A results-driven platform

PBM Capital is a healthcare-focused investment firm that invests in companies in the pharmaceutical and life sciences industries. We partner with exceptional scientists, engineers and entrepreneurs who have developed game-changing technologies that can improve and save lives.

Building a company is hard.  We bring proven operational capabilities and expertise to enable our portfolio companies to develop revolutionary products. We know how to build winning companies.


Our entrepreneurial heritage starts with our founder, Paul Manning, who built PBM Products from scratch with less than $1 million invested and grew it to the world’s leading provider of private label infant formula, supplying products to over 50,000 retail stores. PBM Products was sold to Perrigo, a publicly listed pharmaceutical company, for over $800 million. After this transaction, Paul formed PBM Capital in 2010 to provide dedicated capital to healthcare investments.

PBM Capital currently has several platform operating companies developing life-changing pharmaceutical and biological products.

Since 2016, three of our portfolio companies — AveXis (subsequently acquired by Novartis), Dova Pharmaceuticals and Verrica Pharmaceuticals — have successfully completed initial public offerings.

We look for companies that are run by entrepreneurs whose aspirations are consistent with our thesis and who we trust and admire.