The first $300m late-stage life sciences fund Medicxi Growth 1 (MG1), helmed by a venture capital company, Medicxi, which is already being backed by Swiss Pharma giant Novartis and the European Investment Fund (EIF), now has got another supporter through the Alphabet company- Verily life sciences. This fund hopes to bridge the gap between Europe’s biotech industry and its more mature US counterpart.
Medicxi is currently making heavy investments in healthcare marketing and also has hosts another fund backed by GlaxoSmithKline and Johnson & Johnson.
Verily, which has formerly been associated with other companies in the space to develop medical devices such as surgical robots and glucose-sensing smart contact lenses, has now made an investment in this prospect. And this in turn exhibits how the Silicon Valley is super interested to invest in the healthcare sector.
This fund primarily aims to boost the European biotech firms and help drug development through clinical trials to market entry. The fund is said to benefit those firms which have at least one drug candidate in phase two testing with potential to “become a licensed pharmaceutical product meeting unmet medical needs.”
However, the size of investments made individually by these organizations has not been disclosed.