Adjuvant Global Health Technology Fund LP

Direct: The Adjuvant Global Health Technology Fund will invest in late-stage technologies that address underfinanced healthcare challenges in low and middle-income countries. The fund will primarily target investees that are at the mid- to late-stage of the research and development process and require Adjuvant’s capital and expertise to receive regulatory approval, to scale production and to secure routes-to-market.

Catalytic: Lack of track record in funding research and development in disease areas applicable to low and middle income markets and uncertain returns are preventing the market from developing. The fund can help prove the commercial case for investing in these areas and mobilise more capital in this underfinanced sector.

Primarily low and middle-income countries. Some technologies will have dual use applications, but the Global Access Commitments mean that marketing and distribution must include low-income and lower-middle income countries.

Very often, low/very low income and beneficiaries of humanitarian/aid programmes. Global Access Commitments give us comfort that the pricing will be affordable to lower-middle income populations. Given the important focus on maternal mortality, we expect a large number of customers to be women.

Likely large scale, in the millions of people treated, as the number of investee product registrations and low and middle-income countries’ market authorisations grows.

The nature of the healthcare challenges being addressed by the fund means that we can expect these investments to result in very meaningful impact in terms of reduced mortality and morbidity for millions of individuals, particularly the most underserved. Investments will be most impactful when the technology is designed to address an unmet medical need, i.e. for diseases where no applicable treatment or preventative currently exists. Where other global health products already exist, investments may be used to support alternative products when they are superior. This could either be in terms of their effectiveness or in terms of the likelihood that they will result in greater global public health impact in low- and middle-income countries; e.g. through improvements in price or usability.

• Financial additionality: Our commitment will increase the scale of the overall impact.

This investment is made under an approved Catalyst Strategy, and therefore does not require a grid score.

Execution Risk

• This captures a range of risks which would prevent a technology from being developed and/or commercialised. After due diligence we consider Adjuvant to be well placed to address these risks.

Alignment Risk

• The risk appears low and we believe we have strong alignment with Adjuvant and other LPs (on the impact mandate and the parameters that define success). The Global Access Commitments and governance oversight provided by the Social Impact Committee gives us further comfort.