Paul Capital hires new partner

John Leone has joined the US-based firm’s healthcare team, which recently lost three partners to Cowen Group’s new healthcare royalty group.

Paul Capital’s New York-based healthcare team has hired John Leone as its newest partner.

John Leone

Leone has more than 30 years of pharmaceutical industry experience, which most recently includes his time as president and chief executive of life sciences firm Cambrex and as senior vice president and chief operating officer for drug group Aventis’ US operations.

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.