About
Caligan Partners is a healthcare-focused activist hedge fund founded in 2017 by David Johnson and based in New York. Managing about $420 million, the firm runs a long‑biased activist equity strategy with occasional distressed debt investments and maintains a 100% healthcare portfolio. Caligan returned 20.2% in 2023, bolstering activist performance. Notable campaigns include board seats at Exelixis, Anika Therapeutics, and AMAG Pharmaceuticals. The firm scored a major win with Verona Pharma, acquired by Merck for roughly $10 billion in 2025.
Investment Focus
Caligan runs a concentrated, long‑biased activist equity strategy focused on U.S. healthcare, primarily small and mid‑cap biotech and pharma. It takes long and short positions to drive strategic change and boost shareholder value, seeking board representation to influence decisions. Caligan prioritizes margin of safety, targeting companies with strong cash‑flow potential and attractive initial valuations relative to history and cash‑generation capacity.