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Course Overview Note
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2012
Entrepreneurship in Healthcare IT Services (EHITS) Fall Term 2012: Course Outline and Syllabus
Robert F. Higgins and Robert F. Higgins
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Teaching Note
| HBS Case Collection
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2013
Rock Health
Robert Higgins and Ian McKown Cornell
This is the teaching note associated with HBS Case #813035. The case should enable students to identify emerging challenges, evaluate Rock Health's funding model, debate the effectiveness of its incubation service and assess its long-term viability.
Keywords: innovation;
Incubation;
Healthcare Technology;
entrepreneurship;
Startups;
Entrepreneurship;
Innovation and Management;
Health Care and Treatment;
Business Startups;
Health Industry;
San Francisco;
California;
United States;
Citation:
Higgins, Robert, and Ian McKown Cornell. "
Rock Health." Harvard Business School Teaching Note 813-136, June 2013.
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Case
| HBS Case Collection
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2012
Rock Health
Robert F. Higgins and Ian McKowan Cornell
Rock Health was a San Francisco–based nonprofit organization offering accelerator services to spur innovation at the intersection of healthcare and technology. The company was the creation of Halle Tecco (HBS '11) and her HBS classmate Nate Gross (HBS '11), who met early in their first year at the HBS Healthcare Club meeting and decided to undertake a year-long field study that married their shared interests in healthcare, technology, and entrepreneurship. Rock Health supported health-tech entrepreneurs with a startup grant of $20,000, office space, and a wide variety of professional support services. Entrepreneurial teams that participated in Rock Health's programs promoted services ranging from data-driven technologies that helped manage stress to mobile tools that attempted to diagnosis medical conditions as diverse as Alzheimer's disease and foot ulcers. The case is set in August 2011 as Rock Health is wrapping up its third group of entrepreneurs in a Boston program and planning for its fourth class at the home office. The case should enable students to identify emerging challenges, evaluate Rock Health's funding model, debate the effectiveness of its incubation service, and assess its long-term viability.
Keywords: innovation;
Incubation;
Healthcare Technology;
entrepreneurship;
Startups;
Entrepreneurship;
Innovation and Management;
Health Care and Treatment;
Business Startups;
Health Industry;
San Francisco;
California;
United States;
Citation:
Higgins, Robert F., and Ian McKowan Cornell. "
Rock Health." Harvard Business School Case 813-035, October 2012.
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Case
| HBS Case Collection
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2012
Predilytics
Robert F. Higgins and Annelena Lobb
The management team at Predilytics, a healthcare analytics firm, must decide whether to accept a Series A venture capital financing deal. The company provided analytic services to healthcare plans, typically Medicare Advantage plans, in efforts to draw conclusions from massive amounts of patient data. The company still had enough funding from a seed round to operate on a low-key basis for a few more months, but the team hoped to move forward aggressively and scale its business. They also needed to make business choices about next steps.
Keywords: analytics;
healthcare;
Medicare;
Health Care and Treatment;
Mathematical Methods;
Health Industry;
New England;
United States;
Citation:
Higgins, Robert F., and Annelena Lobb. "
Predilytics." Harvard Business School Case 813-023, October 2012.
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Case
| HBS Case Collection
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2010
(Revised from original 2007 version)
Vertex Pharmaceuticals and the Cystic Fibrosis Foundation: Venture Philanthropy Funding for Biotech
Robert F. Higgins, Sophie LaMontagne and Brent Kazan
In 2001, Vertex Pharmaceuticals Incorporated acquired the San Diego-based biotech company, Aurora Biosciences. The combination of Vertex's and Aurora's technologies would improve the flow of novel drug candidates into development. However, several questions related to the integration of Aurora into Vertex were still unresolved, the most pressing being Aurora's major collaboration with the Cystic Fibrosis Foundation (CFF). Were venture philanthropy and foundation deals an appropriate funding mechanism for a public company like Vertex? How could the board of Vertex and the CFF fundamentally align the objectives of a for-profit company with those of a non-profit institution? Those were the questions faced by the Vertex executives.
