Paul Capital’s New York-based healthcare team has hired John Leone as its newest partner.
Leone has also held management roles within Pfizer and Wyeth, two pharmaceutical companies.
Paul Capital Healthcare’s funds invest in life sciences, providing capital to holders of pharmaceutical and other medical intellectual property in exchange for the rights to royalty streams.
Its funds also provide revenue interest financing as well as structured debt and equity for commercial stage products and companies.
Leone’s appointment comes on the heels of the departure of three partners. Todd Davis and Clarke Futch left the firm to launch investment bank Cowen Group’s new Cowen Healthcare Royalty Partners. Gregory Brown is scheduled to join them in October.
Paul Capital Healthcare recently announced a $27 million investment in India’s Glenmark Pharmaceuticals, which is developing a generic US dermatology product portfolio estimated to be worth $1 billion.
The group’s second fund closed on $650 million in 2003, and it currently manages $1.4 billion in capital.