Betting on Demographics, SWFs Plunge into Health Care

February 02, 2015 by Loch Adamson

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Target Regions of SWF Direct Healthcare Investment, 2005-’15 (Number and Total) It was a huge day for Juno Therapeutics, a fledgling, Seattle-based biotechnology company. On December 19, amid raucous applause and a blizzard of confetti at the Nasdaq Stock Market’s MarketSite studio, overlooking New York’s Times Square, the company made its trading debut. Juno, which develops gene therapies that activate a patient’s own immune system cells to attack tumors, had priced its initial public offering at $24, and shares closed the day at $35, making it one of the hottest IPOs of the year. Though CEO Hans Bishop was on hand for the festivities, he wasn’t the biggest winner. Nor were Juno’s underwriters or even the prestigious medical institutions, including Fred Hutchinson Cancer Research Center and Memorial Sloan Kettering Cancer Center, that own big stakes of the company. Instead, the $51 billion Alaska Permanent Fund, holding 34.75 percent…

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