Medicxi launches first $300m late-stage life sciences fund Medicxi Growth 1 (MG1), backed by Novartis and Verily
Medicxi today announces the close of Medicxi Growth 1 (MG1), a new $300 million fund that will focus on growth stage companies in European life sciences.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170614006084/en/
With this new late stage fund, Medicxi will help fill a clear gap in Europe, where talented life sciences entrepreneurs do not have access to as much local financial support as their US-based counterparts to expand exciting opportunities into more mature companies.
Cornerstone strategic investors backing this vision in the MG1 fund, are Novartis, Verily and the European Investment Fund (EIF). The fund also includes most of the institutional LPs that previously backed Medicxi’s first fund, as well as several new investors. With Novartis’ investment in MG1, Medicxi now has strategic partnerships with three of the world’s largest pharmaceutical companies.
MG1 will be supported by a Scientific Advisory Board (SAB), which will benefit from the sector expertise of the senior executives of Novartis and Verily.
MG1 is a continuation of Medicxi’s pioneering ‘asset-centric’ investment strategy and will be looking to invest in private or public companies with at least one asset in Phase II or beyond that Medicxi believes can become a licenced pharmaceutical product, meeting unmet medical needs. The backers share Medicxi’s belief that, whilst the European life sciences sector is recognised for its innovation, it has been held back by the lack of growth capital.
Giuseppe Zocco, co-founder of Index Ventures and co-leader of the firm’s first growth fund in 2007, will be the Medicxi Partner responsible for a dedicated growth team. This team will be fully integrated with the established Medicxi team.
Francesco De Rubertis, co-founder and Partner at Medicxi, said : "The backing by Novartis and Verily is extremely exciting for us. We look forward to inspiring and insightful sessions of the Scientific Advisory Board. We believe these meetings will greatly benefit our portfolio companies."
Andrew Conrad, CEO of Verily, said : “We are excited to partner with Medicxi, Novartis and EIF to help European life sciences innovators accelerate patient and physician access to new and promising therapeutics.”
Pier Luigi Gilibert, Chief Executive of the European Investment Fund, said: “The combination of Novartis, Verily and Medicxi will have a positive impact on the future of the life sciences sector in Europe. Since it was spun out of Index Ventures, Medicxi has continued to be a leader in the life sciences investment community, and this new fund offers us the opportunity to support companies with growth potential that for too long have had to look elsewhere.”
Giuseppe Zocco, co-founder and Partner at Medicxi, said: “This late-stage growth fund will support ambitious European entrepreneurs who are willing and able to build innovative companies through advanced clinical development and market entry, rather than pursuing a premature and generally suboptimal early exit through partnering or M&A."
Since 2016, Medicxi has raised in excess of $500 million of new capital to invest across early and late stage companies through MV1 and MG1.
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
UAE-MINISTRY-OF-INTERIOR17.11.2018 14:42 | pressemeddelelse
Abu Dhabi to Host Interfaith Alliance For Safer Communities: Child Dignity in the Digital World Forum on 19 November
PHILIP-MORRIS-INTL17.11.2018 12:02 | pressemeddelelse
Philip Morris International and Dorna Switch Gears in Quest for a World without Tobacco Smoke
TX-SCHLUMBERGER16.11.2018 19:02 | pressemeddelelse
Schlumberger Announces Fourth-Quarter and Full-Year 2018 Results Conference Call
CA-VISA16.11.2018 15:35 | pressemeddelelse
Visa Strengthens Commitment to Growing Digital Payments in India
CA-ANDERSEN-TAX16.11.2018 15:04 | pressemeddelelse
Andersen Global Tilføjer Tax & Legal Services i Argentina
CA-GUIDEWIRE-SOFTWARE16.11.2018 14:57 | pressemeddelelse
Guidewire Enhances PartnerConnect Consulting Program with Addition of Product and Regional Specializations
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum