Audrey Greenberg: From Wall Street to Healthcare Innovation

In a career marked by pivotal moments and strategic shifts, Audrey Greenberg has emerged as a transformative figure in the pharmaceutical industry. From her early days on Wall Street to her current role as a partner at Mayo Clinic's new venture arm, Greenberg's journey offers valuable insights into the evolving landscape of healthcare and biotechnology.

Building an Ecosystem for Cell and Gene Therapy

Greenberg's most significant contribution to the pharmaceutical industry came in the form of the Center for Breakthrough Medicines (CBM), a biomanufacturing hub for cell and gene therapy. Located in Philadelphia's Cellicon Valley, CBM addressed a critical gap in the industry by providing a comprehensive ecosystem that combined capital sources, manufacturing capabilities, and connections between innovator companies and Big Pharma.

"We created something that did not previously exist," Greenberg explained. The center offered plasmid DNA, viral vectors, cell processing, and analytical services, all within proximity to the University of Pennsylvania and an international airport. This strategic location facilitated the rapid development and global distribution of cutting-edge therapies.

Under Greenberg's leadership, CBM raised over $500 million in capital before its eventual sale to SK Pharmteco, a subsidiary of South Korea's SK Group, in September 2023. The sale marked a significant milestone in Greenberg's career and the broader cell and gene therapy sector.

Navigating Challenges in Biotech Entrepreneurship

Greenberg's experience with CBM provides valuable lessons for aspiring biotech entrepreneurs. She emphasizes the importance of meticulous preparation, noting that her team developed 400 versions of their PowerPoint presentation and delivered up to 200 pitches throughout the company's existence.

The COVID-19 pandemic presented additional challenges, forcing the team to adapt to virtual pitching and new business practices. Greenberg highlights the significance of personal connections in securing investments, advising entrepreneurs to focus on building trust and finding common ground with potential investors.

"People invest in people they feel comfortable with," Greenberg stated. "You can have the story and have the pitch... but it's also about the chemistry that you have with that person."

In the current biotech market, Greenberg advises companies to be mindful of their fundraising strategies and valuations. She encourages entrepreneurs to "dream big" while remaining realistic about investor expectations and risk calculations in a more conservative financial environment.

A New Chapter with Mayo Clinic

Following the sale of CBM, Greenberg carefully considered her next move. Despite receiving numerous offers to become CEO of various biotechs, she opted for a role that promised even broader impact. In early 2024, Greenberg joined Mayo Clinic as a partner in their newly established venture arm.

This position allows Greenberg to participate in all aspects of an innovation ecosystem that prioritizes patient care. "There was an opportunity to participate in all aspects of an innovation ecosystem that always puts the patient at the top of the food chain," Greenberg explained, highlighting her commitment to advancing healthcare through strategic investments and partnerships.

As the pharmaceutical industry continues to evolve, Greenberg's journey from Wall Street to healthcare innovation serves as a testament to the power of adaptability, strategic thinking, and a patient-centric approach in driving meaningful change in the sector.