Avidity Partners

Avidity runs a concentrated, long/short equity strategy focused exclusively on the life sciences sector. The firm invests across market capitalizations, participating in crossover rounds, IPOs, follow-on offerings, and open-market position building. Its portfolio typically holds 25–40 positions concentrated in biotechnology, pharmaceuticals, and medical technology companies.

Michael Gregory serves as Founder and Chief Investment Officer, holding ultimate authority over portfolio construction. David Brown is a Partner and Portfolio Manager. Gregory's investment approach was shaped during his tenure at Perceptive Advisors, where he managed healthcare portfolios before founding Avidity in 2013.

Avidity actively participates in private investments, particularly crossover rounds and pre-IPO financings. The firm has invested in private placements for companies such as Structure Therapeutics and held positions in Chinook Therapeutics prior to its acquisition by Novartis. This allows Avidity to build positions before companies reach public markets.

The Shanghai office provides Avidity with direct analytical access to Chinese biotech and pharmaceutical companies. It supports the firm's mandate to invest in China-based innovators, a structural advantage that most US-based healthcare hedge funds do not maintain. Specific personnel in the Shanghai office are not publicly disclosed.

Avidity is structured as a SEC-registered investment adviser, operating as a traditional hedge fund open to external institutional capital. It is not a family office, though its concentrated, conviction-weighted approach shares some characteristics with single-manager firms that manage internal capital alongside limited partner commitments.

Avidity typically leads or participates directly in public and private equity transactions rather than committing to external GP funds. The firm does not market a fund-of-funds program. Its crossover activity positions it as a direct co-investor alongside venture capital syndicates in pre-IPO biotech rounds.

Avidity targets the life sciences sector exclusively, including biotechnology, pharmaceuticals, and medical technology. The firm does not invest outside of healthcare and has no known positions in technology, financials, energy, or other sectors. This singular focus mirrors the model employed by other dedicated healthcare funds such as Baker Bros. Advisors.