Further $100 million committed to AstraZeneca's MedImmune Ventures

Anglo-Swedish drug major AstraZeneca (LSE: AZN) revealed yesterday that it has committed an additional $100 million to its wholly-owned venture capital arm, MedImmune Ventures, increasing the total capital under management to $400 million. MedImmune Ventures is an evergreen venture capital fund that focuses on equity investments in private companies in the areas of biopharmaceuticals, medical and health care technology.

"With the additional funding from AstraZeneca, we look forward to expanding our investment activities globally and across therapy areas. We believe that in the current financial environment, there is a growing role for corporate venture capital funds such as MedImmune Ventures," said Ron Laufer, senior managing director of MedImmune Ventures.

AstraZeneca chief financial officer Simon Lowth added: "We continue to support MedImmune Ventures strategy that combines commitment to advance science and technology in the life science industry while generating financial returns expected of venture capital funds.”