Family Offices Bet Big on Biotech in June

In June, family offices, which manage wealth for the ultra-rich, stepped up their investment game. They made 60 direct investments in companies, a jump from May's 47 deals. However, this is still a 40% drop compared to last year. Despite the overall decline, biotech and healthcare were hot topics, with nine deals in these sectors. One standout investment was in Antheia, a company that makes ingredients for medicines like Narcan. They raised $56 million, with family offices Athos KG and S-Cubed Capital joining in. These investors are known for their long-term vision, which fits well with biotech's slow but steady progress. Antheia's co-founder, Christina Smolke, is a scientist turned entrepreneur. She found a way to use yeast to make opioids for medical use quickly, unlike the traditional two-year process. This innovation caught the eye of patient investors who understand that biotech isn't a quick fix. Family offices are drawn to biotech because of its potential to solve big problems. Smolke points out that drug shortages and access to medicines are issues everyone can relate to. By investing in companies like Antheia, they're not just looking for profits but also aiming to make a difference. In late 2024, Antheia launched its first product, thebaine, an ingredient in Narcan. The recent funding will help them expand production to the U. S. and develop more medicines. Their goal is to rebuild essential medicine supply chains, making drugs more accessible worldwide. While biotech is a major focus, family offices also dipped into entertainment. Nintendo's founding family invested in an indie film studio, a rare move in Japan. Meanwhile, Blackstone billionaire David Blitzer joined a fundraise for a sports club, showing diverse interests among these investors.