About us
Introducing Elixir
Founded in 2002, Elixir Securities (“Elixir”) is a London-based boutique Corporate Finance business specializing in the global life sciences sectors.
Elixir is focused on developing solutions for companies seeking to develop and execute their growth strategies either in part or entirely in Europe. Our capabilities are aligned with the sector-specific financial challenges which these companies face. Elixir aims to become a key partner with all of the parties involved in the life sciences space: In every case we aspire to become part of the team, rather than mere advisors.
Elixir bridges a critical funding gap for companies in the life sciences market: It offers a wide range of capabilities aimed specifically at companies situated at and around the interface between the public and private markets. This space, specifically, is of growing importance as the lines of demarcation between privately and publicly funded businesses become blurred.
Elixir’s principals have considerable operational experience, gained both from the financial markets and the life sciences industry.
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People
Elixir calls on the skills and experiences of a wide range of people in order to provide the best advice possible to companies operating across the breadth of the healthcare markets. In particular Elixir places particular weight on its experiences from working and running the sort of companies to which we now provide advice. Elixir also has many years of experience from working in financial services as ranked Biotech/Healthcare and Pharmaceutical analysts. We therefore believe that we have achieved a broad-based skill-set within a concentrated group of professionals.
Meet the team »
Strategic Planning
“Never invest in any idea you can't illustrate with a crayon”
Peter Lynch
The pursuit of a small life sciences company’s strategic objectives is inherently fraught with uncertainty. Such uncertainty equates directly with risk, and can be further compounded by the vagaries of the life sciences market and the constantly changing inclinations of the investors. Consequently many smaller companies often struggle to communicate effectively with investors; attract finance and ultimately to execute their strategic plan, to full effect.
Elixir’s investment banking practice is not therefore an execution-only business. We operate as ‘enablers’, listening to the market; helping our clients to position and shape their businesses to become more attractive to investors or strategic acquirers; and communicating often complex concepts to investors, on a level which is commensurate with their understanding. We aim to develop long term solutions, irrespective of the challenges that the market environment may present, because they are right for stakeholders; not because they are easiest for us as an advisor.
Elixir helps smaller companies to identify and develop their key strategic messages and to prepare professional prospectuses (for product licensing purposes); private placement memorandums and marketing presentations.
Elixir has worked on a number of product licensing mandates for companies seeking to find strategic partners for products, both in Europe and outside.
Elixir is also able to provide advisory services relating to mergers and acquisitions, including the identification and analysis of strategic acquisition targets.
Alternative Finance Solutions
“Markets can remain irrational longer than you can remain solvent”
John Maynard Keynes
Life science markets are notoriously fickle. Privately-placed, structured transactions have therefore become the dominant funding mechanism for small cap companies in the US, reflecting the benefits to timing, certainty and cost of capital. The merits of such mechanisms are increasingly appreciated in Europe, particularly in life sciences. Privately placed deals often allow companies and investors to limit risks and minimize volatility, in a way which is accretive to the strategic planning exercise.
Our investors continue to look for ever-more creative ways to invest capital, so as to extract the greatest strategic value for their investee businesses. These are atypical approaches from atypical sources. Elixir has relationships with specialist; private equity; and crossover funds, managing between £100m and £1,500m for investment in both public and private companies across a wide range of securities and structures.
In general, smaller, publicly-listed life sciences companies have limited access to finance. Equity financing may be scarce as a result of their profile, history, market sentiment or because of structural issues. Term debt is infeasible as a result of limited or exhausted credit support. Furthermore, small cap brokers are often unable to secure finance when it is most needed and may not cover the whole capital structure. Structured private deals allow companies to raise finance when traditional sources of debt/equity finance are unavailable.
Capabilities
"Anyone who lives within their means suffers from a lack of imagination."
Oscar Wilde
Elixir is focused on helping public and private companies from around the world, seeking to raise in excess of $5m from European investors. Elixir operates at the interface between the public and private markets, often using novel deal structure to achieve uncommon ends:
As well as conventional public and private raises, Elixir can raise private money for public companies; a reflection of the growing dependence on venture capital to support late-stage product development, both within public and private companies. Elixir can also raise public money for private companies (pre-IPO and on IPO) accessing the significant “pools of liquidity” and preferential regulatory and cost profiles of the European-based Stock Exchanges, including the Alternative Investment Market (“AIM”).
We recognize that successful business relationships are the product of a complex interplay of factors including professionalism, empathy, and delivery. Elixir’s principals were formerly ranked analysts and investment bankers with operational experience in the life sciences industry. As scientists, first and foremost, we draw on a wealth of experience to provide our clients with solutions which not only reflect the demands of the financial markets, but also our understanding of the realities of the life sciences world.
‘Primary markets’ capabilities include public and private placements, PIPEs, secondary offerings, IPOs, pre-IPOs, buyouts/ins and special-situation deal structures, such as those which pre-fund corporate “buy-and-build” acquisition strategies. Elixir is also able to undertake Mergers/Acquisitions and product licensing mandates.
Securities which are available to companies may include term debt, fixed premium converts, variable priced converts, equity lines of credit and equity.