In a recent turn of events, Harvard professor Timothy Springer, who first gained attention in 2020 due to his investment in biotech company Moderna, is now set to receive a substantial windfall from pharma giant Eli Lilly’s acquisition of Morphic Holding. Springer, who founded Morphic in 2014, currently owns approximately 16% of the company’s stock, which translates to around $435 million (pretax) following Eli Lilly’s $3.2 billion acquisition announcement.
The acquisition deal, which values Morphic at $57 per share, has caused a surge in the company’s stock price, rising by 75% to $55.79 as of Monday afternoon. This marks a significant gain of 280% for Springer since Morphic went public at $15 a share in 2019, pushing his estimated net worth to $2 billion. Springer, however, declined to comment on the matter.
Morphic is known for developing oral drugs utilizing integrins, proteins that aid cells in attaching to and communicating with other cells. Their research focuses on creating therapies for autoimmune diseases and serious chronic conditions such as inflammatory bowel disease and cancer. Eli Lilly’s interest in Morphic was primarily driven by the potential of interventions like MORF-057, a small molecule inhibitor currently in Phase 2 studies for ulcerative colitis and Crohn’s disease.
Springer, who holds a Ph.D. in molecular biology and has been actively involved in groundbreaking research, established LeukoSite in 1993 following his immunology work on integrins and lymphocyte function-associated molecules in the ’80s. The sale of LeukoSite to Millennium Pharmaceuticals for $635 million in 1999 earned him a substantial profit of $100 million. His scientific rigor and success in translating research into viable drugs have led to the creation of multiple biotech companies, including Scholar Rock and RNA cell therapy firm Cartesian Therapeutics.
In addition to Morphic, Springer’s recent successes include Tectonic Therapeutic, which merged with Avrobio in June, resulting in a $131 million raise. Springer’s investments in Tectonic have increased his stake to 29%, now valued at approximately $67 million. His early investment in Moderna in 2010 has proven to be his most profitable, with an estimated 3% stake in the company currently valued at $1.4 billion. Springer’s commitment to philanthropy is evident through his founding of the Institute for Protein Innovation (IPI) in 2017, where he has donated over $250 million for protein science research.
Springer’s approach to investing in what he knows best, combined with his dedication to rigorous scientific research, has paved the way for his success in the biotech industry. His contributions to the field have been recognized globally, earning him the Albert Lasker Basic Medical Research award in 2022. Despite his substantial wealth and achievements, Springer remains actively involved in both investing and philanthropic endeavors, striving to make significant contributions to scientific research and drug development.
