Two River
| Company type | Private |
|---|---|
| Industry | Merchant banking, Venture capital, Life sciences |
| Founded | September 2004 |
| Founder | Joshua Kazam, Peter Kash, David Tanen, Benjamin Bernstein |
| Headquarters | New York City , United States |
Area served | United States |
Key people | Arie Belldegrun (Chairman and Partner) |
| Products | Investments in biotechnology, preventive and therapeutic innovations |
Two River Group Holdings is a merchant banking and venture capital firm headquartered in New York, with a dedicated focus on the life sciences industry. The company invests primarily in enterprises involved in biotechnology and the development of preventive and therapeutic innovations addressing various diseases such as oncology, cardiovascular conditions, neurological disorders, and health care for companion animals.
Established in September 2004 by Joshua Kazam, Peter Kash, David Tanen, and Benjamin Bernstein, the firm strengthened its management team in 2008 when Dr. Arie Belldegrun joined as Chairman and Partner.
Two River maintains offices in both New York City and Los Angeles.
Portfolio
The firm holds ownership interests in the following life science ventures:
- Allogene Therapeutics – a biotechnology enterprise
- Breakthrough Properties – specialized in life science real estate development
- Hubble – provider of contact lenses through an e-commerce subscription model
- Kronos Bio – engaged in research and development of treatments targeting complex cancer pathways
- Neogene Therapeutics – focused on creating T cell therapies aimed at cancer neo-antigens
- UroGen Pharma – a clinical-stage pharmaceutical company concentrating on uro-oncology
Previously, Two River invested in:
- Arno Therapeutics – biopharmaceuticals targeting oncology at clinical stages
- Capricor Therapeutics – developer of biological treatments for cardiac and other serious diseases
- Cell Design Labs (later acquired by Gilead Sciences) – company specializing in bio-therapeutics
- Edgemont Pharmaceuticals – pharmaceutical firm with a neuroscience focus
- Kite Pharma (acquired by Gilead Sciences) – producer of engineered autologous cell therapies for cancer treatment
- Sienna Biopharmaceuticals – developer of dermatology and aesthetic products
- Velcera (purchased by Perrigo) – manufacturer of veterinary medicines addressing pain, allergies, and parasites
- Veterinary Prime – supplier of pet nutrition products distributed through veterinary channels
Business history
- In May 2013, Kite Pharma secured $35 million through a Series A preferred stock financing round.
- Arno Therapeutics completed an equity financing totaling $30.7 million in October 2013.
- November 2013 saw Nile Therapeutics merge with Capricor, resulting in Capricor becoming a wholly owned subsidiary.
- Perrigo expanded its pet care portfolio by acquiring Velcera for $160 million in February 2014.
- Kite Pharma raised $50 million via mezzanine private financing involving convertible notes in April 2014. Subsequently, the company filed for an IPO with the SEC in May, aiming to raise up to $115 million. The NASDAQ listing under the symbol "KITE" included an offering of 6 million shares priced between $12 and $14. At the midpoint price, Kite’s valuation was approximately $548 million. On June 20, 2014, the IPO pricing was set at $17 per share, bringing the company's valuation to around $632.4 million.
- Two River participated in a $16.5 million Series A funding round for Hubble in March 2017.
- On October 11, 2018, Allogene Therapeutics successfully raised $324 million through its NASDAQ IPO under the ticker "ALLO," marking a notable entry into the biotech market.