Keywords: Mergers and Acquisitions;
For-Profit Firms;
Venture Capital;
Giving and Philanthropy;
Science-Based Business;
Nonprofit Organizations;
Biotechnology Industry;
Pharmaceutical Industry;
San Diego;
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Teaching Plan
| HBS Case Collection
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2012
(Revised from original 2012 version)
Vertex Pharmaceuticals and the Cystic Fibrosis Foundation: Venture Philanthropy Funding for Biotech (TP)
Robert F. Higgins
This is the teaching note related to HBS case 808005. In 2001, Vertex Pharmaceuticals Incorporated acquired the San Diego-based biotech company, Aurora Biosciences. The combination of Vertex's and Aurora's technologies would improve the flow of novel drug candidates into development. However, several questions related to the integration of Aurora into Vertex were still unresolved, the most pressing being Aurora's major collaboration with the Cystic Fibrosis Foundation (CFF). Were venture philanthropy and foundation deals an appropriate funding mechanism for a public company like Vertex?
Keywords: venture philanthropy;
biotechnology;
funding philanthropy venture;
venture capital;
cystic fibrosis;
foundations;
Pharmaceuticals;
Mergers and Acquisitions;
For-Profit Firms;
Venture Capital;
Giving and Philanthropy;
Science-Based Business;
Nonprofit Organizations;
Pharmaceutical Industry;
Biotechnology Industry;
United States;
San Diego;
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Case
| HBS Case Collection
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2012
(Revised from original 2012 version)
Kyruus: Big Data's Search for the Killer App
Robert F. Higgins, Penrose O'Donnell and Mehul Bhatt
Kyruus is used in a course at HBS on Entrepreneurship in Healthcare IT and Services (EHITS). It describes a young company that has built a very large database on physicians. The company has had some early successful pilots with prominent customers, but it is now faced with choices on which markets to pursue. These markets each offer opportunity, but the company must make some decisions. As is often the case in early stage companies, these choices will affect a number of things, including organizational needs and capital requirements.
Keywords: Entrepreneurship;
Information Technology;
Business Startups;
Boston;
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Background Note
| HBS Case Collection
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2011
(Revised from original 2005 version)
Entrepreneurship and Venture Capital in Healthcare Fall Term 2011: Course Outline and Syllabus
Richard G. Hamermesh and Robert F. Higgins
Provides an overview of the second-year MBA elective course Entrepreneurship and Venture Capital in Healthcare.
Keywords: Entrepreneurship;
Venture Capital;
Health Care and Treatment;
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Case
| HBS Case Collection
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2012
(Revised from original 2009 version)
Generation Health: A Pioneer in Genetics Benefit Management (A)
Robert F. Higgins, Jeffrey D. Marrazzo and Rachel Gordon
Generation Health, a pioneer in the new field of genetics benefit management and a newly formed company, faces many strategic issues. CEO Per Lofberg is in the midst of negotiating a partnership with a major pharmacy benefit management company. As part of these negotiations, Lofberg must decide whether the time is right for such a strategic partner when Generation Health has only been founded for a year. At the same time, Lofberg must recruit for the critical position of Chief Medical Officer while also making decisions about Generation Health's stance on various regulatory issues that will affect the industry long-term.
