Denner, Former Icahn Healthcare Chief, Readies Activist Hedge Fund

Apr 10 2013 | 10:31am ET

A former Carl Icahn lieutenant will launch a long-awaited healthcare-focused hedge fund within the next few months.

Alex Denner, who for five years led Icahn's healthcare investments, has founded Sarissa Capital Management in Greenwich, Conn. The firm's maiden hedge fund is expected to debut by next quarter, Bloomberg News reports.

Denner left Icahn Enterprises in 2011, after Icahn decided to return outside capital to investors. At the time, Denner reportedly planned to launch the fund by the end of the year; it is unclear why those plans changed.

Sarissa will be seeded by Meritage Group, and will take an activist approach to its portfolio, similar to that taken by Denner at Icahn. The new firm will feature a concentrated, long-based portfolio, with just five core positions generally accounting for more than half of its investments, and fewer than 20 positions in total.

Denner has built his firm with a number of former Icahn colleagues. Mayu Sris, a former analyst at Icahn Associates, will serve as managing director, and Harvard Medical School professor Richard Mulligan, who worked with Denner and Icahn on drugmaker investments, will serve as senior managing director. Mark DiPaolo, formerly a lawyer with Icahn, will also work at Sarissa.

Denner joined Icahn in 2006, having met the legendary corporate raider when both men found themselves long one very out-of-favor company, ImClone Systems, following its founder's guilty plea to insider-trading charges. Prior to working with Icahn, Denner was at Viking Global Investors and Morgan Stanley.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...