The Biotech Startups Podcast
🧬 Cycles, Conviction & Royalty Capital in Biotech Investing | Stephanie Sirota Rerelease (2/3)
July 13 · 32 min · Episode 258 · 78.6 MB
0:00-32:44
Streams straight from the publisher. podnod never proxies or re-hosts episode audio.
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"When you're at the top of your game, you have to change your game."
In this episode of The Biotech Startups Podcast, host Jon Chee continues his conversation with Stephanie Sirota, Partner and Head of Strategic Partnerships at RTW Investments, as she reflects on her path from Lehman Brothers investment banking to macro hedge funds and ultimately biotech-focused investing and firm building. Steph shares how journalism training shaped her strategic thinking, what she learned from navigating multiple market crises, and how those lessons inform RTW’s approach to cycles, institutional architecture, and innovative funding models like royalty vehicles in today’s prolonged biotech bear market.
Key Topics Covered:
If you enjoy The Biotech Startups Podcast, please consider subscribing, leaving a review, or sharing it with your friends. Thanks for listening.
Subscribe to the Podcast:Apple: https://podcasts.apple.com/us/podcast/the-biotech-startups-podcast/id1679591994Spotify: https://open.spotify.com/show/2PSL162R2s0zOwU5913Zv4YouTube: https://www.youtube.com/@thebiotechstartupspodcastWebsite: https://www.thebiotechstartupspodcast.com/
Find our guest, Stephanie Sirota at these links:LinkedIn: https://www.linkedin.com/in/stephsirota/Website: https://www.rtwfunds.com/
Find our host, Jon Chee, at these links:LinkedIn: https://www.linkedin.com/in/jonchee/
Learn more about Excedr:LinkedIn: https://www.linkedin.com/company/excedr/Website: https://www.excedr.com
Intro & Outro Songs Created by OkKyojin, Owned by Excedr:Website: https://flow.page/kyojin
Resources & Articles:Legacy: What the All Blacks Can Teach Us About the Business of Life: https://www.hachettebookgroup.com/titles/james-kerr/legacy/9781472103536/RTW Investments Royalty & Credit Strategy Overview: https://www.rtwfunds.com/royalty-and-creditRNA Interference: Gene Silencing by Double-Stranded RNA: https://www.nature.com/articles/35079145Global Financial Crisis Overview: https://www.imf.org/external/pubind/glofincrisis/Dot-Com Bubble Background: https://www.investopedia.com/terms/d/dotcom-bubble.asp
Companies, Universities, & People Mentioned:Lehman Brothers: https://www.lehman.comColumbia University: https://www.columbia.eduNestlé: https://www.nestle.comPepsiCo: https://www.pepsico.comL'Oréal: https://www.loreal.comRTW Investments: https://www.rtwfunds.comValhalla Capital Management: https://www.valhallacapital.comGoldman Sachs: https://www.goldmansachs.comDavidson Kempner Capital Management: https://www.davidsonkempner.comAll Blacks (New Zealand Rugby): https://www.allblacks.comFTC (Federal Trade Commission): https://www.ftc.govFDA (U.S. Food & Drug Administration): https://www.fda.gov
Timestamps:00:00 Intro01:33 Journalism training, Lehman London & consumer M&A03:30 What investment banking is vs. the buy side05:57 Working with sell-side & prime brokers as a hedge fund06:56 Feedback on being a “lousy” junior banker & discovering strategic strengths09:55 Leaving Lehman, layoffs & pivoting to the buy side12:09 Institutionalizing a macro hedge fund & firm operations14:42 Joining RTW as the fourth team member & designing firm architecture19:42 Meeting Rod Wong & entering biotech without a science background23:18 Learning core modalities like RNA interference in a slower biotech era26:34 Biotech bear markets, conviction & sector-specialist funds29:16 Innovating RTW’s model with royalty funding in a down market31:41 Outro
The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.
As a TBSP listener, you can get exclusive perks through Excedr's partner network-specialsavings, promotions, and more. Explore these offers today: https://www.excedr.com/partners.
"When you're at the top of your game, you have to change your game."
