Leadership in health care private equity since 1986

“Tullis invested in Atritech -- which was developing an implantable cardiac device that would serve a large unmet need -- at a time when our hopes were high. However, the clinical evidence was very early and our regulatory path was ambiguous. Jim Tullis was able to see through that and had confidence in our team to, over time, gather clinical experience. While the regulatory path was uncertain, he believed the importance of our mission outweighed the risk. At the end of the day, many investors struggle with this; others embrace it.“

— Jim Bullock, CEO Atritech


TD | Tullis Dickerson

There have been four Tullis Dickerson funds. Tullis Dickerson Capital Focus, L.P.  was followed by TD Javelin Capital Fund, Tullis Dickerson Capital Focus, L.P. II (which included three separate subsidiary SBIC funds), and the very successful Tullis Dickerson Capital Focus, L.P. III. As these funds developed, the firm’s investment focus evolved more tightly toward later-stage investments into already established operating health care companies. 


EXAMPLES: Tullis Dickerson Investments

Adams Respiratory Therapeutics

Adams developed consumer OTC pharmaceuticals. Tullis invested in the company when it had approximately $1 million in revenue and was experiencing significant losses. During the subsequent years, with additions to the management team and a honed strategy for a new product (“Mucinex”), Adams saw very substantial and profitable revenue growth to several hundred million dollars annually, following which the company was acquired by Reckitt Benckiser for approximately $2.3 billion. Tullis Dickerson achieved gains on its investment in Adams of approximately 10X overall.

Atritech Inc.

Atritech was founded in 2000 and has developed proprietary technology focused on replacing long term anticoagulation therapy for patients with non-valvular atrial fibrillation at risk of stroke.  The first implants of the WATCHMAN® Left Atrial Appendage Closure Technology  were performed in Germany in August of 2002 and in the United States in October of 2003.  Since then the company has conducted a large randomized clinical trial comparing the WATCHMAN® Left Atrial Appendage Closure Technology to long term Warfarin therapy in patients with non-valvular atrial fibrillation at risk of stroke. The WATCHMAN® Device is CE Marked and available in many markets outside the United States. Atritech was acquired by Boston Scientific in 2011. 

Synageva BioPharma Inc.

Synageva developed ultra orphan drugs, especially to treat potentially fatal enzyme deficiencies. In 2011, the company completed a reverse merger, effectively accomplishing an IPO at approximately $15 per share. Following this, the company's stock price appreciated significantly and Synageva was ultimately acquired by Alexion for a value of approximately $236 per share in 2015.