Invest Like the Best with Patrick O'Shaughnessy: Episode 427 Summary

Episode Title: Dinakar Singh - A Father’s Call To Action
Guest: Alan Waxman, Co-founder and CEO of 6th Street
Release Date: June 15, 2025

Introduction

In Episode 427 of Invest Like the Best, host Patrick O'Shaughnessy engages in a profoundly moving conversation with Alan Waxman, the co-founder and CEO of 6th Street. This episode delves deep into Alan’s personal journey, intertwining his professional acumen in investment with his relentless pursuit to combat spinal muscular atrophy (SMA), a devastating genetic disease affecting his daughter.

Alan Waxman’s Personal Journey and the Birth of TPG Axon

Timestamp: [05:39]

Alan Waxman opens up about the pivotal moment that reshaped his life and career. In the early 2000s, shortly after achieving significant success at Goldman Sachs, Alan's daughter was diagnosed with SMA—a condition that led him to establish TPG Axon, a firm dedicated to accelerating drug discovery for rare diseases.

“The axon is the nerve that connects your brain to your muscle...it’s the core part of what degenerates in spinal muscular atrophy, which is the disease my daughter’s diagnosed with.”
— Alan Waxman [05:39]

Alan recounts the swift and devastating diagnosis following the September 11 attacks, highlighting the urgency and desperation that propelled him to pivot from his thriving investment career to focus entirely on finding treatments for SMA.

Founding TPG Axon: A Mission-Driven Approach

Timestamp: [07:15]

Determined to make every moment count, Alan leveraged his expertise and resources to create TPG Axon. The firm was founded with a clear mission: to fast-track the development of SMA treatments by funding parallel research initiatives and fostering collaboration among top scientists and biotech companies.

“We’re going to take a shot at this. We have to go full Turbo. Pull out all the stops...take all the stops”
— Alan Waxman [11:45]

Alan emphasizes the importance of aggressive funding and parallel processing in drug development, contrasting it with the traditional, sequential approach that often prolongs the timeline for breakthroughs.

Strategic Collaborations and Drug Development Milestones

Timestamp: [15:30]

Alan details the strategic partnerships TPG Axon forged, including collaborations with major biotech firms like Novartis and Biogen. These alliances were instrumental in repurposing existing drugs and developing new therapies specifically targeting SMA.

“We have one already in the clinic. It’s not the best one, but we expect to have three or four things coming forward that could be really impactful.”
— Alan Waxman [26:20]

These efforts culminated in the rapid approval of multiple SMA drugs, transforming SMA from a near-certain fatal diagnosis to a manageable condition for many affected children.

Impact on Family and Daughter’s Journey

Timestamp: [25:02]

The personal stakes of Alan’s mission are underscored through the remarkable progress of his daughter. Diagnosed at a young age, she benefited directly from the pioneering drugs developed through TPG Axon’s initiatives.

“My daughter ended up being on the first strike since she was 12, has been stable since then, and has ended up being just the rock star of the family.”
— Alan Waxman [25:02]

Alan shares heartfelt anecdotes about his daughter's resilience, her academic achievements, and her joyful marriage, illustrating the profound personal victories that underscore his professional endeavors.

Broader Implications and Future Directions in Biotech

Timestamp: [41:36]

Beyond his personal story, Alan offers insightful perspectives on the biotech industry's evolution. He advocates for more innovative structures and collaborative frameworks that bridge the gap between early-stage research and practical drug development.

“There needs to be a much more thoughtful effort working with NIH, FDA, and disease groups to find ways to go and have a much more thoughtful, practical early stage.”
— Alan Waxman [41:36]

Alan envisions a future where third-party organizations act as neutral brokers, facilitating collaboration and accelerating the translation of scientific discoveries into life-saving treatments.

Community, Resilience, and Legacy

Timestamp: [34:05]

Alan reflects on the emotional and psychological journey of navigating his daughter's illness. He emphasizes the critical role of community support, finding joy amidst adversity, and channeling sorrow into productive, purpose-driven actions.

“The comfort and love of friends has been a source of incredible strength for us... we've come to realize how much deeper our reserves of strength are as part of community than as individuals.”
— Alan Waxman [34:05]

His poignant reflections serve as an inspiring testament to resilience and the transformative power of collective effort in the face of personal and systemic challenges.

Closing Thoughts and Vision for the Future

Timestamp: [47:31]

As the conversation draws to a close, Patrick expresses profound admiration for Alan’s unwavering dedication and the tangible impact of his work. Alan shares his hope for continued advancements in biotech, advocating for systemic changes that prioritize urgent, mission-driven research to address rare and debilitating diseases.

“We need to have a more thoughtful process so that people don’t have to go and try to figure out how to go and see if there’s something there now on the back end.”
— Alan Waxman [41:36]

Alan’s vision embodies a harmonious blend of personal commitment and strategic innovation, aiming to leave a lasting legacy that extends beyond his immediate family to benefit thousands of children worldwide.

Key Takeaways

• Mission-Driven Investing: Alan’s transition from a successful investment career to founding TPG Axon underscores the profound impact that purposeful, mission-driven investing can achieve in addressing critical health challenges.

• Strategic Collaboration: The importance of forming strategic partnerships with biotech firms and research institutions to accelerate drug development and approval processes.

• Community and Resilience: The vital role of community support and personal resilience in navigating and overcoming life-altering challenges.

• Future of Biotech: A call for innovative, collaborative frameworks within the biotech industry to bridge gaps between research and practical application, ensuring timely and effective solutions for rare diseases.

Notable Quotes with Attribution

• Alan Waxman [05:39]:
  “The axon is the nerve that connects your brain to your muscle... it’s the core part of what degenerates in spinal muscular atrophy, which is the disease my daughter’s diagnosed with.”

• Alan Waxman [11:45]:
  “We’re going to take a shot at this. We have to go full Turbo. Pull out all the stops...take all the stops.”

• Alan Waxman [25:02]:
  “My daughter ended up being on the first strike since she was 12, has been stable since then, and has ended up being just the rock star of the family.”

• Alan Waxman [34:05]:
  “The comfort and love of friends has been a source of incredible strength for us... we've come to realize how much deeper our reserves of strength are as part of community than as individuals.”

• Alan Waxman [41:36]:
  “There needs to be a much more thoughtful effort working with NIH, FDA, and disease groups to find ways to go and have a much more thoughtful, practical early stage.”

Conclusion

This episode of Invest Like the Best transcends traditional investment discussions, offering a deeply personal and inspiring narrative of how one father's unwavering dedication and strategic investment can yield life-changing medical advancements. Alan Waxman’s story is a testament to the profound impact that purposeful investment, combined with relentless determination and community support, can have on both personal and global scales.

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