Frederick Frank, an innovator of biotech investment who played a key role in Roche’s acquisition of Genentech and the merger that formed Bristol-Myers Squibb, has died.
Frederick Frank, an innovator of biotech investment who played a key role in brokering Roche’s acquisition of Genentech and the merger that formed Bristol-Myers Squibb, died Sept. 11 after leaving an indelible mark on the life sciences industry.
Largely considered to be the first life sciences specialist in investment banking, Frank has played key roles in shaping the half-trillion-dollar pharmaceutical industry. Despite the risks of biotechnology early on, Frank is seen as a visionary who was not only willing to take those financial risks but was able to do so in a manner that paved the way for substantial growth. He founded the biotechnology investment practice at Lehman Brothers and, in the waning years of his life, founded and helmed EVOLUTION Life Science Partners in 2014.
His death was first announced on Twitter by Daphne Zohar, founder and chief executive officer of PureTechH. In her announcement, she called Frank “a true gentleman, an amazing mentor and one of the best storytellers I’ve ever met.”
With news of his death, the accolades have poured in across social media platforms. Chris Garabedian, CEO of life sciences accelerator Xontogeny, called him a “true legend.” Arie Belldegrun, founder and co-chairman of Allogene Therapeutics, called Frank a “giant” and noted that he was instrumental in Belldegrun’s early work in the industry. Alnylam CEO John Maraganore said Frank will “rest in the pantheon of biotech’s greatest.”
Lewis H. Bender, CEO of Intensity Therapeutics, also remembered Frank as a gentleman.
“In Fred’s presence everyone was special, even entry level staff, which I was when we first met,” Bender wrote on Twitter.
Frank had a storied career in banking but will be remembered for what BioCentury called his “visionary dealmaking.” The publication put together a comprehensive memorial, highlighting his extensive career and his extraordinary impact on the biopharma industry. Since he began his career in 1958, Frank has been involved with more than 125 IPOs and was a top negotiator in more than 75 different mergers and acquisitions. Many of the deals he helped broker, including the Roche/ Genentech deal, enabled acquired companies to operate independently of parent companies to remain quick and innovative. In the case of Genentech, that has served Roche well. The South San Francisco-based company now generates more than half of Roche’s annual revenue.
Jeremy Levin, CEO of Ovid Therapeutics Inc., noted that Frank’s role in the industry “was to catalyze the concept that you could have an innovative relationship between a large pharmaceutical company and a small innovator company,” BioCentury reported.
Earlier this year, after Frank’s 89th birthday, the Biotechnology Innovation Organization and the Science History Institute awarded him its Biotechnology Heritage Award.
“Fred is one of the earliest supporters of the biotech industry, creating financing vehicles and assisting with mergers and acquisitions that helped to create the biopharma revolution. One of the most important examples of his efforts is the investment in Genentech by Roche, which led to the full acquisition of Genentech by Roche. This transaction enabled Genentech to become the biotech powerhouse it remains today,” BIO said in its announcement.
