Life Sciences - Goldman Sachs Asset Management

At a Glance

$650

MillionAssets Under Management

YearsAverage Experience of Investment Committee

Investment Themes

Source: Goldman Sachs Asset Management. As December 31, 2023

What Makes Us Different

Sourcing

We operate a robust, multi-channel sourcing engine that leverages Goldman Sachs’ relationships across academic and medical institutions, corporates, venture capital and private equity firms, and company founders and executives.

Capital Formation

We believe that many life sciences companies would benefit from scaling privately, but a funding gap has historically forced these companies to go public too early. By better aligning investment capital with company innovation, we hope to drive better outcomes for companies and, ultimately, patients.

Value Creation

We partner with companies to enhance and accelerate value creation by helping them establish the right business and financial strategies, execute, and achieve strong exits.

Investments

All11

Immunotherapy

Biotechnology company focused on discovering and developing medicines targeting a class of cell signaling receptors known to play important roles in various diseases.

Precision Medicine

Biotechnology company focused on discovering and developing small molecule precision medicines by targeting cancer-associated mutations that have historically been challenging to drug.

Immunotherapy

Clinical-stage biotechnology company focused on developing novel biologics-based treatments for cancers.

Precision Medicine

Biopharmaceutical company focused on discovering the next generation of precision medicines by targeting molecular machines that underlie human disease.

Precision Medicine

Precision neuroscience biotechnology company developing small molecule therapeutics to address significant unmet needs in neurological disorders.

Precision Medicine

Biopharmaceutical company pioneering the development of next-generation, small molecule targeted therapies for the treatment of cancer.

Precision Medicine

Clinical stage biotechnology company focused on developing next-generation oral medicines for hematologic cancers.

Immunotherapy

Biotechnology company creating best-in-class novel biologics for patients suffering from a range of diseases in immunology and inflammation.

Immunotherapy

Biotechnology company developing best-in-class multifunctional antibodies for oncology and immune-mediated diseases.

Immunotherapy

Clinical stage biotechnology company developing multivalent vaccines against life-threatening respiratory viruses.

Immunotherapy

Biotechnology company pioneering development of genetics-informed novel biologics against inflammatory & immunological disorders.

Source: Goldman Sachs Asset Management as of December 31, 2023.Investments were selected to highlight the largest investment made as of December 31, 2023. We believe these selected case studies should be considered as a reflection of our investment process, and references to these particular assets/portfolio companies should not be considered a recommendation of any particular security, investment, or portfolio company. Any mention of an investment decision is intended only to illustrate our investment strategy and is not indicative of the performance of our strategy as a whole. It should not be assumed that any investment decisions shown will prove to be profitable or any future investment decisions will be profitable or equal the performance of the investments discussed herein. The holdings and/or allocations shown may not represent all of the strategy’s investments. Please contact your Goldman Sachs Asset Management representative to obtain the holdings presented above as well as each holding’s contribution to performance and a complete list of past recommendations. Please see additional disclosures in the appendix.

Our Leadership Team

Our team comprises experienced life sciences investors with deep domain expertise across disciplines.

Amit Sinha

Head of Life Science Investing

Colin Walsh

Managing Director

Josh Richardson

Managing Director

Kevin Xu

Managing Director

Advisory Board

Our investment team is complemented by an industry leading Advisory Board comprised of academics, clinicians, scientific experts, and entrepreneurs.

Lloyd Minor

Dean, Stanford University School of Medicine

Diane Mathis

Morton Grove-Rasmussen Chair of Immunohematology, Harvard Medical School

David Chang

CEO, Allogene

Ross Levine

Deputy Physician-in-Chief and Translational Research, Memorial Sloan Kettering

Anima Anandkumar

Bren Professor of Computing and Mathematical Sciences of the California Institute of Technology and Senior Director of AI Research at NVIDIA

Sean Nolan

Biotech Executive

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Contact Goldman Sachs Asset Management for a detailed discussion of your needs.

Risk considerations and disclosures

Emerging markets investments may be less liquid and are subject to greater risk than developed market investments as a result of, but not limited to, the following: inadequate regulations, volatile securities markets, adverse exchange rates, and social, political, military, regulatory, economic or environmental developments, or natural disasters.

Equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Different investment styles (e.g., “growth” and “value”) tend to shift in and out of favor, and, at times, the strategy may underperform other strategies that invest in similar asset classes. The market capitalization of a company may also involve greater risks (e.g. "small" or "mid" cap companies) than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements, in addition to lower liquidity.

Environmental, Social and Governance (“ESG”) strategies may take risks or eliminate exposures found in other strategies or broad market benchmarks that may cause performance to diverge from the performance of these other strategies or market benchmarks. ESG strategies will be subject to the risks associated with their underlying investments’ asset classes. Further, the demand within certain markets or sectors that an ESG strategy targets may not develop as forecasted or may develop more slowly than anticipated. Any ESG characteristics, views, assessments, claims or similar referenced herein (i) will be based on, and limited to, the consideration of specific ESG attributes or metrics related to a product, issuer or service and not their broader or full ESG profile, and unless stated otherwise, (ii) may be limited to a point of time assessment and may not consider the broader lifecycle of the product, issuer or service, and (iii) may not consider any potential negative ESG impacts arising from or related to the product, issuer or service.

