Joe Jimenez

2025 delivered real outcomes for SR One Capital Management: 🔹$1.9B in pharma upfronts generated by five portfolio companies this year 🔹The largest discovery / platform research deal of 2025 by upfront (ADARx Pharmaceuticals Inc.–AbbVie) 🔹Two private M&A outcomes in under 18 months from initial investment (Renalys Pharma–Chugai Pharmaceutical Co., Ltd. and Elektrofi–Halozyme, Inc.) 🔹Public companies compounding value through execution, not sentiment (Zenas BioPharma, Mineralys Therapeutics, Inc.) This past September also marked five years since SR One spun out from GSK to become an independent investment firm. These outcomes reflect something we have been engineering since 2020: the biotech business model is changing. The prior era was defined by lower costs of capital, longer timelines, and IPO-led liquidity. That model no longer produces durable returns. The next era will reward: 🔹Capital efficiency and faster paths to proof 🔹Early pharma engagement as validation and liquidity 🔹Selective use of public markets to compound and realize value — not to replace private-stage outcomes We built SR One for this moment. Increasingly, this means designing companies and development plans that are global from day one — leveraging transnational execution to compress timelines, reducing capital intensity, and reaching decision-quality data faster. This perspective also shaped how we convened the ecosystem. At the SR One Summit this fall, we brought together portfolio executives, pharma leaders, and LPs for direct conversations about what it takes to build, scale, and exit biotech companies in this cycle. The conclusion was clear: judgment, partnership, and execution now matter more than ever. If the last decade of biotech rewarded capital abundance, the next will reward precision — in science, capital allocation, and collaboration. 2025 showed what that looks like in practice. Let’s keep building.

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13 Comments

I see deal sourcing entering a new phase. As Ranu and Tyler point out, a lot of future value is sitting in earlier-stage or under-scaled assets that generate limited revenue today but hold meaningful growth potential. AI-powered always-on deal radar brings real-time intelligence into the process. Instead of periodic outreach, teams can maintain constant visibility, identify opportunities earlier, and evaluate them with greater confidence. From a transactions perspective, pipeline renewal pressures and competition keep rising. I believe moving from episodic sourcing to persistent insight could shape the next chapter of M&A execution.

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