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Linda Powers' Ownership in Cognate BioServicesLinda Powers (CEO of Northwest Biotherapeutics, or NWBO) had indirect ownership in Cognate BioServices through her role as Managing Director of Toucan Capital Fund III, a venture fund that founded and controlled Cognate starting around 2002–2004. Cognate was a portfolio company of Toucan, and Powers had significant influence, including board roles and control over related-party transactions with NWBO (e.g., manufacturing contracts).This ownership was fully exited in February 2018 via a management buyout (MBO) backed by new institutional investors.
A February 20, 2018, press release from NWBO explicitly stated: "Following this transaction, neither Linda Powers nor any Toucan Capital related entities have any ownership interest in Cognate or any role on Cognate's Board."
After 2018, Cognate's primary shareholders included private equity firms like EW Healthcare Partners (lead investor), Medivate Partners, and others. Cognate was then sold to Charles River Laboratories in March 2021 for approximately $875 million.Profits from Cognate -No profit from the 2021 sale: Powers and Toucan had zero ownership stake at the time of the Charles River acquisition, so she received $0 from the $875 million proceeds.
Profit from the 2018 exit: Toucan Capital (and thus indirectly Powers, as fund manager) sold its majority stake in the 2018 MBO. The exact sale price and Powers' personal share are not publicly disclosed (private transaction). Estimates suggest it was likely in the *** tens of millions *** overall for Toucan, based on Cognate's growth trajectory leading to the later $875M valuation, but no specific figures for Powers or Toucan are available.
Powers benefited indirectly earlier through related-party payments: NWBO paid Cognate substantial fees for manufacturing (e.g., $14.2 million in cash in 2016 alone), which flowed to the Toucan-controlled entity.
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