International securities may be more volatile and less liquid and are subject to the risks of adverse economic or political developments. International securities are subject to greater risk of loss as a result of, but not limited to, the following: inadequate regulations, volatile securities markets, adverse exchange rates, and social, political, military, regulatory, economic or environmental developments, or natural disasters.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

Hedge funds and other private investment funds (collectively, “Alternative Investments”) are subject to less regulation than other types of pooled investment vehicles such as mutual funds. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains and an individual’s net returns may differ significantly from actual returns. Such fees may offset all or a significant portion of such Alternative Investment’s trading profits. Alternative Investments are not required to provide periodic pricing or valuation information. Investors may have limited rights with respect to their investments, including limited voting rights and participation in the management of such Alternative Investments.

Alternative Investments often engage in leverage and other investment practices that are extremely speculative and involve a high degree of risk. Such practices may increase the volatility of performance and the risk of investment loss, including the loss of the entire amount that is invested. There may be conflicts of interest relating to the Alternative Investment and its service providers, including Goldman Sachs and its affiliates. Similarly, interests in an Alternative Investment are highly illiquid and generally are not transferable without the consent of the sponsor, and applicable securities and tax laws will limit transfers.

Conflicts of Interest
There may be conflicts of interest relating to the Alternative Investment and its service providers, including Goldman Sachs and its affiliates. These activities and interests include potential multiple advisory, transactional and other interests in securities and instruments that may be purchased or sold by the Alternative Investment. These are considerations of which investors should be aware and additional information relating to these conflicts is set forth in the offering materials for the Alternative Investment.

The material provided herein is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to any of the products referenced herein, notwithstanding that any such securities may be currently being offered to others. Any such offering will be made only in accordance with the terms and conditions set forth in the offering documents pertaining to such Fund. Prior to investing, investors are strongly urged to review carefully all of the offering documents.

No person has been authorized to give any information or to make any representation, warranty, statement or assurance not contained in the offering documents.

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes.

This material represents the views of the Investment Strategy Group (“ISG”) in the Investment Management Division of Goldman Sachs. It is not a product of Goldman Sachs Asset Management nor financial research or a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed herein may vary significantly from those expressed by Goldman Sachs Asset Management or any other groups at Goldman Sachs. Investors are urged to consult with their financial advisers before buying or selling any securities. The information contained herein should not be relied upon in making an investment decision or be construed as investment advice. Goldman Sachs Asset Management has no obligation to provide any updates or changes.

Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. Any allocation advice and/or recommendations included in this document are prepared by the ISG team. Allocation advice and recommendations are independent from any Goldman Sachs Asset Management products and services.”

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this material and may be subject to change, they should not be construed as investment advice.

Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. It should not be assumed that investment decisions made in the future will be profitable or will equal the performance of the securities discussed in this document.

This material represents the views of Goldman Sachs Asset Management. It is not financial research or a product of Goldman Sachs Global Investment Research (GIR). It was not a product nor financial research of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed herein may vary significantly from those expressed by GIR or any other groups at Goldman Sachs. Investors are urged to consult with their financial advisers before buying or selling any securities. The information contained herein should not be relied upon in making an investment decision or be construed as investment advice. Goldman Sachs Asset Management has no obligation to provide any updates or changes.

Entities Providing Services. This presentation is intended only to facilitate your discussions with the applicable Goldman Sachs entity including, but not limited to, Goldman Sachs & Co. LLC, Goldman Sachs International, Goldman Sachs AG, Goldman Sachs Paris Inc. Et Cie., Goldman Sachs Saudi Arabia, Goldman Sachs Bank AG, Goldman Sachs (Asia) L.L.C, Goldman Sachs (Singapore) Pte (Company Number: 19862165W), Goldman Sachs Futures Pte. Ltd (Company Number: 199004153Z); Goldman Sachs Australia Pty Limited. In connection with its distribution in the United Kingdom, this material has been issued and approved by Goldman Sachs International which is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. This material has been approved for issue in the United Kingdom solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by GSI, Plumtree Court, 25 Shoe Lane, London EC4A 4AU; by Goldman Sachs Canada, in connection with its distribution in Canada; in the United States by Goldman Sachs & Co. LLC; in Hong Kong by Goldman Sachs Asset Management (Hong Kong) Limited or Goldman Sachs (Asia) L.L.C., in Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in Japan by Goldman Sachs Japan Co., Ltd; in Australia by Goldman Sachs Australia Pty Ltd (ACN 006 797 897); and in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 19862165W).

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United Kingdom: In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs Asset Management International, which is authorized and regulated in the United Kingdom by the Financial Conduct Authority.

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In the European Union, this material has been approved by either Goldman Sachs Asset Management Funds Services Limited, which is regulated by the Central Bank of Ireland or Goldman Sachs Asset Management B.V, which is regulated by The Netherlands Authority for the Financial Markets (AFM).

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To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth).

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* Goldman Sachs Asset Management (Hong Kong) Limited (GSAMHK), pursuant to ASIC Class Order 03/1103 and Goldman Sachs (Asia) LLC (GSALLC), pursuant to ASIC Instrument 04/0250; regulated by the Securities and Futures Commission of Hong Kong under Hong Kong laws

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