Advent Life Sciences has closed two new funds with commitments totalling USD215 million. Advent Life Sciences Fund III is the firm’s third dedicated life sciences venture capital fund raised from new Limited Partners (LPs), including British Patient Capital, as well as existing LPs.
The Advent-Harrington Impact Fund is a new type of fund raised in collaboration with the Harrington Discovery Institute to translate innovative drug discoveries into novel treatments for the benefit of patients and society, otherwise known as ‘impact’ investing.
Investing at seed, series A and beyond, the funds will primarily support companies to develop new therapeutics but will also continue Advent’s successful strategy of backing high-potential medical technology companies.
Since its launch, Advent Life Sciences has invested at the interface of academic research and commercial drug development with a focus on identifying and backing high-impact, high-potential innovations that can deliver important new medicines for unmet medical needs. The partnership with Harrington Discovery Institute expands this paradigm by increasing access to world-class academic science with high medical and commercial promise.
Shahzad Malik, General Partner, Advent Life Sciences, says: “The last year has reinforced the vital need to translate world class science into the discovery and development of new medicines to tackle devasting diseases. Advent has continued its successful strategy to invest in outstanding, early-stage science and to establish and nurture innovative companies for patients and investors alike. We are delighted that British Patient Capital joins as a new cornerstone investor in our third fund.
“We are also delighted to have partnered with the transatlantic not-for-profit drug development group, Harrington Discovery Institute to raise the new Advent-Harrington Impact Fund. This new collaboration will allow us to both broaden the quality of the investment opportunities across the globe and increase the amount of capital available to support them. We believe this translational financing is critical to the development of new medicines, and that it will deliver real impact to patients in addition to strong financial returns.”
Judith Hartley, CEO, British Patient Capital, says: “Our cornerstone commitment to Advent Life Sciences’ latest fund is a key part of our strategy to invest with fund managers that can leverage the UK’s world leading position in life sciences. Developing new life science technologies from research through to new medicines is crucial. Long-term patient capital can support our high-potential, high growth life science companies to reach their full potential and deliver compelling returns.”
Source: Private Equity Wire
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