CHIPSIRAIJAA……Over the last two years, there have been several funding bills that have been passed. These include the CHIPS and Science Act (CHIPS), the Inflation Reduction Act (IRA), and the Infrastructure Investment & Jobs Act (IJAA). These three bills provide significant funding to incentive investment in the United States on a multi-year basis. A description of these bills is provided below.
For investments in development stage biopharma companies, we focus on companies pursuing high-probability-of-success approaches to treat large unmet needs in areas of low competitive intensity. Given the accelerating nature of innovation in biopharma as well as the number of company-creators capable of pursuing fast-follower strategies, it is reasonable to ask how such approaches can evolve without attracting substantial competition?
The markets of 2022 were dominated by macroeconomic debates, many of which persist today. Regardless of the market environment, the objective of Event Driven Strategy remains the same: identify and invest in catalyst driven situations that offer compelling risk-adjusted returns and a high probability of success. Herein, we provide a year-end recap of the markets and discuss the opportunity set and recent new investments across our three primary investment strategies: Arbitrage, Catalyst Driven Credit, and Catalyst Driven Equity.