Redmile Group Research
Investment Thesis
Redmile Group is a San Francisco (Larkspur, CA) headquartered healthcare-focused investment firm founded in 2007 by Jeremy Green, a former Citigroup managing director and head of European healthcare equity research. Redmile is not a conventional early-stage venture fund; it is a crossover investor that runs hedge fund, growth-equity, and venture strategies side by side, deploying capital across public equities, PIPEs, private placements, and traditional priced venture rounds (typically Series B and later) in the same portfolio. The firm's thesis centers on deep clinical and scientific diligence in biotech, life sciences, and healthcare, using public-markets pattern recognition to inform private investment decisions and vice versa.
Sector Focus
Redmile invests almost exclusively within healthcare: biopharma and biotech drug discovery/development, medical devices and diagnostics, and select digital health and healthcare services companies. Oncology, immunology, rare disease, and platform biotech (antibody engineering, cell therapy, AI-driven drug design) are recurring themes in its recent portfolio.
Stage Focus
Redmile is a multi-stage, crossover investor. Its private activity clusters at Series B through late-stage/pre-IPO financings, and it is a highly active participant in public-market financings for healthcare companies (PIPEs, follow-on offerings, private placements tied to reverse mergers). It rarely, if ever, does seed or Series A rounds.
Check Size
Check sizes vary widely with the crossover model, from roughly $10M participations in syndicated rounds up to $100M+ when co-leading or leading growth/PIPE financings (e.g., its role in Ambrosia Biosciences' $100M Series B and Absci's $100M offering).
Lead Tendency
Mixed. Redmile has led or co-led rounds (Neuron23's original $80M Series B, Ambrosia Biosciences' $100M Series B co-lead) but frequently participates as a syndicate member alongside other crossover and specialist healthcare funds (OrbiMed, RA Capital, Cormorant, BVF Partners, New Leaf Venture Partners).
Recent Activity
Redmile has been consistently active through 2025-2026: participation in Neuron23's $96.5M Series D (June 2025), Electra Therapeutics' $183M Series C (October 2025), Ambrosia Biosciences' $100M Series B co-lead (March 2026), Absci's $100M underwritten offering (June 2026), Obsidian Therapeutics' $350M private placement tied to its Galera Therapeutics merger (August 2026), and Abcuro's $66M Series D (August 2026). This cadence indicates an actively deploying fund investing across both private and newly-public healthcare names.
Portfolio Highlights
Notable current and historical holdings include AlloVir, IGM Biosciences, Saluda Medical, Repare Therapeutics, ArcherDX (acquired by Invitae), Augmedix, BioNTech, Abcuro, Neuron23, Electra Therapeutics, Ambrosia Biosciences, Obsidian Therapeutics, and Absci. A distinctive historical event: in 2020, after building a large stake, Redmile itself launched a recommended mandatory cash offer for UK-listed drug discovery company Redx Pharma plc under UK takeover rules, closing with roughly a 92% stake — an unusual example of a crossover fund becoming a controlling acquirer of a portfolio company.
Team
- Jeremy Green, Founder, Managing Partner & Portfolio Manager — founded Redmile in 2007; previously cofounder/director of research at Steeple Capital, analyst at Andor Capital, and managing director/head of European Healthcare Research at Citigroup; holds a master's in biological sciences from Oxford.
- Robert C. Faulkner, Managing Director — based in San Francisco.
- Florian Reinaud, Partner & Managing Director.
- Xiaoming Fang, Partner & Managing Director.
The firm reports roughly 93 employees as of mid-2026, reflecting substantial public-markets research and trading infrastructure alongside its private investing team.
Decision Process
Multi-partner structure (Green plus several managing directors/partners) suggests a partnership-style decision process rather than a solo-GP model, though public filings do not disclose the exact investment committee mechanics.
Founder Preferences
Redmile's private investments concentrate on management teams with strong clinical/scientific pedigrees running de-risked, later-stage biotech programs (post-Phase 1 or with clear registrational paths), consistent with a firm whose edge is scientific and clinical-data diligence rather than early company-building.
Geographic Focus
Primarily United States, with a secondary New York office (45 West 27th Street) alongside its Larkspur, CA headquarters. Select international exposure includes European/German biotech (BioNTech) and UK-listed Redx Pharma.
Gaps and Uncertainties
Redmile does not maintain a public portfolio or team page on its website (redmilegroup.com resolves to a minimal, JavaScript-rendered contact page with no navigable portfolio/team/news sections), so this research relies on SEC filings, press releases, and third-party financial-data aggregators (Tracxn, PitchBook, Crunchbase, Insider Monkey) rather than firm-published materials. Exact current fund structure, discretionary vs. total AUM breakdown, and formal check-size/stage policy are not publicly disclosed.