NovaQuest Capital Management

Michael Bologna, Partner and Chief Investment Officer, leads investment decisions alongside Managing Partner Patrick Jordan and Partners Brian Axe, Robert Hester, and Ryan Wooten. Bologna and Jordan both date to the firm's pre-spinout era at Quintiles Transnational, where NovaQuest operated as an internal strategic investment group before becoming independent in 2010.

Product Finance is a late-stage, non-dilutive funding structure where NovaQuest provides capital to biopharmaceutical companies in exchange for a synthetic royalty or revenue interest on a specific approved or near-approval drug asset. The firm commits milestone-linked capital during the final development, regulatory, or early-commercial window. Because the structure avoids equity dilution, it appeals to biotech companies that want to retain upside on their platform while accessing growth capital for a lead asset.

NovaQuest was formed in 2000 as the strategic investment arm of Quintiles Transnational, the contract-research organization that later became IQVIA. In 2010, the investment team spun out as an independent firm, NovaQuest Capital Management, taking its biopharma-product-financing model with it. The firm no longer has a formal capital or governance tie to IQVIA, though the shared heritage informs NovaQuest's deal-sourcing network and therapeutic-area expertise.

NovaQuest runs proprietary pooled funds — Product Finance funds and a Private Equity fund — and deploys capital directly into negotiated biopharma royalty transactions, private equity platform investments, and co-investments. The firm does not operate as a fund-of-funds. Institutional limited partners commit to its blind-pool vehicles, and NovaQuest's investment team originates, underwrites, and manages each position directly.