Wellcome Trust — portfolio autopsies

Achaogen spent 15 years developing a new antibiotic, won FDA approval in June 2018 — and filed for Chapter 7 bankruptcy in April 2019, just 10 months after approval, because hospital purchasing refused to pay for its drug.

Radius Health got its osteoporosis drug FDA approved in 2017 — and still filed for Chapter 11 in 2022 because the commercial launch never paid back the 440 million dollars spent developing it.

The $1.4B healthcare transparency IPO that proved benefits platforms are worth a fraction of what Wall Street paid for them

FDA-approved antibiotic Xenleta couldn't survive the broken economics of the US antibiotic market.

Errol Damelin built a £1B payday lender on 5,853% APR loans. FCA capped rates in 2015. Wonga wrote off £220M in unaffordable loans. Filed administration August 2018 after compensation claim surge.