Trusted Partners. Inspiring Outcomes

Birch Lake deploys intellectual and financial capital in stressed and transitional businesses by advising corporations and investors on mergers and acquisitions, financial restructurings and complex situations, and making structured equity investments where we can influence enhanced financial outcomes.

Richard Baxter Managing Director Emeritus and Advisory Board Member, Birch Lake Associates, LLC

Rich Baxter has worked across the healthcare landscape amassing decades of commercial and investment experience in control equity and minority equity investments, senior secured debt financings, royalty financings, and public bank debt and bond transactions.

He co-founded the healthcare group for the Drawbridge Special Opportunities Fund at Fortress Investment Group, which invested approximately $1 billion in emerging life sciences companies. He also served as co-head of the healthcare team at Hayfin Capital Management LLP, which deployed $1.4 billion in capital over four years. Before starting his investment career, Rich held senior operating roles in the pharmaceutical industry, including positions at PathoGenesis Corp., ViroPharma Inc., and SmithKline Beecham.

On February 1, 2024, Rich joined Firm client Ligand Pharmaceuticals Incorporated as Senior Vice President of Investment Operations and became Managing Director Emeritus and Advisory Board member at Birch Lake where he continues to consult with the Firm. Rich earned an A.B. (cum laude) from Princeton University and an MBA from Harvard Business School.