Aaron Davis
Co-Founder & Chief Executive Officer · Boxer Capital, LLC (healthcare arm of Tavistock Group)
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- Title
- Co-Founder & Chief Executive Officer
- Role
- Institutional Investor / Fund Manager
- Firm
- Boxer Capital, LLC (healthcare arm of Tavistock Group)
- Firm Type
- Biotechnology Hedge Fund / Crossover Investment Firm
- Investment Stage
- Seed, Early-Stage, Late-Stage, Crossover (Pre-IPO to Public Markets)
- AUM
- ~$1.39 billion (as of March 2025 Form ADV)
- Focus Sectors
- Biotechnology, Life Sciences, Precision Medicine, Oncology, Therapeutics
- Location
- San Diego, California
Background
Aaron Davis is the Co-Founder and Chief Executive Officer of Boxer Capital, LLC, the dedicated healthcare and life sciences investment arm of Tavistock Group. He co-founded Boxer Capital in 2005 after joining Tavistock Group as a Portfolio Manager, where he scaled the firm's public healthcare investing activities into what is now a nearly $1.4 billion asset management platform. He has served as CEO since 2012. Davis holds a Master of Science in Biotechnology from Columbia University and a Bachelor of Arts in Business Administration from Emory University.
Prior to founding Boxer Capital, Davis worked in the Global Healthcare Investment Banking and Private Equity Group at UBS Warburg, LLC, where he led strategic transactions for public and private biotechnology and medical device companies. He also served in various roles with biotechnology and venture capital firms, building extensive expertise in investment analysis, pharmaceutical in-licensing activities, and the drug development lifecycle. This combination of scientific training and Wall Street deal-making experience has been foundational to Boxer Capital's research-driven investment approach.
Davis is deeply engaged at the board level across Boxer Capital's portfolio. He currently serves as Chairman of the Board of CiVi Biopharma and sits on the Boards of Directors of iTeos Therapeutics (NASDAQ: ITOS), Tango Therapeutics (NASDAQ: TNGX), Sojournix, Inc., and previously Mirati Therapeutics and Odonate Therapeutics. His hands-on governance role reflects Boxer Capital's model of combining deep scientific due diligence with active company-building.
Investment Thesis & Focus
Boxer Capital Management is a biotechnology investment firm dedicated to fundamental, research-based investing in specialized and precision medicine. The firm's thesis centers on identifying transformative medical advancements through disciplined scientific analysis, investing across the entire drug development lifecycle -- from early-stage preclinical discovery assets to late-stage clinical and commercial-stage companies.
Key elements of the investment approach include:
Since 2014, Boxer Capital has invested in 74 private companies, generating 51 liquidity events (IPOs, public listings, or acquisitions) and leading or co-leading 14 private investments.
- Crossover Investing: Boxer Capital is known for building positions in private companies pre-IPO and maintaining them through public listing, a strategy that has driven many of their largest historical returns (e.g., AveXis, BeiGene, Blueprint Medicines).
- Scientific Depth: The team includes scientists who have led drug research and discovery across multiple therapeutic indications. This in-house scientific expertise is combined with nearly two decades of investment experience.
- Bottom-Up Idea Generation: The firm employs a repeatable process of bottom-up, research-driven idea generation with top-down oversight from Davis as founder and CIO.
- Full Lifecycle Coverage: Boxer invests across seed, venture, growth, crossover, and public equity stages, adapting to changes in the biotechnology ecosystem and opportunity set.
- Precision Medicine Focus: The firm concentrates on innovative areas of precision medicine, particularly oncology and targeted therapies.
Notable Investments
- Tango Therapeutics (NASDAQ: TNGX) -- Top holding; Boxer Capital sponsored the SPAC (BCTG Acquisition Corp) that took Tango public in 2021; Davis serves on the board
- iTeos Therapeutics (NASDAQ: ITOS) -- Board member; immuno-oncology company
- CiVi Biopharma -- Davis serves as Chairman of the Board
- SpringWorks Therapeutics -- Portfolio company acquired by Merck in April 2025 for $3.9 billion
- Tyra Biosciences (NASDAQ: TYRA) -- Significant position (~6.3M shares)
- Blueprint Medicines (NASDAQ: BPMC) -- Long-term crossover investment built from pre-IPO
- Revolution Medicines (NASDAQ: RVMD) -- Precision oncology portfolio company
- BeiGene (NASDAQ: BGNE) -- Early crossover investment, now a global oncology company
- AveXis -- Early investment; acquired by Novartis for $8.7 billion in 2018
- Mirati Therapeutics -- Board member; acquired by Bristol-Myers Squibb for $5.8 billion in 2024
- Nuvalent (NASDAQ: NUVB) -- Precision oncology
- Relay Therapeutics (NASDAQ: RLAY) -- Computational precision medicine
- Alterome Therapeutics -- Private portfolio company; Davis involved at board level
- Incyclix Bio -- Led $30 million Series B financing
- Sojournix, Inc. -- Davis serves on the board
- Mirador Therapeutics -- Most recent portfolio exit (January 2026)
- Odonate Therapeutics (NASDAQ: ODT) -- Former board member
- Day One Biopharmaceuticals (NASDAQ: DAWN) -- Pediatric oncology
- Avidity Biosciences (NASDAQ: RNA) -- Antibody-oligonucleotide conjugates
- Poseida Therapeutics -- Cell and gene therapy
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