In short: The host's second biotech holding, framed as a special situation rather than a drug bet: "PureTech's another one that I've got a soft spot for… a special situation that's also a biotech. They managed to sell a schizophrenia drug to Bristol Myers Squibb about two years ago and then they've got royalties coming off those" — the Karuna sale. The valuation argument is the NAV gap plus optionality: "you can sort of pick them up at about 50% of NAV… a couple of phase twos, a couple of phase threes… the market potential of that phase three is 10, 11 billion a year… you're buying a stable full of horses, and horses that have got to a phase three have got a reasonable chance… it only takes one." Polomny offers no view.
The host's third biotech position, and he frames it as a special situation rather than a drug bet. PureTech creates biotech companies, spins them out, and keeps stakes and royalties — most famously Karuna, whose schizophrenia drug was sold to Bristol Myers Squibb, leaving PureTech with ongoing royalty income.
The cheapness argument is a NAV discount: you can buy it, he says, for roughly half the value of what it owns. So the cash, the royalties and the stakes are available at fifty cents on the dollar, and the drug candidates still in trials come free.
His way of thinking about the pipeline is a stable of racehorses: several are at phase two and phase three, each addressing markets he sizes in the ten-billion-a-year range, and you only need one to win. That is a fair description of how holding-company biotech works — and also of the risk, since trials fail more often than they succeed and a discount to NAV can persist for years. This is the host's view; Polomny offers none.
1:03:48done very very well and PureTech's another one that I've got a soft spot for and that's a special situation that's also a biotech but these guys have got, so they managed to sell a schizophrenia drug to Bristol Myers Squibb about two years ago I think it was and then they've got royalties coming off those and but yeah if you look at their pipeline, they've got this sort of spin out approach where they've got a listed holding in a US listed company called
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