Google Joins Novartis Backing Medicxi’s New $300m Late-Stage Fund
Alphabet's Verily Life Sciences intends to increase its exposure to European biotech by joining Novartis and the European Investment Fund as cornerstone investors in Medicxi Growth 1 (MG1), a $300m fund launched by VC firm Medicxi to focus on late-stage private life science companies.
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European life sciences investment firm Medicxi shows institutional investor appetite for life sciences venture capital is still strong as it secures €400m in an over-subscribed offering.
Medicxi-funded Impact Biomedicines gave Sanofi a stake in the start-up to acquire fedratinib and bring the JAK2 inhibitor, which was placed on a clinical hold in 2013, to patients who are out of options.
Venture capital investment in biopharmaceutical firms for the first half of 2017 show that this year is on track to exceed 2016 levels. Recent financings include two $50m Series C rounds for two different companies developing later-stage drugs for itching: Trevi and Menlo Therapeutics.