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Steve trained as an internist at Oxford, focusing on nephrology. He began to study polycystic kidney disease (PKD) and in 1985 identified the genetic locus of the ADPKD gene called PKD1. From 1988 Steve was on the faculty at Yale where he grew the first PKD genetics group and was fortunate enough to make a very small contribution to starting the PKD careers of several eminent PKD researchers including Steve Somlo, Peter Harris, Greg Germino, Feng Qian, Luis Onucic and Jing Zhou (who is his wife).

Steve co-founded two successful biotech companies and was responsible for early-stage healthcare investments at Saunders, Karp & Megrue in New York City (where he made the initial investment in UpToDate in Medicine and was acting CEO). In 1997 he founded MVM, a healthcare venture capital firm that has launched five funds investing about $1 billion in start-up and development-stage healthcare companies.

Steve is a member of the boards of eZono AG, Providence Medical Technology, Inc., and Vital Connect, Inc. He was previously a director of Ambio, Inc., Beacon Endoscopic Ltd, BioVex Group, Inc., Cara Therapeutics, Inc., Cheetah Medical Inc., Clavis Pharma ASA, Domantis Ltd, Gendaq Ltd, Momenta Pharmaceuticals, Inc., New Chemical Entities, Inc., Nova Science Ltd, Pulmagen Therapeutics Ltd., Sangamo Biosciences, Inc., UpToDate, Inc., Xention Ltd, Vascular Pathways, Inc. and Zipline Medical Inc.