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????8月29日早上,，我們將賈茲制藥公司（Jazz Pharmaceuticals）列入了《財(cái)富》雜志全球增長(zhǎng)最快的上市公司年度排行榜,，它的營(yíng)收和利潤(rùn)的三年平均增長(zhǎng)率分別達(dá)到68%和279%。因此,，我很想知道私募公司Kohlberg Kravis Roberts & Co. (KKR)九年前領(lǐng)投賈茲制藥公司2.50億美元這些年來(lái)的投資回報(bào)如何,。

????當(dāng)時(shí)，這是KKR第一次以風(fēng)險(xiǎn)投資人的身份進(jìn)行投資,，可能也是最后一次(取決于你如何看待其2012年投資無(wú)線立體聲公司Sonos),。這也是這家私募股權(quán)巨頭首次涉足生物科技行業(yè)。

????當(dāng)時(shí)KKR以1.30億美元領(lǐng)投賈茲制藥公司B輪融資,，其余較小的一些投資來(lái)自四家私募股權(quán)投資公司和Jazz原有的風(fēng)投支持者,。那時(shí)，Jazz事實(shí)上只是一個(gè)資本金充足的尋找產(chǎn)品平臺(tái),。這家總部位于加州帕洛阿爾托的公司成立僅一年,，是由Alza Corp.【2001年被強(qiáng)生公司(Johnson & Johnson)收購(gòu)】的一群高管創(chuàng)立，計(jì)劃收購(gòu)治療神經(jīng)性和精神疾病的藥物,，同時(shí)實(shí)現(xiàn)商業(yè)化,。此后賈茲制藥公司再也沒(méi)有接受過(guò)非公開(kāi)投資，而是在2007年進(jìn)行了公開(kāi)上市,。此時(shí)這家公司已經(jīng)有兩款產(chǎn)品獲得了美國(guó)食品藥品管理局(FDA)的批準(zhǔn),，另有六款處于不同的開(kāi)發(fā)階段。

????當(dāng)時(shí),，它的IPO價(jià)格是每股18美元,，KKR選擇繼續(xù)持有所有股票。有段時(shí)間,，這個(gè)決定看上去糟透了,，因?yàn)?009年4月的時(shí)候，賈茲制藥公司的股價(jià)一度低至每股0.60美元,。但KKR堅(jiān)信不動(dòng)搖,，當(dāng)年9月甚至通過(guò)直接配售,，買進(jìn)了更多股票。

????第一筆售股是在2010年12月,，規(guī)模很小,，凈額不到100萬(wàn)美元。然后在2012年3月,，它賣出了近1/3的持股,，2013年3月的售股規(guī)模更大。合計(jì)起來(lái),，KKR已出售賈茲制藥公司股票獲得了3.66億美元,。更重要的是，目前它仍持有5.5%的股權(quán),，市值約2.78億美元(8月29日市場(chǎng)開(kāi)盤時(shí)為2.71億美元,，但在寫這篇文章時(shí)股價(jià)已漲了2%多)。

????這意味著KKR投資賈茲制藥公司已經(jīng)賺了超過(guò)5億美元,。也許在大多數(shù)的傳統(tǒng)風(fēng)險(xiǎn)投資人看來(lái),，“現(xiàn)金的現(xiàn)金回報(bào)率”(cash-on-cash multiple)為4.7倍算不上賺得盆滿缽滿，但大多數(shù)的傳統(tǒng)風(fēng)險(xiǎn)投資人同樣也不會(huì)向一家尚未產(chǎn)生收入的生物科技公司投資1.30億美元……??

????This morning we put Jazz Pharmaceuticals (JAZZ) atop our annual list of the world's fastest-growing public companies, with three-year average revenue and profit growth of 68% and 279%, respectively. So I was curious to see how Jazz had worked out for Kohlberg Kravis Roberts & Co. (KKR), which led a $250 million investment into the company nine years ago.

????It was the first time that KKR ever played venture capitalist, and arguably the last (depending on how you view its 2012 investment in wireless stereo company Sonos). It also was the private equity giant's initial foray into biotech.

????KKR led the Series B round with a $130 million investment, alongside smaller investments from four other private equity firms and Jazz's existing VC backers. At the time, Jazz was really just a well-capitalized platform in search of product. The Palo Alto, Calif.-based company had been founded one year earlier by a group of executives at Alza Corp. (acquired by Johnson & Johnson in 2001), with plans to acquire and commercialize drugs for treating neurological and psychiatric disorders. It never raised more private funding, instead going public in 2007 with two FDA-approved products and another six in varying degrees of development.

????The IPO price was $18 per share, with KKR holding onto all its stock. For a while, it looked like a lousy decision. with Jazz trading at a low point of just $0.60 per share by April 2009. But KKR kept the faith, even buying more shares that September via a direct placement.

????Its first sale was a small chunck in December 2010 that netted less than $1 million. But then it sold nearly one-third of its stake in March 2012 and an even larger block in March 2013. All together, KKR has generated $366 million for its Jazz Pharma sales. More importantly, it still holds a 5.5% ownership stake that is currently valued at around $278 million ($271m when market opened, but the stock is up more than 2% so far).

????That means that KKR has made over half a billion dollars off of Jazz Pharmaceuticals. The 4.7x cash-on-cash multiple isn't exactly what most traditional VCs would consider a grand slam, but most traditional VCs also wouldn't invest $130 million into a pre-revenue biotech play...