Field Note · 04.20265 min read
Why we still write checks at preclinical.
The case for backing science before the data — and how Taiho's evergreen structure makes us patient enough to hold it.
Read note →A first-in-class EGFR exon-20 program for non-small cell lung cancer, co-created from Taiho pipeline science in 2019, syndicated alongside leading institutional investors, and re-acquired by Taiho Pharmaceutical in 2023 to advance development at global scale.
Taiho's role as a commercialization partner unlocking Japanese and broader Asian markets for a U.S. immuno-oncology platform.
Conviction in circular RNA technology — backed in Series B alongside MPM and RA Capital, validated by major external partnerships.
Co-investing alongside leading T-cell engager developers; reinforced by strategic partnership and 2024 acquisition by Merck.
| Company | Therapeutic Area | Modality | Stage | Lead Co-investor | Year | Status |
|---|---|---|---|---|---|---|
| Cullinan Oncology | Oncology | SMOL · Bispecific | Phase 2 | UBS · MPM · syndicate of 6 | 2019 | Co-Lead |
| Arcus Biosciences | Oncology | SMOL | Phase 3 | GV · Foresite · syndicate of 8 | 2017 | IPO |
| ORIC Pharmaceuticals | Oncology | SMOL | Phase 2 | Topspin · OrbiMed | 2018 | IPO |
| Harpoon Therapeutics | Oncology | T-cell engager | Phase 2 | ARCH · MPM · syndicate of 9 | 2017 | M&A |
| Orna Therapeutics | Platform | Circular RNA | Preclin | MPM · RA Capital · syndicate of 7 | 2022 | Active |
| Halda Therapeutics | Oncology | Targeted protein | Phase 1 | Deerfield · Connecticut Innovations | 2024 | Active |
| Werewolf Therapeutics | Oncology | Cytokine prodrug | Phase 1 | MPM · Sofinnova | 2018 | IPO |
| Magnet Biomedicine | Oncology | Molecular glue | Preclin | Newpath · Atlas | 2023 | Active |
| Storm Therapeutics | Oncology | RNA-modifying | Phase 1 | Cambridge Innovation · Pfizer | 2018 | Active |
| Light Horse Tx | Oncology | Targeted Tx | Preclin | ARCH · GV | 2024 | Active |
| Anavo Tx | Oncology | SMOL | Preclin | RA Capital · Atlas | 2024 | Active |
| Dren Bio | Onc/Imm | Bispecific Ab | Phase 1 | Section 32 · Octagon | 2023 | Active |
| View all 25 companies in the portfolio index → | ||||||
Two decades and 60+ biotech investments across Astellas Venture Management, Yasuda Enterprise, and now Taiho. Pioneered Taiho's build-to-buy and syndicate-first CVC model. Sits on the IC for every check.
18+ years across discovery, company creation, and venture. Director / observer on multiple Taiho portfolio boards. 12 years inside Taiho Pharmaceutical oncology before joining the fund.
Trained molecular biologist. 11+ years across early clinical development, portfolio strategy, and scientific evaluation. In-licensed AB928 (Arcus); medical liaison on nab-paclitaxel and pembrolizumab in Japan.
Nine years inside Taiho Pharmaceutical's EGFR-targeted oncology program. PhD in pharmaceutical science. Specialist in targeted oncology drug discovery and development.
15+ years in non-clinical drug development; lead toxicologist on multiple global IND programs. Bridges venture diligence to Taiho's preclinical and CMC infrastructure.
The case for backing science before the data — and how Taiho's evergreen structure makes us patient enough to hold it.
Read note →Tenth anniversary capital commitment from Taiho Pharmaceutical and Otsuka.
Read release →Founding President on patient capital, Asia bridges, and the lessons of build-to-buy.
Read interview →One submission. Routed to the investment team. We respond — even when the answer is no.