. See Jim Tananbaum's compensation, career history, education, & memberships. Ron Capps is a good sport as well as a great Funny Car racer. Jim assembles the people, ideas and money needed to launch products that save lives and improve healthcare. Foresite Capital Fund III, a $450 million fund, was closed in July 2015. [4][5][6] Foresite Capital raised its $100 million Fund I in 2013. To help blend in with the Burning Man regulars, who tend to parade around the commons in wild, racy outfits (if anything at all), the camp would include an entire shipping container full of costumes.. With generous support from Foresite Capital founder Jim Tananbaum 85 and Dana Tananbaum, Medzhitov will put this approach into action. Dr. Tananbaum founded Foresite Capital in 2011 to merge his entrepreneurial experience and networks gained from 25 years in healthcare investing. from the Massachusetts Institute of Technology. Jim has served on the Element Biosciences board of directors since September of 2017. In A U.S. Senate Showdown, Who Wins: Gov. js.id = o; js.src = f; js.async = 1; fjs.parentNode.insertBefore(js, fjs); Powered by Madgex Job Board Software, raised $175 million in an upsized offering, Gemini finally hit the Nasdaq earlier this month. He founded GelTex Pharmaceuticals NASDAQ: GENZ), which brought two drugs to market for less than $80 million. Healthcare innovation always takes much more time and capital than anyone ever imagines. Foresite Capital is an American venture capital and growth equity firm headquartered in San Francisco. Jim Sorenson and Terrence Keeley discuss the opportunities and challenges of ESG and impact investing. This is where data science and deep learning will play a significant role. I used to execute a combination of what I thought was best and what others thought was best. But Tananbaums party city, called Caravanicle, sounds like a kind of Buckminster Fuller monstrosity. In that time, I can point to several experiences that led me to identify key success factors that would enable successful entrepreneurs and companies most of which lie in the science behind innovation and the teams that make it all happen. WebFounder, CEO and managing director of a multi-stage healthcare and life sciences investment firm, and chief architect of its rigorous scientific and data-driven approach to investment analysis. Foresite Capital Founder and CEO 2010 Board and Advisor Roles Number of Current Board & Advisor Roles 6 Number of Past Board & Advisor Roles 4 Jim has been mentored by his collaborators, George Whitesides (Harvard), Rick Klausner (NCI), Roy Vagelos (Merck and Theravance), Bob Gunderson (Gunderson Detmer) and Rick Levin (Yale). Jim has been named to Forbes Midas List of Top Tech Investors in four consecutive years from 2015 to 2018. WebForesite Capital was founded in 2011 by Jim Tananbaum, Burning Mans most hated billionaire. FS Development II was formed for the purpose of merging with a life sciences company to provide a quicker route to becoming a publicly-traded entity than a traditional initial public offering. Jim was the founding chief executive of Theravance, Inc. If you missed the Bloomberg article in February, then you missed the tawdry saga of elite party crashers constructing what was basically a gated community in the heart of the Black Rock Desert. and M.B.A. from Harvard and his M.S. I recently purchased Evernote and subscribed to Spotify. Decades later, Renvela still has annual sales estimated over $850 million. The technical storage or access that is used exclusively for anonymous statistical purposes. Longreads : The best longform stories on the web. Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. An essay by Keith A. Spencer about why business leaders, particularly in Silicon Valley, are so enamored with Burning Man: Become a Longreads Member for just $5 per month. He also earned an MBA from Harvard while playing rugby. E.J. The matchup between West Virginia's Senator Joe Manchin and Governor Jim Justice for U.S. Senate will captivate the country. Jim assembles the people, ideas and money needed to launch products that save lives and improve healthcare. WebJames B. Tananbaum is an American entrepreneur and businessperson who founded 9 companies, including: GelTex Pharmaceuticals, Inc., Innoviva, Inc. and Theravance Biopharma, Inc. and who has been at the head of 7 different companies. It was an honor to welcome attendees on Saturday at Yale's for Humanity Illuminated event at the Yerba Buena Center. Looking back at the successful partnerships of the last decade, by and large, they did not fit into the models of their times. Jims investment experience includes being a co-founder of Prospect Ventures and earlier in his career, a partner of Sierra Ventures, where he established its healthcare services investment practice. It was an honor to welcome attendees on Saturday at Yale's for Humanity Illuminated event at the Yerba Buena Center. In fact, most people believe the biggest sin, especially as an investor, is to lose capital by making a risky investment. [1][2] As of March 2021, the company had raised four funds: Foresite Capital Fund I, II, III, IV and V.