The Biotech Deal That Became a Leadership Crisis

“Sometimes like it is not a straight line, man. You know, that things can go in wildly unexpected directions.”

Philip Borden describes leaving Frazier Healthcare Partners for Harvard Business School, where the case method broadened his perspective beyond healthcare and investing. He explains why he returned to healthcare investing after graduation.

At Riverside Partners, Philip moved from venture into private equity, focusing on control investments in profitable, founder-owned healthcare businesses. He discusses why the model fit his personality better than venture's power-law dynamics and high failure rate.

Philip also revisits BioAgilytix, his first fully solo deal, where a founder conflict forced an unexpected leadership transition shortly after the investment. He shares lessons on crisis management, vulnerability, team trust, fundraising from LPs, and investing through the 2008 to 2009 downturn.