PBM Capital Group

What PBM Capital Group does

PBM Capital Group is a private healthcare-focused investment firm founded in 2010 by Paul B. Manning following the $800M+ sale of PBM Products to Perrigo. Headquartered in Charlottesville, Virginia, with offices in New York, the firm partners with scientists and entrepreneurs to develop pharmaceutical, biological, and medical device products, providing both capital and operational expertise spanning legal, regulatory, clinical strategy, manufacturing, distribution, sales, marketing, and capital markets. Since inception, the firm has reportedly created more than $10B in shareholder value across its portfolio, which spans gene therapy (Taysha Gene Therapies, Candel Therapeutics, LEXEO Therapeutics, Saliogen, Xallud), dermatology (Verrica Pharmaceuticals, Donnatal), rare disease and oncology platforms, and medical devices (Breas Medical, acquired March 2014; Enzymatics).

The firm's business model is conventional for healthcare-focused private equity and venture capital: it deploys capital into privately held therapeutics and device companies, supports commercialization and regulatory navigation, and realizes returns through IPOs and strategic acquisitions. PBM has guided three portfolio companies to public listings since 2016 (AveXis in 2016, Dova Pharmaceuticals in 2017, and Verrica in 2018) and has delivered multiple strategic exits, including AveXis to Novartis in 2018, Dova to SOBI in 2019, and ArcherDx to Invitae in 2020. The firm continues to provide follow-on capital, including leading a $30M seed for Taysha Gene Therapies in 2020 and supporting an approximately $50M Verrica private placement in November 2025 to retire debt. Portfolio company Verrica also entered a partnership with Walgreens in January 2024 to distribute YCANTH across the U.S. retail pharmacy footprint.

Name

PBM Capital Group

Legal name

PBM Capital Group, LLC

Website

http://www.pbmcap.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

PBM Capital Group is a healthcare-focused private investment firm founded in 2010 by Paul Manning, deploying capital into pharmaceutical, gene therapy, and medical device companies and providing operational support to portfolio companies.

Ownership category

akta.pro rank

Product category

Healthcare Private Equity / Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Public-to-Private (P2P) Buyout (FSANABAG)

Keywords

• Healthcare venture capital
• Life sciences investment
• Pharmaceutical private equity
• Biotech investment firm
• Healthcare growth equity

Headquarters

HQ city

Charlottesville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment returns and portfolio company value creation: PBM Capital generates returns through equity investments in healthcare and life sciences companies, providing capital, operational expertise, and strategic guidance to develop and commercialize pharmaceutical and biological products. Returns are realized through IPOs and acquisitions of portfolio companies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

PBM Capital Group is a private healthcare-focused investment firm that partners with exceptional scientists, engineers, and entrepreneurs developing game-changing pharmaceutical and biological technologies. The firm provides equity capital along with hands-on operational expertise—including clinical strategy, regulatory navigation, manufacturing scale-up, and commercialization guidance—to enable portfolio companies to bring life-changing therapies to market. Since 2010, PBM Capital and its portfolio companies have created more than $10 billion in shareholder value through investments in gene therapy, rare disease treatments, and other life sciences ventures.

Product overview

PBM Capital is a healthcare-focused investment firm operating as a platform of platform operating companies. Rather than offering a single unified product, PBM Capital provides capital, operational expertise, and strategic resources to a portfolio of pharmaceutical and life sciences companies. The portfolio includes AveXis (gene therapy, acquired by Novartis), Verrica Pharmaceuticals (dermatology products including YCANTH/VP-102), Dova Pharmaceuticals (thrombocytopenia drug DOPTELET, acquired by SOBI), Taysha Gene Therapies, Candel Therapeutics, ArcherDx (acquired by Invitae), and others developing treatments across rare diseases, oncology, and gene therapy.

Differentiator

Problem solved

Functional benefit

Products and services

• PBM Capital Healthcare Investment Services

Quantifiable outcome

• $10 Billion+ in shareholder value created since 2010
• +2 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• WalgreenscoreChannel Partner/ Reseller/ Distributor · 3 January 2024Verrica Pharmaceuticals (a PBM Capital portfolio company) entered into a specialty pharmacy partnership agreement with Walgreens to distribute YCANTH, their FDA-approved treatment for molluscum contagiosum.

Scale indicators3 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• OrbiMed: Healthcare-dedicated investment firm across venture, growth, and public equities with deep biotech, medtech, and life sciences focus. Comparable to PBM Capital in sector specialization, stage coverage (seed through public), and operating value-add approach to healthcare founders.
• Frazier Healthcare Partners: Healthcare-focused venture and growth capital firm investing across biopharma, medtech, and healthcare services. Comparable to PBM Capital in its dedicated healthcare thesis, multi-stage investment approach, and partnerships with life sciences entrepreneurs.
• ARCH Venture Partners: Venture capital firm focused on early-stage life sciences, physical sciences, and information technology companies. Comparable to PBM Capital in its deep biotech orientation, founder-led portfolio approach, and history of generating large strategic exits (e.g., gene therapy, genomics).
• Versant Ventures: Healthcare-focused venture capital firm investing in biotechnology, medical devices, and healthcare services. Comparable to PBM Capital in its dedicated healthcare mandate, multi-stage coverage, and emphasis on company-building partnerships with entrepreneurs.
• 5AM Venture Management: Early-stage venture capital firm focused on life sciences with a focus on building companies from scientific breakthroughs. Comparable to PBM Capital in its biotech-first mandate and operating-partner style with founders developing breakthrough therapeutics.
• Atlas Venture: Early-stage venture capital firm building biotech companies across multiple therapeutic areas. Comparable to PBM Capital in its therapeutic breadth (rare disease, oncology, gene therapy), company-creation approach, and founder partnerships.
• MPM Capital: Healthcare-dedicated investment firm investing across all stages of therapeutic and medical technology company development. Comparable to PBM Capital in its biotech specialization, company-building approach, and focus on oncology and rare disease therapeutic areas.
• Abingworth: Life sciences-focused investment firm providing venture and growth capital to therapeutics and medtech companies. Comparable to PBM Capital in its dedicated healthcare mandate, multi-stage investing approach, and emphasis on clinical and commercial milestones.
• SV Health Investors: Healthcare-focused venture capital and growth equity firm with a focus on biotechnology and medical technology. Comparable to PBM Capital in its healthcare specialization and founder partnership approach, though with a broader transatlantic footprint.

Broad incumbents

• New Enterprise Associates (NEA): Large multi-stage venture capital firm with a significant dedicated healthcare/biotech practice alongside technology investments. Comparable to PBM Capital's healthcare biotech thesis, though operating at much larger AUM scale and broader sector coverage.

Market position

Strengths4 records

Weaknesses2 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pbm-capital-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments20 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PBM Capital Group