"In May 2003, Easton led a $55.3 million financing for Acorda Therapeutics, one of the top three private biotechnology financings to date in 2003. Easton's ability to lead such a significant round, particularly in a challenging financial environment, is a testament to its capabilities and excellence. Acorda's management and Board were thoroughly impressed by the acumen and performance of the people at Easton. They comprise a rare mix of expertise in finance, life sciences, business development and value creation, together with meticulous attention to detail and passionate commitment. We are especially pleased that John Friedman has joined our Board of Directors, where we expect his insights to contribute substantially to Acorda's future successes."

Ron Cohen
Founder, President, and CEO, Acorda Therapeutics

"The true value of the Easton Hunt partnership is clearly in the depth of their personal relationships and the breadth of their business acumen. This reality manifests itself particularly in critical moments when business decisions demand lucid thinking and sound judgment on behalf of the collective good."

Eric R. Miller
President and CEO, Archibald Brothers

The Strategy

Easton’s principals believe that attractive opportunities are found not by slavishly following the latest fashions in investing, but rather by solid due diligence and attention to fundamentals. Thus, it largely avoided the dot-com meltdown and continues to invest in:

• Healthcare - which has represented and will continue to represent the largest single segment of Easton's investment portfolio. Easton invests in all segments of the healthcare industry, including biopharmaceuticals, drug delivery, medical devices and healthcare services.
• Other growth capital opportunities which address continuing persistent societal needs or wants, especially:
  • Companies in overlooked or out-of-favor basic industries, rather than ephemeral and unproven concepts.
  • Companies with innovative products and services that have achieved or are likely to quickly achieve a critical level of commercial acceptance.
  • Companies with longer lifecycles that lessen the impact of short-term macro variables, rather than those which rely on quick flips and depend on timing and the whims of the market.
  • Companies that can show a well-defined path to liquidity events or exits.

But more than anything else, Easton invests in management.

Easton’s Investment Criteria

Committed Management

Easton looks for high-caliber teams with industry experience and a demonstrated ability to deliver results. Management must have meaningful financial stakes in the success of the company. If a management team needs to be supplemented but is otherwise strong, Easton will assist in identifying and recruiting additional management talent.

Competitive Advantage

Easton looks for proprietary advantages or discontinuities that can be exploited for financial gain. They may consist of unique intellectual property, dominant product lines, valuable commercial relationships, or technological advantages—and a proven business model with above-average growth opportunities.

Attractive Exit

Close attention is paid to the way in which Easton can realize a gain on each transaction. Each portfolio company has its own particular situation and circumstances, and Easton examines likely exit possibilities before investing.

Size, Stage, and Sector

Easton invests between $2 million and $7.5 million in a company and prefers to invest alongside other strong financial players to provide maximum value to the company and to ensure the availability of adequate growth capital. Easton introduces its limited partners to opportunities that may have investment requirements larger than it feels comfortable underwriting. The Firm is stage-agnostic and considers opportunities from early stage venture capital to later stage growth capital. Easton has generally not been a seed stage investor.