Acquisition of life sciences investment
manager's funds will add ~$1 billion
in assets under management and bolster Blue Owl's presence in the
sector.
NEW
YORK, Oct. 30, 2023 /PRNewswire/ -- Blue Owl
Capital Inc. (NYSE: OWL) ("Blue Owl") today announced an agreement
to acquire funds managed by Cowen Healthcare Investments ("CHI"), a
life sciences investment manager, from CIM. The transaction is
subject to customary closing conditions and expected to close in
the fourth quarter of 2023.
The acquisition will add approximately $1
billion in assets across several funds and further
strengthen Blue Owl's market presence in the life sciences sector
with an emphasis on mid-to-late-stage equity investments into
biopharmaceutical and healthcare companies. As part of the
transaction, the CHI team will become full-time Blue Owl employees,
including senior leaders Kevin
Raidy, Tim Anderson and
Rob Sine. Upon completion of the
transaction, CHI's funds will be rebranded to Blue Owl Healthcare
Opportunities.
"The rapid level of innovation within science and technology is
driving a deep need for private capital solutions to support the
life sciences sector's exponential growth," said Marc Lipschultz, Co-CEO of Blue Owl Capital.
"Adding CHI to Blue Owl expands our ability to better meet the
needs of our investors and users of our capital who are focused on
the life sciences sector."
"CHI is a well-respected team within Life Sciences whom I've had
the privilege of getting to know over the years," said Sandip Agarwala, Managing Director at Blue Owl
Capital. "We believe the addition of this team to our platform is
highly complementary to our current investment strategy in terms of
domain expertise, network, and breadth of life science
capabilities."
Blue Owl's Life Science efforts are focused on credit, royalty
and growth equity investments in innovative biopharmaceutical,
medical technology, and healthcare companies and products. Recent
transactions include the acquisition of a royalty interest in
Novartis' PLUVICTO (Lutetium 177Lu vipivotide tetraxetan) for the
treatment of metastatic castration resistant prostate cancer, and
an economic interest in Horizon Therapeutics' TEPEZZA
(teprotumumab-trbw) for the treatment of Thyroid Eye Disease.
As part of Blue Owl, CHI will continue to invest primarily in
mid-development stage biotherapeutics. Adding CHI's team and
capabilities allow Blue Owl to further develop a multi-strategy
Life Sciences offering, investing across growth stages and capital
structure with shared resources and relationships.
SMBC served as financial advisor to Blue Owl Capital.
About Blue Owl Capital Inc.
Blue Owl (NYSE: OWL) is a leading asset manager that is
redefining alternatives.
With $150 billion in assets under
management as of June 30, 2023, we
invest across three multi-strategy platforms: Credit, GP Strategic
Capital, and Real Estate. Anchored by a strong permanent capital
base, we provide businesses with private capital solutions to drive
long-term growth and offer institutional and individual investors
differentiated alternative investment opportunities that aim to
deliver strong performance, risk-adjusted returns, and capital
preservation.
Together with over 600 experienced professionals across 10
offices globally, Blue Owl brings the vision and discipline to
create the exceptional. To learn more, visit www.blueowl.com.
Forward Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "would," "should,"
"future," "propose," "target," "goal," "objective," "outlook" and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. Any such forward-looking statements are
made pursuant to the safe harbor provisions available under
applicable securities laws and speak only as of the date made. Blue
Owl assumes no obligation to update or revise any such
forward-looking statements except as required by law.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Blue Owl's control, that could
cause actual results or outcomes to differ materially from those
discussed in the forward-looking statements.
Important factors, among others, that may affect actual results
or outcomes include the inability to recognize the anticipated
benefits of strategic acquisitions; costs related to acquisitions;
the inability to maintain the listing of Blue Owl's shares on the
New York Stock Exchange ("NYSE"); Blue Owl's ability to manage
growth; Blue Owl's ability to execute its business plan and meet
its projections; potential litigation involving Blue Owl; changes
in applicable laws or regulations; and the possibility that Blue
Owl may be adversely affected by other economic, business,
geo-political and competitive factors.
Investor Contact:
Ann Dai
Head of Investor Relations
blueowlir@blueowl.com
Media Contact:
Nick Theccanat
Principal, Corporate Communications & Public Policy
Nick.Theccanat@blueowl.com
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SOURCE Blue Owl Capital