Chen Yu, TCGX founder and managing partner

As the biotech fund­ing game changed, TCGX al­tered course — and now they’re back with $1B for round two

When Chen Yu and his team at TCGX set out in ear­ly 2021 with some $800 mil­lion to in­vest in biotech, he had set out to fund both pub­lic and pri­vate biotechs with a plan to split it at 50/50. Un­usu­al­ly, that didn’t in­clude any caps. They could go 100% in ei­ther di­rec­tion.

Then, the biotech world changed rad­i­cal­ly. And the TCGX team — the X stands for Crossover — changed pace as the biotech win­ter set in on Wall Street. In­stead of do­ing equal amounts in pub­lic and pri­vate fi­nanc­ings, they shift­ed to rough­ly 75% pub­lic. As the pub­lic mar­ket soured, the fol­low-on strat­e­gy for rais­ing funds foundered, and syn­di­cates, in­clud­ing TCGX, stepped in to fill the void.

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