Keywords: Business Startups;
Entrepreneurship;
Governing Rules, Regulations, and Reforms;
Growth and Development Strategy;
Partners and Partnerships;
Genetics;
Health Industry;
Insurance Industry;
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Supplement
| HBS Case Collection
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2012
(Revised from original 2010 version)
Generation Health: A Pioneer in Genetics Benefit Management (B)
Robert F. Higgins
Keywords: Health;
Research and Development;
Biotechnology Industry;
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Case
| HBS Case Collection
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2010
(Revised from original 2006 version)
eClinicalWorks: The Paths to Growth
Robert F. Higgins and Mark Rennella
In January 2006, eClinicalWorks (eCW) had an acquisition opportunity that could fundamentally change the way they had done business since the inception of the company in 1999. eClinicalWorks was a privately run business in the healthcare information technology field that took in $25 million in revenue in 2005. Revenues for 2006 were projected to reach $40 million. This successful electronic medical record (EMR) company had grown thanks to their reliable software and responsive customer service. The company had achieved this growth without the help of any outside financing. The five co-founders of eCW, who treated each other like an extended family, invested years of sweat equity and hard work to shape eCW as they wanted. They were also proud of their company culture, which de-emphasized traditional company hierarchies and encouraged independent thinking and cooperative working arrangements across departments. Keeping the company private, in their view, had helped them to maintain this culture. The opportunity to acquire another EMR company offered eCW the chance to grow quickly in an industry that is estimated to take in more than $40 billion in overall revenues in 2007. But this acquisition would require outside financing of some sort. Was this the moment to accelerate the rate of growth to which eCW had become accustomed--catching up with, rather than anticipating, how their customer base would expand? Or should they maintain the same approach that had worked so well since 1999?
Keywords: Mergers and Acquisitions;
Customer Focus and Relationships;
Financing and Loans;
Growth and Development Strategy;
Organizational Culture;
Expansion;
Health Industry;
Information Technology Industry;
Citation:
Higgins, Robert F., and Mark Rennella. "
eClinicalWorks: The Paths to Growth." Harvard Business School Case 807-025, August 2010. (Revised from original December 2006 version.)
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Case
| HBS Case Collection
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2010
(Revised from original 2004 version)
Stan Lapidus: Profile of a Medical Entrepreneur
Robert F. Higgins and Sophie LaMontagne
Describes the career path and insights of Stanley Lapidus, a successful serial entrepreneur in the medical and life sciences industry. Lapidus is the founder of Cytyc Corp. (NASDAQ: CYTC) and EXACT Sciences (NASDAQ: EXAS) and is currently the CEO of his third start-up, Helicos BioSciences. Gives students insight into the skills and experiences that are helpful in building successful medical technology companies.
Keywords: Business Startups;
Experience and Expertise;
Entrepreneurship;
Venture Capital;
Managerial Roles;
Health Industry;
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Case
| HBS Case Collection
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2010
(Revised from original 2009 version)
iZumi
Robert F. Higgins, Jacob Ian Broder-Fingert, Eliot Sherman and Sidhartha Palani
Presents the issues faced while building an innovative company in an emerging space with new intellectual property from the perspective of a venture capitalist. Beth Seidenberg, a partner at the venture capital firm Kleiner Perkins Caufield & Byers (KPCB), had helped create iZumi Bio, a company with ambitious prospects that she believed had the potential to become "the" definitive stem cell company. iZumi sought to bring under its banner key intellectual property (IP) from the nascent field of stem cell technology. As such, iZumi would need to acquire the rights to several groundbreaking scientific developments that had recently occurred in labs around the world. Seidenberg needed to decide whether to commit to the next major tranche of the investment. Charged with finalizing her decision in less than 24 hours, Seidenberg weighed the pros and cons of the next round of financing. Was it really possible to pull together such a broad range of IP under one umbrella? Was the international mix of IP going to be too difficult to manage? Was it too early for stem cell technology to be successfully commercialized?
Keywords: Entrepreneurship;
Venture Capital;
Globalized Markets and Industries;
Innovation and Management;
Intellectual Property;
Rights;
Genetics;
Financial Services Industry;
Health Industry;
Citation:
Higgins, Robert F., Jacob Ian Broder-Fingert, Eliot Sherman, and Sidhartha Palani. "
iZumi." Harvard Business School Case 809-105, July 2010. (Revised from original January 2009 version.)
