Novo Ventures' Hot Streak Of Exits
This article was originally published in Start Up
The evergreen fund is on a hot streak thanks to a recent string of exits.
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The Wellcome Trust, the UK’s largest private funder of biomedical research, has hired industry veterans to run a new £200 million evergreen fund that will take full ownership of biotech start-ups and hold them with more patience than VCs can afford.
The Bothell, Wash.-based antibody developer will study a Phase II interleukin-6 inhibitor in cancer indications, and will bring a new migraine drug into the clinic. The IL-6 drug is already partnered with BMS in a lucrative deal for autoimmune indications.
The U.K.’s largest charitable foundation for biomedical research is the sole investor in a new fund that will target start-ups as well as later-stage growth opportunities across the health care spectrum.