I have been in Arvinas about 9 months, and I am still undecided about John Houston. I don't like the idea they started in ER and AR which are highly competitive spaces.
2/ Their best programs have been sitting in the preclinic for years going nowhere. They fall further and further behind in those best indications like tau or KRAS. I am still hopeful they will impress me someday.
3/ Science:
They are focused on Targeted Protein Degradation. That uses the proteasome to target and breakdown unwanted proteins. This can be harnessed to target proteins for therapies.
4/ Their first 2 main programs are around Estrogen Receptor Degrader and Androgen Receptor Degrader. They have some decent data in ER for patients who have failed other ER depravation therapies.
5/ The AR program has data that make me think it really wont amount to much. They do have KRAS in the preclinic, but its been there for years. Meanwhile, there are dozens of other companies solving the KRAS problem.
6/ They have a preclinical CNS degrader program, but its also been in the preclinic for years. There are many great targets here if they ever decide to move any of them forward.
7/ Potential:
They partnered out their ER program. I think it could do up to $1 billion; of which, they will get half. If Pfizer can drive more penetration into earlier lines of therapy, then it might amount to something bigger.
8/ I don't put much potential into their AR programs. I don't think they really stand out from the many other AR drugs already out there. That leaves us with their preclinical KRAS and CNS programs that have all the big potential.
9/ I don't think we will see much from them for a long time. By then, they might not even be competitive anymore.
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I have been in C4 Therapeutic for about 8 months now. I don't know the CEO Andrew Hirsch all that well. He seems to be doing good so far. The biggest issue I have is with the high level of risk in their strategy.
2/ They are highly focused on using Protein Degraders in already very proven indications and targets. This means they will have to show strong superiority over current therapies on efficacy or safety to really stand of chance of capturing any market share.
I have been in Kymera for about 9 months now. I think Nello Mainolfi has done a good job so far. Its still early stages so don't know how well he will navigate the regulatory and commercial aspects of the business.
2/ Science:
Kymera is working on Targeted Protein Degradation. This uses the Proteasome of the cell to target and breakdown unwanted proteins. This can be harnessed to target proteins that can be therapeutic to inhibit.
I don't know Mark Goldsmith very well. I have only been in Revolution Medicine about a year. That isn't a lot time to really know a management team. So far, I think he has done and excellent job.
2/ All their programs are still very early so it is hard to see how well they will navigate the regulatory and commercial parts of the business at this stage.
Mirati is one of my older holdings along with Blueprint. They were lead by founder and scientist Charles Baum. I think he did a really good job developing the company up to this point.
2/ He created Sitravatinib and in-licensed Adagrasib for KRAS G12C. Recently, they changed management by moving Baum to Chief of Research. They brought in David Meek as the new CEO to take them into the commercial phase of development.
Blueprint is one of my oldest holdings. They have an outstanding CEO with Jeff Albers. Recently, they announced the CEO transition to Kate Haviland. Jeff will move to the Chairman role.
2/ Any time there is a CEO transition, there is reason for concern. I have been in companies before that were very successful under one CEO and then it was all down hill after the CEO changed.
I have been a bit cautious on the management of Schrodinger. I think Ramy Farid is a software guy and doing a good job with the software business. I don't own the company because of the software as I don't believe it will be that big of a business.
2/ I do see what the software could do for the company with its own drug discovery business. I think Karen Akinsanya is doing an excellent job on the biotech side of things.