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Case
| HBS Case Collection
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2010
(Revised from original 2008 version)
Odyssey Healthcare
Robert F. Higgins, Virginia Fuller and Umer Raffat
In January 2001, Dick Burnham, CEO of Odyssey Healthcare, and Odyssey's Board of Directors were considering selling the hospice care company to a larger provider or making an initial public offering (IPO). With 38 hospice locations in 21 states, Odyssey had been providing care to the terminally ill since its first location opened in 1996. Since then, the company had grown rapidly through a series of acquisitions, development of new hospice locations, and organic growth. Odyssey had just realized its first profitable year in 2000—recording a net income of $3.1 million—and was still a relatively young company. In addition, the hospice industry was subject to extensive federal, state, and local regulations relating to payment for hospice services and conduct of operations. Burnham was unsure how the market would react to a company with such government-dependent revenue streams. Additionally, the recent collapse of the "dot-com" boom in 2000 might make it impossible to float an IPO at all given the prevailing market conditions. On a positive note, however, healthcare companies were commonly thought to be recession proof and thus might be a sound investment in the event of a down-turning economy. Burnham had to decide if this was the right time for an exit, and if so, what the best exit would be.
Keywords: Business Exit or Shutdown;
Business Growth and Maturation;
Entrepreneurship;
Profit;
Governing Rules, Regulations, and Reforms;
Medical Specialties;
Business and Government Relations;
Health Industry;
Citation:
Higgins, Robert F., Virginia Fuller, and Umer Raffat. "
Odyssey Healthcare." Harvard Business School Case 809-052, January 2010. (Revised from original September 2008 version.)
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Teaching Note
| HBS Case Collection
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2009
Odyssey Healthcare (TN)
Robert F. Higgins
Teaching Note for [809052].
Keywords: Governing and Advisory Boards;
Initial Public Offering;
Mergers and Acquisitions;
Growth and Development;
Governing Rules, Regulations, and Reforms;
Economic Slowdown and Stagnation;
Service Operations;
Revenue;
Business Exit or Shutdown;
Health Industry;
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Teaching Note
| HBS Case Collection
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2009
iZumi (TN)
Robert F. Higgins
Teaching Note for [809105].
Keywords: Perspective;
Intellectual Property;
Venture Capital;
Innovation and Invention;
Investment;
Financing and Loans;
Technology;
Mergers and Acquisitions;
Commercialization;
Biotechnology Industry;
Citation:
Higgins, Robert F. "
iZumi (TN)." Harvard Business School Teaching Note 810-026, September 2009.
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Teaching Note
| HBS Case Collection
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2009
(Revised from original 2008 version)
Cynthia Fisher and the Rearing of ViaCell (TN)
Robert F. Higgins, Richard G. Hamermesh and Erin Seefeld
Teaching Note for [806002].
Keywords: Management;
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Case
| HBS Case Collection
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2008
(Revised from original 2006 version)
Pervasis Therapeutics, Inc.
Robert F. Higgins and Virginia Fuller
In May 2005, Steve Bollinger was about to become president and chief operating officer of Pervasis Therapeutics, a small cell therapy start-up in Cambridge, Mass. If proven successful, Pervasis' product, Vascugel, could change the way vascular disease is treated and have a major impact in a large and underserved population. However, Vascugel had not yet gone into human clinical trials, and getting it to market would mean navigating the FDA approval process, as well as raising the capital necessary to finance the endeavor. It was up to Bollinger to decide on a strategy for Vascugel's clinical trials. In addition, he would have to decide how much money the company needed to raise, taking into account the interests of the company's founders and existing venture investors. Finally, while Bollinger was expected to lead the company for the next two to three years, Pervasis' board was planning to launch a search for a permanent CEO in the future.
Keywords: Business Startups;
Venture Capital;
Financial Strategy;
Governing Rules, Regulations, and Reforms;
Health Care and Treatment;
Health Testing and Trials;
Health Industry;
Cambridge;
Citation:
Higgins, Robert F., and Virginia Fuller. "
Pervasis Therapeutics, Inc." Harvard Business School Case 807-026, August 2008. (Revised from original December 2006 version.)
