Deerfielders Weigh in on a Safe Return to Work Policy Amid Covid-19 Crisis

Antibody testing provides a data-driven path to getting people back into the economy

The availability of point of care antibody testing—also known as serological testing—may provide a feasible roadmap for getting people back to work safely following the COVID-19 crisis, according to an editorial published in the journal Contemporary Clinical Trials Communications.

“You can’t stop the economy forever,” asserted Governor Cuomo in a recent news conference, according to STAT. “So we have to start to think about, does everyone stay out of work? Should young people go back to work sooner? Can we test for those who had the virus, resolved, and are now immune, and can they start to go back to work?”

Regardless of whether they already have immunity to the virus, millions of Americans may try to return to work, potentially undoing all the benefits of the shutdown, suggests the editorial. 

Antibody testing, the authors argue, could clarify a person’s status quickly in real-time and reveal whether they have been exposed to COVID-19. Accordingly, a person who mounts an IgG positive response (suggesting the presence of immunoglobulin G antibodies) would most likely now be immune to the virus and an IgM positive result would point to the process of developing immunity in someone who more recently became infected.

“Unlike the PCR tests (a measure of virus material), the immediate results and unconstrained supply of antibody tests could fundamentally change the way we manage this epidemic,” says Robert Jackson, MD, a co-author of the paper. “And from an economic perspective, it could lead to a tractable path for people to return to work. Collecting the data and tracking individuals longitudinally, in order to confirm the hypothesis, will be necessary.”

And barring any HIPAA concerns, the authors propose that persons with positive antibody tests during periods of social distancing could get a bracelet, which indicates that they are immune-protected and can return to work. Those without a bracelet would still be asked to practice social-distancing and not yet resume their normal activities. But this approach could potentially get at least some portion of the economy back running again, suggests the authors.

According to the authors, the antibody tests are cheap, easy to administer, and could be made available at every hospital.

“Broad testing is in society’s best interest,” says Alex Karnal, a co-author of the editorial. “Until we make serological tests available in a robust way, it’s as if we are flying a plane without navigation.”

Authors of the editorial, titled, “Let’s Get Americans Back to Work Again,” are: Alex Karnal, Partner and Managing Director; Robert Jackson, MD, Partner and Chief Science Officer; and Joe Pearlberg, MD, PhD, Vice President of Scientific Affairs, all at Deerfield; and Amitabh Chandra, PhD, McCance Family Professor at Harvard Business School and Weiner Professor at the Harvard Kennedy School.

About Deerfield

Advancing healthcare® through investment, information, and philanthropy.

Launched in 1994, Deerfield Management Company is an investment firm dedicated to advancing healthcare through information, investment, and philanthropy—all toward the end goal of cures for disease, improved quality of life, and reduced cost of care. As of December 2020, the firm manages more than $13 billion in assets.

Providing value beyond capital, Deerfield generally maintains a combined portfolio of more than 200 private and public investments across the life science, medical device, diagnostic, digital health and health service industries at all stages of evolution from start-up to mature company.

Having many years of operational expertise, Deerfielders are highly engaged and adept at navigating the complex crosscurrents ever-present in the healthcare and financial industries.

Collaboration, intellectual curiosity and pragmatism drive Deerfield’s approach. With its holistic view, Deerfield tailors flexible financing options designed to meet the needs of entrepreneurs and corporate partners.

Deerfield Investment
Supporting companies across the healthcare ecosystem with flexible funding models and value beyond capital.
Deerfield Institute
Delivering market research to the Deerfield team, its portfolio companies and other partners.
Deerfield Foundation
A New York City-based not-for-profit devoted to advancing innovative health care initiatives.

Value beyond capital

Pioneering a model of partnership with academic institutions which creates the potential for rapid funding and advancement of promising therapies. Learn more

Partnering with leading academic research centers to further sustain and accelerate the commercialization of discoveries toward meaningful societal impact by advancing cures for disease. Learn more

The Deerfield Operations team partners with newly formed, and existing management teams, providing a suite of services designed to enhance company success and growth while reducing timelines to value-creating events and overall costs. Learn more


Deerfield and Oxeon founded the Break into the Boardroom program (BiB) based on a shared belief that their organizations are uniquely positioned to not only cultivate new female board candidates but to also connect these women with concrete governance opportunities.
Learn more

Launched in 2019, the Women in Science Translational Research Symposia were created to clarify the most targeted route to commercialization for female scientists and help advance their discoveries to market. The program is committed to addressing the gender gap in innovation and changing this paradigm through knowledge and network creation.

