Today’s article can be a bit dense if you’re not familiar with the pharma or advertising industries. I’ve added hyperlinks to key terms to make it easier to follow. The Real Chemistry story is worth the time.
PE Playbook: Real Chemistry
State of Play
In your investing career, you sometimes pass on a deal only to watch another firm turn it into a success. Real Chemistry (formerly W2O) is one of those for me.
Back in 2019, I saw a healthcare marketing agency doing some PR here, some digital there. Nothing special. But New Mountain saw something entirely different. Six years later, they reportedly realized a 4x return after completing a $3B single-asset continuation fund for Real Chemistry in 2025.
Let’s walk through how New Mountain transformed a seemingly run-of-the-mill healthcare marketing agency into a data juggernaut powering the entire pharmaceutical value chain—from clinical trials to new drug launches.