[1][3], Foresite Capital was founded in 2011 by Jim Tananbaum, Burning Mans most hated billionaire. Tananbaum responded to Lillie in his letter published in December. I am excited to see how these areas evolve in the next few years. In 2014, Foresite Capital closed Foresite Capital Fund II, a $300 million fund. The House Judiciary Committee is headed to Manhattan next week for a field hearing hosted by Rep. Jim Jordan (R-Ohio), to discuss the policies of Manhattan District Attorney Alvin Bragg. Member of Yales University Council and the advisory committee of the Yale School of Engineering & Applied Science. Big Query + Tableau we can go through everything we get into one big database that we can pull information from. Wells Towers legendary 2013 GQ account of attending the aforementioned festival with his father. So proud to partner with this team. Outlook and Salesforce we can integrate everything in our day to day. Tananbaum, a contemporary art collector who resembles the actor Bob Saget, grew up on Manhattans Upper East Side and graduated from Yale and Harvard, where he earned both an M.D. WebForesite Ventures2016 Midas rank: 54Companies: Puma Biotechnology, Juno Therapeutics, Intarcia Therapeutics Jim founded Foresite Capital with the vision of marrying elements of all aspects of his career to create a novel investment platform. The 51-year-old business mogul, who first attended Burning Man in 2009, is the CEO of Foresite Capital. That passion, coupled with unwavering persistence and commitment, are what allow me to continue building the firm and expanding our innovative portfolio. js = d.createElement(s), fjs = d.getElementsByTagName(s)[0]; community is incredibly special, and it was an inspirational day. The article detailed Tananbaum's camp at Burning Man called Caravancicle where 120 people were invited to pay $16,500 each to spend a week inside a camp that's "like staying at a pop-up W Hotel," according to the article. community is incredibly special, and it was an inspirational day. The new company, FS Development II, announced this week it raised $175 million in an upsized offering at $10 per share. Foresite Capital is returning to the SPAC frenzy with its second blank check shell company. [7][8][6] In 2014, Foresite Capital closed Foresite Capital Fund II, a $300 million fund. The new shell company is helmed by president and chief executive officer Jim Tananbaum. Co-founded Theravance, Inc., which subsequently changed its name to Innoviva, Inc. (NASDAQ: INVA) and with its spin-off Theravance BioPharma, Inc. (NASDAQ: TBPH), the companies achieved a market capitalization that exceeded $4 billion. So proud to partner with this team. Jim was a math and electrical engineering/computer science major at Yale and received his M.D. The shares will be listed on the Nasdaq under the ticker symbol FSII. I don't know," Lillie wrote. There was an error and we couldn't process your subscription. Accommodations would consist of a series of cubical tents with carbon fiber skeletons. With generous support from Foresite Capital founder Jim Tananbaum 85 and Dana Tananbaum, Medzhitov will put this approach into action. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pocket (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on Mastodon (Opens in new window). Investments of note include 10x Genomics, Intarcia Therapeutics, Aerie Pharmaceuticals and Aimmune Therapeutics. Our business is about giving these individuals the means to be able to make the critical scientific discoveries that have the potential to make the greatest impact on healthcare. All rights reserved. The World's 15 Youngest Billionaires 2023, The Top 10 Richest Women In The World 2023, Billionaires 2023: The Top 10 Richest People In The World, Forbes America's Top Colleges List 2022: Top 25 Highest Earnings, The Worlds 10 Highest-Paid Athletes 2022, Forbes America's Top Colleges List: Top 25 Success Factories, The Worlds Highest-Paid Soccer Players 2022. GelTex was acquired in 1998 for $1.6 billion when its lead drug, Renagel (Renzela), had an annual revenue run rate in excess of $200 million. While these concepts are areas that have largely been employed in the tech sector, they have endless applications in genomic sequencing and drug development and can help yield greater biological insights. As an undergraduate, Jim attended Yale, where he graduated with a BS and BSEE in Applied Math and Electrical Engineering/Computer Science. DeSantis Board Countersues Disney: Heres A Time Line Of Floridas War With The Mouse Over Special District, These Are The Cheapest-To-Own Cars, Trucks, And SUVs For 2023. To provide the best experiences, we use technologies like cookies to store and/or access device information. Jim has been a lead financier and thought partner for some of the most impactful and fastest growth companies of their generation including: 10x Genomics, Amerigroup (NASDAQ: ANTM), and Jazz Pharmaceuticals (NASDAQ: JAZZ). [10] Foresite Capital Fund V, a $969 million fund, was closed in February 2021. My love of learning is what drives me to find the best and brightest solutions science has to offer. When reached by phone Thursday, Burning Man officials declined further comment. Five-time Midas List honoree: 2015, 2016, 2017, 2018, 2021. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. "He was inspired to join the Board after witnessing Burning Man's potential to have a positive impact on the world and has contributed in meaningful ways to the Board," the newsletter said. Mariella and Attilia Avino run the legendary Palazzo Avino in the medieval hilltop village of Ravello. Mario Schulzke is the Founder of ideamensch, which he started a decade ago to learn from entrepreneurs and give them a platform for their ideas. When equal partners are insecure or are non-productive, a great deal of dysfunctionalities occur. The idea of Foresite came from my more than 25 years of being a healthcare entrepreneur and investment strategist. Earned a BS and BSEE from Yale University in Applied Math and Computer Science, an MD and an MBA from Harvard, and graduated from the Harvard/MIT HST Program. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. The new company, FS Development II, announced this week it raised $175 million in an upsized offering at $10 per share. Humacyte and Gemini arent the only companies to find a way to the stock exchange through a SPAC. With your partners, you are able to be substantially more productive. Cambridge, Mass.-based Gemini merged with FS Development Corp., a special purpose acquisition company created by Foresite Capital. The. There would be no roughing it at Caravancicle. . Jim is passionate about continuing his evolution of working across fields with leading entrepreneurs and academicians and believes we are beginning to enter a period of great change and growth driven by developing insights in deep learning and science. [12][13] Foresite Capital has invested in companies such as Acceleron Pharma, Aimmune, ALX Oncology, Aerie Pharmaceuticals,[14] Ascendis, Blueprint Medicines, Color Genomics, Cue Health, Cytokinetics, DNAnexus,[citation needed] Editas Medicine,[15] Eikon Therapeutics, Epizyme,[1] Evonetix, Intarcia Therapeutics,[16][17] Inscripta,[18] Immunomedics,[19][20] Intellia Therapeutics,[citation needed] Juno Therapeutics,[21] Karyopharm, Keryx, Kura Oncology, Keros Therapeutics, Maze Therapeutics, MyoKardia, MyOme, Natera,[19] Nurix, Olema Oncology, Orexigen,[22] Pacific Biosciences,[23] Peloton Therapeutics, Pharvaris, MindStrong Health, Quantum-SI, Relay Therapeutics,[24] Insitro,[25] HealthVerity, Turning Point Therapeutics, Element Biosciences,[26] Portola Pharmaceuticals, Universal American, Xencor, and WaveTech, in addition to 10x Genomics. I believe there is a silver lining in the discussion our camp has engendered because it has caused a healthy dialog about the implications for Burning Mans evolution, he wrote in a letter posted in December. I have learned that if I spend an extended period of time on due diligence, I am much more likely to have a multiple return than a loss. Jim Tananbaum, the billionaire venture capitalist whom Bloomberg dubbed the Google bus of Burning Man, has resigned from the festivals board of directors, according to the Reno Gazette-Journal. New York-based luxury jewelry label Veert is launching its first men's ready-to-wear collection with rapper Jim Jones at the forefront of the campaign. Jim has been a lead financier and thought partner for some of the most impactful and fastest growth companies of their generation including: 10x Genomics, Amerigroup (NASDAQ: ANTM), and Jazz Pharmaceuticals (NASDAQ: JAZZ). WebJim Tananbaum is the founder and chief executive officer of Foresite Capital, a U.S.-focused healthcare investment firm founded in 2011 that has approximately $3.5 billion in assets under management. She called the camp a "disaster" in her post and said the participants didn't clean up their trash or respect the people working there. By clicking submit, you agree to share your email address with the site owner and Mailchimp to receive marketing, updates, and other emails from the site owner. Guests could count on a full-service staff, who would among other things help create handcrafted, artisanal popsicles to offer passers-by. For less than $80 million in funding, GelTex brought two drugs to market. By collecting and digesting all available published information about healthcare advances in an area of need, we are able to understand what is needed to truly impact care, and thus determine the most viable investment prospects with the highest probability of success. See Jim Tananbaum's compensation, career history, education, & memberships. Despite these roadblocks, I put my nose down every day in order to get my new business off the ground. Tananbaums resignation marks the departure of one of Burning Mans most divisive figures. Many of the readers that are looking for great ideas might also be looking for a process that leads to a successful business. Foresite Capital raised its $100 million Fund I in 2013. Please reload the page and try again. In Foresite Capitals announcement, there was no indication of the type of company it hoped to merge FS Development II with. Team dynamics are critical. All Rights Reserved. Our purpose is to help entrepreneurs bring their ideas to life by sharing their stories via interviews. 23andMe raised $759 million from the deal and drove the companys valuation to $3.5 billion. The two companies have a combined market capitalization of approximately $3.2 billion. Got a tip for The Bold Italic? Tananbaums resignation marks the departure of one of Burning Mans most divisive figures. If I could go back, I would have believed more in myself. Since high school, Jim has been passionate about the marriage of interdisciplinary hard sciences and computer science with healthcare. The Psychology Of Investing. Yale will launch the Tananbaum Center for Theoretical and Analytical Human Biology, led by Medzhitov, with a focus on inflammation as an agent in all human diseases.