Beginning in 2015, Deerfield started the Deerfield Fellows program, designed to attract students with interest in pursuing healthcare or finance fields from local NYC-area colleges and universities from diverse backgrounds for an immersive summer internship program. Successful summer interns are invited to stay through a yearlong Deerfield Fellowship program, with the most successful of those graduating to become Associates at Deerfield. We are extremely proud of the work our Associates do.
Meet the Fellows’ Alumni
At CURE. — Deerfield’s innovation campus on 345 Park Avenue South — we’re transforming healthcare. Here, innovators from across the industry and around the world work shoulder to shoulder to develop treatments to eliminate deadly diseases and create new healthcare delivery models to lower cost and improve care for those in need.
Discover our mission


At CURE. — Deerfield’s innovation campus on 345 Park Avenue South — we’re transforming healthcare. Here, innovators from across the industry and around the world work shoulder to shoulder to develop treatments to eliminate deadly diseases and create new healthcare delivery models to lower cost and improve care for those in need.

For CURE. inquiries, please email us

Deerfield Management Brings Together Scientists, Entrepreneurs and Leading Companies to Form the New York-Based Healthcare Innovation Campus

$635 million in real estate and multi-disciplinary laboratory infrastructure will combine with multi-billion dollar investments in research to transform the battle against disease

NEW YORK, NY, September 26, 2019—In a major move, Deerfield Management Company, L.P.  is investing $635 million to create a transformative life sciences campus in New York City, designed to integrate the capabilities of innovators from academia, government, industry and the not-for-profit sectors to tackle unmet needs in healthcare. Deerfield additionally announced that it intends to commit more than $2 billion in research and seed funding by 2030 to develop much-needed new and innovative medicines and treatment solutions.  Deerfield expects this world-class infrastructure and funding to contribute to the prevention, cure or management of dozens of still deadly and debilitating diseases.  

As the foundation of this bold undertaking, Deerfield has acquired the 345 Park Avenue South property, which boasts more than 300,000 square feet. The site, designated a NYCLifeSci campus, will bring together scientists, entrepreneurs and leading organizations from around the world to work shoulder-to-shoulder to conceive of and develop new treatments and better ways to prevent and defeat disease. The campus will provide turnkey laboratories, and engineering and computing space, as well as other amenities and supportive services.  

“We are proud to be part of a community of people in New York who strive to save and extend lives. Creating an environment in which innovative thinking, ground-breaking advances in scientific discovery and where the development of new paradigms of patient care will occur every day is tremendously exciting,” said James Flynn, Managing Partner of Deerfield.  

“We are thrilled that our partnership with Deerfield will not only create quality jobs for New Yorkers but will also help provide a home for emerging companies to develop breakthrough scientific discoveries. New York City already has the best research institutions in the world. By investing in this Life Sciences campus to bring new lab space and programming for healthcare and early-stage biotech companies, we can strengthen the City’s position as a global leader in life sciences,” said NYCEDC President & CEO James Patchett.

The $540 million in financing for the acquisition and renovation of this world-class facility was led by Blackstone Real Estate, which has been a strong supporter of life sciences.  

Nadeem Meghji, Senior Managing Director, Head of Real Estate Americas at Blackstone said, “We are thrilled to finance this important project, which will advance life sciences research in New York City. With our investment in BioMed Realty, and elsewhere across our businesses, life sciences is among our highest priority investment sectors. We look forward to continuing to support the growing demand for research and innovation.”

The building construction and programming is being backed by the New York City Economic Development Corporation and Industrial Development Agency. It is expected to be in move-in ready condition for Deerfield and other innovators in healthcare by early 2021.

Due to obstacles, including a lack of capital and siloed approaches, promising new therapies and improvements in care management frequently fail to make it to patients. In addition to leveraging the value of public and private organizations in developing solutions, the Deerfield innovation campus will pursue all forms of technology, including digital, medical device and biotherapeutic approaches.  

“Many leaders have come together to build this incredible ecosystem, capable of accelerating the fight against disease. This campus should create the ideal backdrop to advance innovation,” said Alex Karnal, Partner and Portfolio Manager at Deerfield. “We are grateful to our partners, including the New York City Economic Development Corporation and Blackstone, as without them, this ambitious project might not have been possible.”

Having proven its ability to mobilize innovators in this space, MATTER, a healthcare focused incubator, in collaboration with Deerfield, will be supporting startups of all stages within the innovation campus.  MATTER has developed extensive specialized programs to train C-suite executives in the early stages of their career and to introduce young companies to established organizations for mentorship, collaboration and potential acquisition.  Combined with Deerfield’s operating support capabilities which extends to legal, finance, information technology, human resources, and market research, among other skillsets, companies formed within the campus will have unparalleled access to capabilities of the highest quality at low cost.

