Advent Life Sciences has closed two funds at a total of $215 million. The funds are Advent Life Sciences Fund III, the firm’s third life sciences venture fund; and the Advent-Harrington Impact Fund, a fund raised in collaboration with the Harrington Discovery Institute focused on new treatments for the benefit of patients and society.
18 February 2021, London, UK: Advent Life Sciences, a leading transatlantic venture investor focused on building innovative life science companies in the UK, Europe and the US, announced today that it has closed two new funds with commitments totalling $215 million.
Advent Life Sciences Fund III is the firm’s third dedicated life sciences venture capital fund raised from new Limited Partners (LPs), including British Patient Capital, as well as existing LPs.
The Advent-Harrington Impact Fund is a new type of fund raised in collaboration with the Harrington Discovery Institute to translate innovative drug discoveries into novel treatments for the benefit of patients and society, otherwise known as ‘impact’ investing.
Investing at seed, series A and beyond, the funds will primarily support companies to develop new therapeutics but will also continue Advent’s successful strategy of backing high-potential medical technology companies.
Since its launch, Advent Life Sciences has invested at the interface of academic research and commercial drug development with a focus on identifying and backing high-impact, high-potential innovations that can deliver important new medicines for unmet medical needs. The partnership with Harrington Discovery Institute expands this paradigm by increasing access to world-class academic science with high medical and commercial promise.
Shahzad Malik, General Partner, Advent Life Sciences, said: “The last year has reinforced the vital need to translate world class science into the discovery and development of new medicines to tackle devasting diseases. Advent has continued its successful strategy to invest in outstanding, early-stage science and to establish and nurture innovative companies for patients and investors alike. We are delighted that British Patient Capital joins as a new cornerstone investor in our third fund.
We are also delighted to have partnered with the transatlantic not-for-profit drug development group, Harrington Discovery Institute to raise the new Advent-Harrington Impact Fund. This new collaboration will allow us to both broaden the quality of the investment opportunities across the globe and increase the amount of capital available to support them. We believe this translational financing is critical to the development of new medicines, and that it will deliver real impact to patients in addition to strong financial returns.”
Judith Hartley, CEO, British Patient Capital, said: “Our cornerstone commitment to Advent Life Sciences’ latest fund is a key part of our strategy to invest with fund managers that can leverage the UK’s world leading position in life sciences. Developing new life science technologies from research through to new medicines is crucial. Long-term patient capital can support our high-potential, high growth life science companies to reach their full potential and deliver compelling returns.”
Advent’s portfolio company success stories over the last year include the sale of Advent-founded KaNDy Therapeutics to Bayer Pharmaceuticals for over $875 million bringing a non-hormonal treatment for symptoms of the menopause closer to patients; Advent-founded Arrakis’ $190 million partnership deal with Roche to develop small molecule modulators of RNA; the NASDAQ IPO of Acutus Medical launching a best-in-class mapping technology and future ablation therapies for cardiac arrythmias; and notable follow-on financings including participating in a $60 million round for F2G Therapeutics, that also received Breakthrough Therapy Designation from the FDA for its novel class of anti-fungal treatments that address a very high unmet need.
Advent’s team includes 16 investment professionals with a track record of nurturing entrepreneurs to deliver innovative new medicines. In the last 15 years alone, Advent has supported its portfolio companies in developing 14 new approved medical products. Advent has founded over 20 new biotech companies that are focused on translating academic research into the next generation of medicines. This stage of development in life sciences is underserved and Advent’s team has extensive experience in supporting new companies through the critical early years.
About Advent Life Sciences
Advent Life Sciences founds and invests in early- and mid-stage life sciences companies that have a first- or best-in-class approach to unmet medical needs. The investing team consists of experienced professionals, each with extensive scientific, medical and operational experience, a long-standing record of entrepreneurial and investment success in the US and Europe and is particularly focused on supporting entrepreneurs and founders to take innovative new medical entities from concept to approval. The firm invests in a range of sectors within life sciences, principally drug discovery, enabling technologies and med tech, always with an emphasis on innovative, paradigm-changing approaches. Advent Life Sciences has a presence in the UK, US and France.
For more information, please visit www.AdventLS.com
About British Patient Capital
British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. Launched in June 2018, British Patient Capital has £2.5bn to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up.
Find out more at britishpatientcapital.co.uk