The British Enterprise Financial institution has agreed to again a brand new biotech fund from SV Well being Traders to the tune of $100m (£75m), the most important dedication within the financial institution’s historical past.
The funding will again the SV8 Biotech Fund, a brand new flagship car from SV Well being Traders, one of many UK’s most distinguished backers of the well being tech sector.
The fund is devoted to backing innovation in therapeutics know-how.
The dedication from British Enterprise Financial institution brings its complete fund commitments to the life sciences sector to £560m throughout 15 funds.
“This deal is sweet information for UK life sciences and, because the British Enterprise Financial institution’s largest fund dedication so far, it demonstrates our dedication to the sector,” stated Leandros Kalisperas, chief funding officer on the British Enterprise Financial institution.
“The UK’s highest performing corporations are in want of larger funding, particularly on the development stage, and we’re ramping up our funding exercise to satisfy this demand.
“Our cornerstone commitments and the collaboration we offer in fund formation act as a pathfinder for different buyers to enter the fund.”
Final month SV Well being Traders led an £87m Sequence D funding into Cambridge-based biotech agency Artios.
“The British Enterprise Financial institution continues to be a valued accomplice to SV, which has an extended historical past of investing in and reworking science into main corporations that deliver constructive impacts to sufferers,” stated Nikola Trbovic, managing accomplice of SV Well being Traders.
The assist we have now acquired from the Financial institution during the last ten years has helped allow us to fund a few of the most promising UK biotech corporations creating therapeutics to deal with vital medical wants.
