Anglo-Swiss life sciences investment company Medicxi has raised €500 million (around $579 million) for its sixth fund, which will focus on supporting ‘asset-centric’ companies at all stages of drug development.
The new Medicxi fund will concentrate on “building and backing innovative biotechnology companies with clear product visions to transform patient care,” said the firm in a statement, adding that it will be used for both “drug hunters and entrepreneurs” setting up new companies as well as existing companies that align with its strategy.
The oversubscribed raise comes two years after Medicxi €400 million for its Medicxi IV fund, and takes the total raised by the company over the last 10 years to more than €2 billion.
Since fund IV, it has created 16 new companies, delivered more than 20 positive clinical data readouts, and realised over $1 billion in returns across its portfolio, according to the company.
Highlights include investments in US biotech Vaxcyte, currently preparing late-stage trials of new pneumococcal vaccine candidates for adults and children that promise to provide broader protection than rival shots from Pfizer and MSD, and France’s Abivax, which has positive phase 3 results in hand for obefazimod (ABX464) in ulcerative colitis.
The roster also features three biotechs that have since been snapped up by larger companies. Cancer immunotherapy developer Merus and antibody-drug conjugate (ADC) specialist ProfoundBio were bought for $8 billion and $1.8 billion, respectively, by Genmab, while Sanofi paid $1.6 billion for UK vaccines developer ViceBio.
Meanwhile, it has participated recently in sizeable funding rounds for cancer-focused biotechs Ottimo Pharma and FORE Biotherapeutics, and varicella zoster virus (VZV) developer Curevo.
“Medicxi’s longstanding success has been founded on its unique ties to leading global pharmaceutical companies and its world-class team of drug hunters and clinicians,” said Francesco De Rubertis, co-founder and partner at Medicxi.
“The new €500 million fund will enable Medicxi to provide the critical capital, expertise and experience to deliver transformative therapies for patients.”
Medicxi also announced that Shyam Masrani – who led Medicxi’s investments in Merus and ProfoundBio and currently serves on the boards of Acera Therapeutics, T-CypherBio and Petalion Therapeutics – has been promoted to partner.
