opportunities. At the same time market conditions have created compelling investment opportunities.

Supply: Early-stage valuations have rarely been as attractive.

Demand: Demand for mid- to late-stage products is reaching new highs. Major medical companies are in dire need of new products as the last generation’s blockbusters reach the end of their patent lives.

Orchard systematically moves assets from early-stage to mid- or late-stage; focusing on tangible scientific assets, clear value-adding milestones, business execution, and capital efficiency.