Press Release.
London, 24 November 2010: Advent Venture Partners today announced the final close of a $120M (£75M) venture capital fund, to be called Advent Life Sciences. The fund will be managed by General Partners Shahzad Malik and Raj Parekh, and is the first life sciences-focused fund raised by the firm.
The fund will invest predominantly in early- and mid-stage life sciences companies in the UK, Europe and the US. Advent Life Sciences will back companies that have a first- or best-in-class approach in a range of sectors within life sciences, including new drug discovery, enabling technologies, med tech and diagnostics.
Commenting on this close, Raj Parekh said,
“We are pleased to have closed our first life sciences fund at this level in an environment of unprecedented difficulty for raising European venture funds. We appreciate the support that our LPs have shown to the team and the sector, and we look forward to investing this fund at such an opportune time in the cycle.”
The fund was raised with the participation of the UK Future Technologies Fund, managed by the European Investment Fund, which invests in a range of technologies such as life sciences, digital technology, and advanced manufacturing.
Advent’s life sciences team has a first-class investment track record. Recent investments include Avila Therapeutics, Biocartis, Cellnovo, Respivert, Thiakis, Algeta and Amsterdam Molecular Therapeutics in all of which the Advent Life Sciences team led the formation of the Company and/or participated in the first venture round.