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Case
| HBS Case Collection
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2008
(Revised from original 2007 version)
NatuRi Corporation
Robert F. Higgins and Virginia Fuller
NatuRi Corporation was a start up, founded in 2005, aiming to manufacture a cholesterol-lowering drug made from the byproducts of rice bran oil production. With operations split between Chennai, India and Boston, Massachusetts, NatuRi faced several challenges, including securing funding for the organization. NatuRi had captured the attention of at least four potential investors willing to offer an investment. Its managers were challenged to weigh their options and to determine which of the four potential investors currently interested in their venture would be most appropriate for NatuRi's future growth. In addition, the founders had only a short period of time to decide whether or not to accept a Seed and Series A term sheet from a well known venture capital firm. Poses the question of how the company's financing should be structured and how much equity the founders should relinquish in exchange for the start-up capital.
Keywords: Business Startups;
Decision Choices and Conditions;
Entrepreneurship;
Venture Capital;
Equity;
Investment Funds;
Growth and Development Strategy;
Chennai;
Boston;
Citation:
Higgins, Robert F., and Virginia Fuller. "
NatuRi Corporation." Harvard Business School Case 807-027, August 2008. (Revised from original January 2007 version.)
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Case
| HBS Case Collection
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2012
(Revised from original 2007 version)
D2Hawkeye: Growing the Medical IT Enterprise
Robert F. Higgins, Rosie O'Donnell, Sophie LaMontagne and Brent Kazan
In mid-March 2007, Chris Kryder sat in his office and thought about how to best finance his company's growth. Over the previous five years as founder and CEO of D2Hawkeye, a Waltham, Massachusetts-based healthcare analytics company, Kryder had grown the firm from a six-person start-up into a leading developer and provider of medical analytics in the U.S. He had three term sheets in hand-two from strategic investors and one from a venture capital firm. Each offer had its advantages and disadvantages and Kryder needed to decide which offer to accept.
Keywords: Business Startups;
Decision Choices and Conditions;
Venture Capital;
Financing and Loans;
Investment;
Health Industry;
Service Industry;
Waltham;
Citation:
Higgins, Robert F., Rosie O'Donnell, Sophie LaMontagne, and Brent Kazan. "
D2Hawkeye: Growing the Medical IT Enterprise." Harvard Business School Case 808-006, October 2012. (Revised from original November 2007 version.)
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Case
| HBS Case Collection
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2007
(Revised from original 2004 version)
Conor Medsystems
Donald N. Sull, Robert F. Higgins, Linda A. Cyr and Bijan Salehizadeh
Conor Medsystems had developed a drug-eluting stent that could capture significant share of the $5 billion global market. Chief executive officer, Frank Litvack, is considering alternative sources of financing to test the device.
Keywords: Entrepreneurship;
Health Testing and Trials;
Corporate Finance;
Medical Devices and Supplies Industry;
Citation:
Sull, Donald N., Robert F. Higgins, Linda A. Cyr, and Bijan Salehizadeh. "
Conor Medsystems." Harvard Business School Case 804-180, May 2007. (Revised from original April 2004 version.)
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Case
| HBS Case Collection
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2007
(Revised from original 2005 version)
Cynthia Fisher and the Rearing of ViaCell
Robert F. Higgins, Richard G. Hamermesh and Ingrid Vargas
Describes the start up of Viacord, a Boston-based medical services firm founded by Cynthia Fisher (HBS MBA) in 1993. Told from Fisher's perspective, the entrepreneur details the conceptualization and launch of the business and the many obstacles and expenses faced in the company's first seven years. Fisher describes the venture capital negotiations and a merger with a biotech company that led to the creation of ViaCell in 2000. Fisher explains how her role changed from founder and CEO of Viacord to president and then board member of ViaCell, and carries the firm's story to the successful 2005 IPO.
