Warburg Pincus has hired three people as executives-in-residence in the healthcare group. David Kirchhoff, former chief investment officer of Weight Watchers International, Philip Gioia, president of North America at Glenmark Pharmaceuticals and Richard Hassett, formerly president and CEO of NovaSom, will work to explore investment opportunities in the healthcare industry.
Warburg Pincus, a leading global private equity firm focused on growth investing, today announced the appointments of three professionals as executives-in-residence (EIRs) in its healthcare group. The EIRs, David Kirchhoff, Philip Gioia, and Richard Hassett, M.D., will work with Warburg Pincus to explore investment opportunities in the healthcare industry, including the areas of consumer-driven healthcare, biopharmaceuticals, and population health.
Elizabeth H. Weatherman, Managing Director and Head of the Healthcare Group, Warburg Pincus, said, “We are thrilled to welcome our new executives-in-residence, further bolstering our network of seasoned industry experts. As Warburg Pincus continues to seek compelling investment opportunities, these executives bring unique insights on emerging healthcare trends that will inform our investment theses. Their demonstrated leadership and diverse backgrounds spanning several healthcare segments will be invaluable to our healthcare professionals around the world.”
Mr. Kirchhoff has more than 25 years of management experience, including more than a decade in consumer health and wellness. Most recently, he served as CEO of Weight Watchers International, the world’s leading provider of weight management services. Mr. Kirchhoff was the sixth employee and the first senior hire at WeightWatchers.com in 2000, initially serving as SVP of Strategy and Business Development before serving as CEO. Prior to joining WeightWatchers.com, he held roles at a variety of companies including the Enthusiast Media Group of Primedia, PepsiCo and The Boston Consulting Group. At Warburg Pincus, Mr. Kirchhoff will focus on consumer and digital health.
Mr. Kirchhoff commented, “During my many years at Weight Watchers, I saw firsthand the growth of digital health and the numerous emerging opportunities occurring at the intersection of technology, consumerism, healthcare and wellness. I am excited to partner with Warburg Pincus, whose global network and expertise in healthcare is unrivalled, and to bring my experiences to the development of the firm’s investment theses.”
Mr. Gioia has more than 25 years of experience in the U.S. pharmaceutical industry, both in the generics and branded spaces. Previously, he served as President of North America at Glenmark Pharmaceuticals, a global pharmaceutical company headquartered in India, and also oversaw its global Active Pharmaceutical Ingredient (API) business. Prior to that role, Mr. Gioia held several leadership positions at Bausch + Lomb, a former Warburg Pincus portfolio company. Most recently, he served as the Global Head of Business Development for Bausch + Lomb’s Pharmaceuticals division, the company’s largest and highest growth business with more than $1 billion in revenue worldwide, where he focused on the expansion of its product portfolio and pipeline. He also spent 13 years in senior roles at Barr Pharmaceuticals, Inc. (acquired by Teva Pharmaceuticals), and began his pharmaceutical career with Forest Pharmaceuticals and Lederle Laboratories. At Warburg Pincus, Mr. Gioia will focus on the biopharmaceuticals sector.
Mr. Gioia commented, “I am pleased to join the Warburg Pincus healthcare group, which is recognized globally for the strength of its professionals and its history of partnering with management teams to build businesses. I look forward to working with the firm to identify and evaluate opportunities in the large and growing biopharmaceuticals sector.”
Dr. Hassett brings nearly 30 years of healthcare experience as both a clinician and a healthcare services executive, most recently as President and CEO of NovaSom, a connected health company which introduced the nation’s only wireless device for cost-effective, at-home diagnosis of obstructive sleep apnea. Prior to NovaSom, he served first as Chief Strategic Officer and later as President of Matria Healthcare, as it transformed from a diversified publicly traded healthcare holding company into the leading informatics and care management company until its acquisition by Inverness Medical Innovations (now Alere Inc.) for $900 million in 2008. Earlier, Dr. Hassett was CEO of private equity-backed companies in the physician practice and post-acute care sectors. At Warburg Pincus, Dr. Hassett will focus on population health and accountable care.
Dr. Hassett commented, “I’m thrilled to be working with Warburg Pincus at a time when the healthcare industry structure is evolving so dramatically, creating new opportunities to leverage my experiences. The firm’s healthcare practice has a more than 40-year track record in the industry, and I am excited to join the team to explore areas for investment.”
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $39 billion in assets under management. The firm’s active portfolio of more than 120 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 13 private equity funds, which have invested more than $50 billion in over 720 companies in more than 35 countries.
Since inception, the firm has invested more than $8.5 billion in more than 145 healthcare companies. Recent investments include Specialists On Call, the leading telemedicine provider of specialty physician consultations to acute-care hospitals; ComplexCare Solutions, a leading care management services company; Beijing Amcare Women’s & Children’s Hospital, the leading private OBGYN hospital system in China; and JHP Pharmaceuticals, a high-growth manufacturer of injectable drugs, which was recently acquired by Par Pharmaceutical Cos. Inc. Recent completed public offerings include PW MedTech with its initial public offering on the Hong Kong Stock Exchange and China Biologic Products with its follow-on offering on the Nasdaq Stock Market. Last year, the firm exited two long-term healthcare portfolio companies via strategic transactions, Bausch + Lomb, which was acquired by Valeant Pharmaceuticals, and Constitution Medical Inc., developer of an innovative hematology diagnostics system, which was acquired by Roche.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo and Shanghai. For more information please visit www.warburgpincus.com.