A. BBA, a Delaware limited partnership, is an investment adviser located in New York, New
York and has been providing investment advisory services since January 2000. BBA serves
as a discretionary investment adviser to certain private investment funds (each, a “Fund” or
“Client” and collectively, the “Funds” or “Clients”), which are generally organized as limited
partnerships.
BBA’s founders and principal owners are Julian Baker and Felix Baker (the “Managing
Members”).
B. BBA generally has broad investment authority with respect to its Clients, subject to certain
pre-agreed limitations applying on a portfolio-wide basis with respect to certain Clients and
set forth in the applicable Client’s constituent documents (the “Investment Limits”).
BBA’s Clients invest in public and private securities and related assets and revenue streams of
life sciences and health care companies and cash management investments. These securities
include, but are not limited to: (1) equity securities, including exchange-listed and over-the-
counter securities; (2) warrants; (3) corporate debt securities, including convertible bonds; (4)
options contracts on securities; (5) ETFs; and (6) money market funds. BBA focuses on public
securities, but, from time to time, also recommends and makes investments on behalf of its
Clients in private companies, life sciences and related health care intellectual property, royalty
streams and other “non-public” investment opportunities.
BBA provides investment advice with respect to other investment securities and instruments
as is consistent
with each respective Client’s investment objective.
C. BBA neither tailors its advisory services to the needs of individual investors in the Funds
(“Investors”) nor accepts Investor-imposed investment restrictions other than the Investment
Limits (which apply to all Investors in an applicable Fund).
Though BBA utilizes a similar strategy for all of the Funds, it may tailor the advisory services
it provides to Clients to the extent that certain investments cannot be held by certain of BBA’s
Clients for legal, tax, portfolio concentration, or other investment based reasons.
BBA has, however, in the past established, and may in the future establish additional, managed
accounts or single investor funds for large or strategic investors. The advisory agreements for
such managed accounts or funds will generally be subject to different terms than the Funds,
including but not limited to, liquidity, investment objectives, guidelines and restrictions, fees
and other terms.
Only Baker Brothers Life Sciences, L.P., and its feeder Fund HCIF Offshore LP, are currently
open to new Investors.
D. BBA does not participate in wrap fee programs.
E. As of December 31, 2023, the amount of Client assets managed by BBA (“RAUM”) was
$21,976,239,930, all of which was managed by BBA on a discretionary basis. BBA
subsequently returned a portion of the proceeds from the exit of a large Client investment to
BBA's Investors. BBA’s RAUM as of February 1, 2024 was $15,628,258,358. BBA does not
currently manage any Client assets on a non-discretionary basis.