Keywords: Managerial Roles;
Business Growth and Maturation;
Entrepreneurship;
Business Startups;
Service Industry;
Health Industry;
Boston;
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Background Note
| HBS Case Collection
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2007
(Revised from original 2007 version)
Note on the U.S. Food and Drug Administration
Robert F. Higgins, Richard G. Hamermesh and Virginia Fuller
Describes the U.S. FDA with particular emphasis on its role in the development of new drugs, biologic products, and medical devices today. Provides context for the drug approval process by describing the FDA's history and organizational structure.
Keywords: Health;
Governance Compliance;
Policy;
Product Development;
Government and Politics;
Pharmaceutical Industry;
Medical Devices and Supplies Industry;
Biotechnology Industry;
Public Administration Industry;
United States;
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Background Note
| HBS Case Collection
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2007
Note on Biotech Business Development
Richard G. Hamermesh and Robert F. Higgins
Describes the business development process in biotechnology companies. Topics covered include: participants in the licensing process and their interests, the major steps in the licensing process, the terms that are part of most agreements, and the most contentious issues that arise in the implementation of licensing agreements.
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Teaching Note
| HBS Case Collection
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2006
Grove International Partners (TN)
Robert F. Higgins and Erin Seefeld
Teaching Note to 806096.
Keywords: Financial Services Industry;
Health Industry;
Japan;
United Kingdom;
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Case
| HBS Case Collection
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2006
(Revised from original 2006 version)
Grove International Partners
Robert F. Higgins, Carin-Isabel Knoop and Suzanne Petrela
Grove International Partners, one of the world's largest international real estate private equity funds, is actively seeking new investment opportunities in the seniors housing industry. The firm has identified two potential opportunities--one located in Japan and one in the United Kingdom--that would place it at the leading edge of one of the most lucrative and socially meaningful health care services markets in the world. Grove evaluates these two opportunities and decides which one, if either, to pursue.
Keywords: Decision Choices and Conditions;
Private Equity;
Investment;
Opportunities;
Financial Services Industry;
Health Industry;
Japan;
United Kingdom;
Citation:
Higgins, Robert F., Carin-Isabel Knoop, and Suzanne Petrela. "
Grove International Partners." Harvard Business School Case 806-096, April 2006. (Revised from original February 2006 version.)
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Teaching Note
| HBS Case Collection
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2006
Stan Lapidus: Profile of a Medical Entrepreneur (TN)
Robert F. Higgins, Richard G. Hamermesh and Erin Seefeld
Teaching Note to (805-087).
Keywords: Personal Development and Career;
Entrepreneurship;
Business Startups;
Biotechnology Industry;
Pharmaceutical Industry;
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Teaching Note
| HBS Case Collection
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2006
Conor Medsystems (TN)
Robert F. Higgins, Richard G. Hamermesh and Erin Seefeld
Teaching Note to (804-180).
Keywords: Health Industry;
Citation:
Higgins, Robert F., Richard G. Hamermesh, and Erin Seefeld. "
Conor Medsystems (TN)." Harvard Business School Teaching Note 806-150, March 2006.
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Case
| HBS Case Collection
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2004
(Revised from original 2002 version)
U.S. Labs
Michael J. Roberts and Robert F. Higgins
Describes the evolution of a start-up venture in the pathology lab segment of the clinical lab business. U.S. Labs tries a series of business models before running out of cash. The company is in dire need of financing, as its venture capital backers are refusing to put up more capital and its bank is calling its loan. Discusses how the CEO is willing to put up his own funding and still believes in the company's future.
Keywords: Entrepreneurship;
Business Startups;
Venture Capital;
Financial Strategy;
Financing and Loans;
Business Model;
Business or Company Management;
Planning;
Business Strategy;
Health Industry;
Citation:
Roberts, Michael J., and Robert F. Higgins. "
U.S. Labs." Harvard Business School Case 802-163, May 2004. (Revised from original February 2002 version.)