The European VC (EUVC)

Charles Dunn & Ruth McKernan, SV Health Investors: Exit of the Year Winners and Biotech Company Builders

In this episode, Charles Dunn and Ruth McKernan of SV Health Investors discuss their hybrid model of creating biotech companies and making later‑stage venture investments, highlighting how this structure diversifies risk for LPs and enables cross‑stage learning. They showcase recent successes, such as the $3 bn exit of EyeBio to Merck and the launch of Draig Therapeutics with a $140 m Series A, illustrating flexible company formation even after early data is available. The guests emphasize the strategic advantage of blending early‑stage creation with mature investments to capture high upside while maintaining portfolio stability.