In this episode of The Biotech Startups Podcast, host Jon Chee continues his conversation with Stephanie Sirota, Partner and Head of Strategic Partnerships at RTW Investments, as she reflects on her path from Lehman Brothers investment banking to macro hedge funds and ultimately biotech-focused investing and firm building. Steph shares how journalism training shaped her strategic thinking, what she learned from navigating multiple market crises, and how those lessons inform RTW’s approach to cycles, institutional architecture, and innovative funding models like royalty vehicles in today’s prolonged biotech bear market.
Key Topics Covered:
- Sell Side vs. Buy Side: A clear breakdown of advisory banking, hedge funds, and fiduciary capital.
- Mentorship & Inflection Points: How candid feedback at Lehman unlocked Steph’s strategic strengths.
- Pivoting to the Buy Side: Institutionalizing a macro hedge fund and building firm architecture.
- Entering Biotech: Meeting Rod Wong, learning science in a slower era, and falling in love with the sector.
- Navigating Market Cycles: Dot-com, 2008, and today’s biotech bear market through a “steady hand” lens.
- Innovating Capital Structures: RTW’s royalty fund & non-dilutive financing for emerging biotech companies.
If you enjoy The Biotech Startups Podcast, please consider subscribing, leaving a review, or sharing it with your friends. Thanks for listening.
Subscribe to the Podcast:Apple: https://podcasts.apple.com/us/podcast/the-biotech-startups-podcast/id1679591994Spotify: https://open.spotify.com/show/2PSL162R2s0zOwU5913Zv4YouTube: https://www.youtube.com/@thebiotechstartupspodcastWebsite: https://www.thebiotechstartupspodcast.com/
Find our guest, Stephanie Sirota at these links:LinkedIn: https://www.linkedin.com/in/stephsirota/Website: https://www.rtwfunds.com/
Find our host, Jon Chee, at these links:LinkedIn: https://www.linkedin.com/in/jonchee/
Learn more about Excedr:LinkedIn: https://www.linkedin.com/company/excedr/Website: https://www.excedr.com
Intro & Outro Songs Created by OkKyojin, Owned by Excedr:Website: https://flow.page/kyojin
Resources & Articles:Legacy: What the All Blacks Can Teach Us About the Business of Life: https://www.hachettebookgroup.com/titles/james-kerr/legacy/9781472103536/RTW Investments Royalty & Credit Strategy Overview: https://www.rtwfunds.com/royalty-and-creditRNA Interference: Gene Silencing by Double-Stranded RNA: https://www.nature.com/articles/35079145Global Financial Crisis Overview: https://www.imf.org/external/pubind/glofincrisis/Dot-Com Bubble Background: https://www.investopedia.com/terms/d/dotcom-bubble.asp
Companies, Universities, & People Mentioned:Lehman Brothers: https://www.lehman.comColumbia University: https://www.columbia.eduNestlé: https://www.nestle.comPepsiCo: https://www.pepsico.comL'Oréal: https://www.loreal.comRTW Investments: https://www.rtwfunds.comValhalla Capital Management: https://www.valhallacapital.comGoldman Sachs: https://www.goldmansachs.comDavidson Kempner Capital Management: https://www.davidsonkempner.comAll Blacks (New Zealand Rugby): https://www.allblacks.comFTC (Federal Trade Commission): https://www.ftc.govFDA (U.S. Food & Drug Administration): https://www.fda.gov
Timestamps:00:00 Intro01:33 Journalism training, Lehman London & consumer M&A03:30 What investment banking is vs. the buy side05:57 Working with sell-side & prime brokers as a hedge fund06:56 Feedback on being a “lousy” junior banker & discovering strategic strengths09:55 Leaving Lehman, layoffs & pivoting to the buy side12:09 Institutionalizing a macro hedge fund & firm operations14:42 Joining RTW as the fourth team member & designing firm architecture19:42 Meeting Rod Wong & entering biotech without a science background23:18 Learning core modalities like RNA interference in a slower biotech era26:34 Biotech bear markets, conviction & sector-specialist funds29:16 Innovating RTW’s model with royalty funding in a down market31:41 Outro
The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.
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