Pharmaceutical giants Verily and Novartis to support new USD300 million Medicxi fund
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Novartis and verily are two of the world’s largest pharmaceutical companies back new Medicxi fund worth USD300 million. The new fund is referred as Medicxi Growth 1 (MG1). Medixci to fund late-stage UK-based life sciences companies having less access to local sources of capital. The biotech industry is a new, maturing division with huge scope.
Mr.Giuseppe Zocco, co-founder and partner at Medicxi, stated in medicxi’s blog that MG1 meets a clear need in the UK business sector and broadens our platform capabilities to endorse entrepreneurial teams when it makes strategic logic to build a strong and successful biotech company beyond the premature levels of its development. Fund will focus on UK-based promising biotech companies; those have solid clinical data, focused on significant unmet medical needs, led by dedicated and passionate management which are capable to lead them through clinical regulatory and development approval.
Further Mr. Zocco mentioned that most of the companies might have created a clear path to become an integrated public company and to consider strategic partnership choices with pharma from a strong position.
To Support Medicxi’s investment decisions, there will be a technical advisory board that will include senior executives of Verily and Novartis.
Medicxi was originally shaped at the venture capital firm Index Ventures, which raised aroud 12 funds, each one managed by an individual life sciences and technology investment team. In February 2016, a separate biotech investment arm evoked as Medicxi, which is having offices in Geneva, London and Saint Helier (Jersey).
Verily has partnered with many other pharma giants. Verily has joined Sanofi to launch a USD500 million joint project to develop a diabetes management platform that combines new treatments with devices, software, and professional care in 2016. Verily also partnered with GlaxoSmithKline to expend a combined fund of USD601 million over 7 years on development, research and commercialize bioelectronic medicines.