Inside the $250M Aussie HealthTech Fund

Many investors avoided antimicrobial resistance. Then Eli Lilly agreed to pay up to US$780 million for LimmaTech Biologics, a vaccine developer backed by Tenmile. Dr Steve Burnell explains what a contrarian thesis, pharma's growing appetite for early assets and Australia's funding gap mean for the next wave of biotech.

Emily Casey, founder and Director of What the Health, is joined by Dr Steve Burnell, Managing Director of Tenmile, the Tattarang-owned health technology investment business launched with an initial A$250 million allocation.

Together they unpack Australia's late pre-clinical and early clinical funding gap, why pharma is moving earlier, the case for antimicrobial resistance, and the ‘who pays?’ test every founder should pass before pitching. They also discuss investment themes including women's health, mental health, oncology and AI in drug discovery, and where medicine could head by 2035.

Before Tenmile, Dr Burnell managed a global business, led M&A and established a new informatics and real-world data business at Roche-Genentech in the US. He remains a senior strategic advisor to Minderoo Foundation.

About the show

What the Health is brought to you in partnership with Tenmile Ventures. Emily Casey also works part time at Tenmile, where she leads community and partnerships. What the Health is part of the Day One Network.