“Deerfield’s expertise and resources, combined with MATTER’s capabilities and experience, will create a healthcare and life sciences campus unlike any other,” said MATTER CEO Steven Collens. “We are thrilled to be a part of this endeavor to help entrepreneurs and innovators develop technologies and solutions that will improve the healthcare experience.”

Along with new educational programming being developed—and to complement the services provided by MATTER—Deerfield also announced that it will be growing its existing Deerfield LifeSci NYC Fellows and Break into the Boardroom programs. Deerfield additionally introduced a new initiative, Women in Science, focused on training women on how to commercialize their potentially lifesaving discoveries and create companies. The investment company has a rich history of developing and leading programs supporting diversity.

About Deerfield

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.

For more information, please visit


Deerfield Management Company
Karen Heidelberger, 212-551-1600
[email protected]

Deerfield Management Advanced Healthcare Initiatives Globally Through Academic Collaborations, Publications, and Philanthropy

In addition to advancing healthcare through investment, Deerfield’s efforts through information and philanthropy have an unprecedented year

New York, NY – February 6, 2019 – Deerfield Management advanced healthcare initiatives globally in 2018 through five new academic collaborations, eight scientific publications, and 22 philanthropic partnerships. Deerfield’s intent is to participate in large scale efforts to enrich patients’ lives with early stage discovery support, novel peer-reviewed insights, and investments that can help tackle the issues affecting healthcare today.

Deerfield Academic Collaborations

In 2016 Deerfield began collaborating with academic institutions to create partnerships that provide funding and support to early stage therapeutics. Since then, Deerfield has developed nine companies across eight states developing expeditious pathways from concept to commercialization for novel therapeutic discoveries and one incubator focused on innovative cardiovascular devices.

Anticipating commitments of over $500 million in early stage research by 2021, Deerfield is uniquely positioned to support all stages of development from early stage to commercial opportunity. This capability has the potential to eliminate the hurdles researchers would face in finding new capital during this rigorous trajectory to the marketplace.

Deerfield Institute

Deerfield Institute’s research capabilities and survey analyses sparked the need to begin publishing its scientific findings for the greater good. Since 2015, the Deerfield Institute has published 50 articles,editorials, and abstracts. Whether it is identifying predictors of laparoscopic hysterectomy among leiomyoma patients or exposing the variability in the therapeutic management of advanced ovarian cancer patients, the publications are weighted in scientifically driven research and analysis and leverage the knowledge interpreted by Deerfield’s team of healthcare focused researchers.

“We have a sense of responsibility to share our insights and equip our ecosystem with the high quality, novel information required to accelerate and improve healthcare,” stated Alexis Cazé, partner and chief information officer at Deerfield. “Through collaboration, we ultimately increase the greater potential of improvement in the healthcare system.”

Deerfield Foundation

Since inception the Foundation has committed or invested approximately $40 million to 39 philanthropic partners that impact healthcare for children and families from underserved communities. In 2018, the Foundation reached 11 countries with 77% of its annual funding directed towards services,goods, and outreach, 12% to infrastructure and 11% to R&D.

The Foundation has recently been exploring new models and is increasingly interested in designing granting programs with measurable impact.Whether this means pay-for-performance or key performance indicators, creating business models that lead to a self-funding business can result in self-sustaining organizations that can thrive in any philanthropic environment. “Deerfield realized the importance of exploring pay-for-performance models by pioneering our Results Based Financing for Community Health pilot,” stated Lisa McCandless from Living Goods. “Since Deerfield’s commitment, Living Goods has propelled to the forefront of this initiative globally and continues to share its learnings and findings with the broader community.”A list of our academic collaborations from 2016 to 2018 are below:

  1. Center for Protein Degradation with Dana-Farber Cancer Institute
  2. Pinnacle Hill with the University of North Carolina at Chapel Hill
  3. Poseidon Innovation with UC San Diego
  4. Lakeside Discovery with Northwestern University
  5. Ancora Innovation with Vanderbilt University
  6. Academic collaboration with Broad Institute of MIT and Harvard
  7. Bluefield Innovations with the Johns Hopkins University
  8. Bridge Medicines with Memorial Sloan Kettering Cancer Center, the Rockefeller University, and Weill Cornell Medicine
  9. Vescor with the University of Texas MD Anderson Cancer Center

A sample of the peer reviewed publications, reviews and abstracts published in 2018 are listed below:

