British Patient Capital is committing $65m to SV Health Investors’ latest fund, SV7 Impact Medicine Fund (IMF), to turn scientific breakthroughs into biotech companies producing high impact precision medicine drugs for poorly treated diseases.
The commitment increases British Patient Capital’s exposure to life sciences and health technology, building on a commitment to the Dementia Discovery Fund in 2018.
The IMF is SV’s first dedicated biotech fund, with a mission to turn scientific breakthroughs into successful biotech companies producing high impact precision medicine drugs for poorly treated diseases. The IMF will exploit SV’s extensive in-house experience of company creation, focusing predominantly on early-stage biotechnology investments, providing support through multiple funding rounds. The IMF can also invest in late preclinical and clinical stage companies.
Working closely with its portfolio companies as trusted advisers and partners, and by acting as entrepreneurs who can create and build breakthrough companies and treatments, SV’s biotechnology team will maximise the IMF’s potential to transform healthcare.
The Fund, which closed at $265m, attracted investment from several of the world’s leading pharmaceutical companies, family offices, pension funds and charities including Cancer Research UK, Guy’s and St Thomas’ Charity and the Paul Hamlyn Foundation. Cancer Research UK announced its strategic partnership with SV Health Investors in June 2019 to focus on accelerating the translation of Cancer Research UK’s research into the development of new cancer medicines for patients.
The Fund has already made a number of investments into UK based science, creating biotechnology companies such as Alchemab, which develops antibody therapies for hard-to-treat diseases, including cancers, infectious diseases, and neurodegenerative conditions.
Precision medicine aims to deliver major, durable impact on drug safety and efficacy by providing patients with therapeutics targeted at their specific disease mechanisms with the ultimate intent to cure.
In May 2020, Kate Bingham, Managing Partner, SV Health Investors, was appointed Chair of the UK’s Vaccine Taskforce. In her work for SV, Kate’s biotech investments have resulted in the launch of six drugs for the treatment of patients with inflammatory and autoimmune disease and cancer making her uniquely qualified for the role.
Catherine Lewis La Torre, CEO British Patient Capital said: “The strength of SV’s UK based biotech team, and their partnerships with groups such as Cancer Research UK, ensures access to some of the UK’s most exciting high potential biotech investment opportunities. The potential for precision medicine to significantly improve healthcare outcomes not only addresses some of society’s most pressing challenges, highlighted by COVID-19, but also offers SV a compelling investment opportunity.
As the UK’s largest domestic institutional investor in venture funds, we are providing the patient capital required to allow best in class managers, like SV Health Investors, to back their investee companies through multiple rounds.”
Kate Bingham, Managing Partner SV Health Investors said: “SV are delighted that our first fund focused solely on biotechnology investment has attracted significant support from a large variety of limited partners including existing investors to SV such as British Patient Capital as well as new investors.
“With many organisations working in unison to achieve the UK’s mission of maintaining a leading position in precision medicine, this felt like the perfect time to launch the IMF.
“As with our other funds, the IMF team will work closely with our portfolio companies to maximise the fund’s potential to transform healthcare and contribute to the UK’s mission.”
Image credit: Morgan Housel