- Horizon Therapeutics is a biotechnology company focused on capital efficiency and commercialization.
- The company has built a strong track record acquiring assets early and then efficiently bringing them to market.
- This has led to their business model increasingly resembling Danaher or Constellation Software but focused on drug development.
- So the investment thesis for Horizon is pretty long term, 5-10 years, and is driven by the company's continued ability to scale its business model.
For further details see:
Horizon Therapeutics: Biotechnology Company Building An Outsider Moat