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LetterOne Launches L1 Health in US and Announces Franz Humer Appointed to L1 Health Advisory Board
London (ots/PRNewswire) - LetterOne (L1), the international investment business, today announced the launch of L1 Health, a new investment business alongside L1 Energy and L1 Technology.
Based in the US, L1 Health will target up to $ 2-3 billion of investments in the global healthcare sector over the next three years with the goal of making sizeable equity investments in businesses that it can support and help grow for significant periods of time.
L1 believes that several factors are generating substantial opportunities in healthcare:
- Ageing populations and rising healthcare costs in the US and Western Europe, which are expected to increase 5.2% globally over the period 2014-2018, are increasing the need for greater efficiency in healthcare delivery. In the US alone healthcare costs are expected to reach 18% of GDP by 2018.
- In addition a growing middle class worldwide is increasing demand for healthcare consumption - opening up new fronts for the healthcare industry. By 2018, the number of middle-income households (over $25,000 annually) is expected to increase 30% to 570 million people, with over 50% of that growth coming in Asia. Governments and private entities are expanding access to treat these populations.
- Innovations in technology, biology, and genomics too are changing the way we think about healthcare treatments and this enables us to look at healthcare in new and unique ways.
L1 is delighted to announce that Dr Franz Humer has been appointed to the L1 Health investment Advisory Board with immediate effect.
Franz has spent 40 years of his executive career in the pharmaceutical industry. He joined Schering-Plough (now Merck & Co.) in 1973 and then worked for Glaxo for many years becoming COO in 1992. He joined F Hoffmann-La Roche in 1995. He was appointed Chief Operating Officer in 1996, Chief Executive Officer in 1998 and in April 2001 he was appointed Chairman of the Board of Directors and Chief Executive Officer. From March 2008 to March 2014 he was Chairman of the Board of Directors of Roche Holding Ltd.
Franz is currently Chairman of Diageo plc. He is an Independent Director with Citigroup Inc., Chugai Pharmaceuticals Ltd (Japan), Bial Pharmaceuticals (Portugal), Kite Pharma (Biotech company in Los Angeles), WISeKey (Cyber Security Company, Switzerland) and a member of the International Advisory Board of Allianz SE.
Commenting on the launch of L1 Health, and appointment of Franz Humer, Mikhail Fridman, LetterOne Chairman said:
"We are delighted that Franz is joining the L1 Health Advisory Board. As a former CEO and Chairman of Roche, he has a unique blend of skills and experience in the healthcare sector.
"The health sector is rapidly evolving, which creates unique investment opportunities for L1 Health.
"Our strategy is to leverage insights we have gained from our healthcare investments in private equity to build expertise and then invest in scale. Our aim at L1 is to build a world class diversified global investment business."
L1 Health is already looking at various investment opportunities and establishing the business. It is recruiting an investment team and additional members of its Advisory Board.
FRANZ HUMER BIOGRAPHY AND MORE DETAILS AVAILABLE AT http://www.letterone.com
L1 Director of Communications
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