Medicxi launches first $300 million late-stage life sciences fund, backed by Novartis and Verily
Medicxi today announces the close of Medicxi Growth 1 (MG1), a new $300 million fund that will focus on growth stage companies in European life sciences.
With this new late stage fund, Medicxi will help fill a clear gap in Europe, where talented life sciences entrepreneurs do not have access to as much local financial support as their USA-based counterparts to expand exciting opportunities into more mature companies.
Cornerstone strategic investors backing this vision in the MG1 fund, are Swiss pharma giant Novartis (NOVN: VX), Verily Life Sciences (Google parent Alphabet’s healthcare division) and the European Investment Fund (EIF). The fund also includes most of the institutional LPs (large pharmas) that previously backed Medicxi’s first fund, as well as several new investors. With Novartis’ investment in MG1, Medicxi now has strategic partnerships with three of the world’s largest pharmaceutical companies.
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