This Legendary Billionaire Biotech Investor Has Remained A Mystery—Until Now

, the untold story of Wayne Rothbaum and the worst trade of his life. But what cost him some $700 million turned out to be the boon for countless cancer patients.obert Duggan had been warned by his investors relations consultants before his next meeting. “Get ready for this one.” Duggan and his team were on a fundraising trip in New York to pitch Pharmacyclics, their tiny and struggling biotechnology company, to hedge funds and investment firms.

Edelman was Rothbaum’s mentor. When they first cut their teeth together on Wall Street, Rothbaum grew amazed with how the human body worked. He marveled at the connections and mechanisms, the chain reactions and the interconnectedness of everything. He looked at the body as an elegant biomechanical machine made up of parts, molecular gears, cogs and switches that could be turned on or off. This machine followed rules defined by a genetic code and electrical pathways.

But one Wall Street investor found his way to the red-and-white poster, attracted almost by some invisible animal scent. Richard Klemm worked at OrbiMed Advisors, a relatively large biotech hedge fund in New York. Reading the data presented, Klemm saw that this experimental drug owned by Pharmacyclics had generated two partial responses in chronic lymphocytic leukemia, or CLL.

This was Rothbaum’s specialty, building an investment thesis out of a few pieces of data and being bold enough to do something about it. Sitting in his office in front of his trading screen in New York, Rothbaum called up his broker. “Whatever blocks you can find me, buy me up to one million shares,” Rothbaum said.

Not long afterward, Joe Edelman’s Perceptive Life Sciences hedge fund would also take a big position. At $37 million, Pharmacyclics’ market valuation remained tiny, but if you were watching closely, something about this company had suddenly interested the smart money on Wall Street.year later, Rothbaum didn’t like what he was seeing.

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