  1. A Hybrid Approach for Prediction of Event Times in Double-Blind Clinical Trials. Ming Zhu, Yunnan Xu, Zheng Su. Joint Statistical Meeting 2018
  2. Predictors of laparoscopic hysterectomy for leiomyoma surgical removal in the United States. Kate Busko, Mark Stuntz. Value in Health / ISPOR
  3. Analysis of Success Rates for the Center for Medicare and Medicaid’s New Technology Add-On Payment Program. Alexandra Truglio, Christine Livoti. Value in Health / ISPOR
  4. Trends in isolated mitral valve surgery: the changing risk profile of patients and outcomes. Andrew Elbardissi, Mark Stuntz. European Society of Cardiovasculaire and Endovasculaire Surgery International Congress 2018
  5. The importance of emerging transcatheter mitral valve technologies in cost-effectiveness and post-procedure outcomes. Andrew Elbardissi, Mark Stuntz. European Society of Cardiovasculaire and Endovasculaire Surgery International Congress 2018
  6. Impact of adverse media reporting on public perceptions of the doctor-patient relationship in China: an analysis with propensity-score matching. Jing Sun, Shiyang Liu, Qiannan Liu, Zijuan Wang, JunWang, Cecile Jia Hu, Mark Stuntz, Jing Ma, Yuanli Liu. BMJ Open, August 2018
  7. Potential role of emerging percutaneous mitral technologies in patients undergoing TAVR. Andrew ElBardissi, Mark Stuntz. JACC, September 2018
  8. Futility stopping in non-inferiority trials. ZhengSu, Mark Stuntz. Contemporary Clinical Trials Communications, December 2018.

In 2018, the Deerfield Foundation invested in the following projects with its philanthropic partnerships:

  1. Children’s Health Fund. Deerfield Child and Family Health Clinic and New York Program,providing high quality, comprehensive and compassionate patient-centered healthcare for underserved children and families.
  2. Coalition for the Homeless. Child Advocate to assist homeless families in New York City.
  3. Covenant House. Wellness center support: medications/supplies, mental health services,and staff training on mental health and best practices.
  4. Jacaranda Health. Support launch of a “nurse mentor training center” to build a pipeline of public sector maternity nurse champions and improve obstetric care in Kenya.
  5. Last Mile Health. Continue scale-up of Liberia’s National Community Health Assistant Program, cost-effectiveness study in Grand Bassa County and launch of the Community Health Academy’s first online, free, digital training course for community health system leaders.
  6. Little Sisters of the Assumption Family Health Service. Environmental Health Services Program and Maternity Outreach Program.
  7. Living Goods. Digital optimization of business practices – enabling transformational scale for community health.
  8. Lwala Community Alliance. Every child: strengthening health systems to reduce maternal and child mortality.
  9. Many Hopes. Provide physical and mental healthcare as well as a nutritious diet for orphans and abandoned children in its rescue homes and school.
  10. Medic Mobile. Scaling digital health tools for improved community-level care coordination in Nepal.
  11. Mifanmama. Eye Care Outreach Program.
  12. Muso. Proactive care delivery: rigorous implementation of research to save lives and support Mali’s National Community Health Worker scale-up.
  13. Northside Center for Child Development. Expand Northside’s capability to treat mental health issues in children age five and under.
  14. Partners In Health (Zanmi Lasante). Operating costs for Zanmi Beni Children’s home.
  15. Possible. Designing and scaling accessible, integrated healthcare solutions for underserved communities in Nepal.
  16. Réseau Des Entrepreneurs Solidaires. Deerfield RES Madagascar: support approximately 31 medical centers and dispensaries run in Madagascar.
  17. St.Boniface Haiti Foundation. Materials and staffing for the pediatric services ward of the St. Boniface Hospital in Fond des Blancs, Haiti.
  18. Sustainable Health Enterprises. Initial funding of SHE28’s technological innovations to produce go! pads for girls and women.
  19. The Family Center. Training and certification of six clinical staff members in Parent Child Interaction Therapy.
  20. The Mott Haven Academy. PNP services and medical clinic support, and contributions to establish and develop adolescent health programming in its middle school.
  21. The Water Trust. Scaling-up the Self-Help Group Program and publishing findings to provide children in East Africa safe water and healthy homes.
  22. Village Health Works. Equipping the pediatric and maternity unit of the Kigutu Hospital and Women’s Health Pavilion.

About Deerfield

Deerfield is an investment management firm committed to improving healthcare through investment, information and philanthropy.

For more information, please visit


Deerfield Management Company
Karen Heidelberger,212-551-1600
[email protected]