JPMorgan Chase hires OrbiMed Advisors executive for new life sciences venture capital firm

JPMorgan Chase & Co. JPM, +1.26% said Tuesday its J.P. Morgan Asset Management unit is launching a new private capital team aimed at investments in life sciences. Stephen Squinto is now chief investment officer and managing partner of Life Sciences Private Capital for the bank. He previously worked at private equity firm OrbiMed Advisors. Squinto was also co-founder of Alexion Pharmaceuticals, now a unit of AstraZeneca PLC AZN, +1.75% and was a scientific founder of Regeneron Pharmaceuticals REGN, +1.06%. Gaurav Gupta and Anya Schiess are co-managing partners. J.P. Morgan Private Capital CEO Brian Carlin said the team “will bring a unique ability to partner with portfolio companies and add significant operational value beyond financial investment.” The Wall Street Journal initially reported the formation of Life Sciences Private Capital. Shares of JPMorgan Chase & Co. JPM, +1.26% are down 20.5% in 2022, compared to a 9.9% loss by the Dow Jones Industrial Average DJIA, +0.72%.