SR One breaks off from GlaxoSmithKline, banks $500M fund

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SR One has backed biotech firms for many years as GlaxoSmithKline’s enterprise arm. Now, the agency is hanging out by itself, having spun out from the British conglomerate and raised a whopping $500 million fund.

The fund, SR One’s first, will again “elite” biotechs on either side of the Atlantic, engaged on new medicines to handle therapy gaps. Although the agency has left the GSK umbrella, the British drugmaker chipped into the $500 million, alongside a bunch of institutional asset managers, endowments, foundations, pension funds and household workplaces.

RELATED: SR One fuels HotSpot’s $65M B spherical to fund allosteric R&D

Although Glaxo will again biotech startups via the SR One fund, the corporate “stays absolutely devoted investing immediately in new science,” mentioned David Redfern, chief technique officer at GSK. The corporate is the biggest investor in SR One’s $500 million fund.

“Our spin-out from GSK and profitable elevate of a brand new impartial fund present a basis for SR One’s subsequent chapter, enabling us to scale our funding technique and construct upon our monitor document of success,” mentioned SR One CEO, Simeon George, M.D., who joined the agency in 2007 and arrange its San Francisco outpost in 2010.

“Becoming a member of our core crew in Europe are Enterprise Companions Rodger Novak M.D. and Eliot Charles Ph.D., who performed key founding roles in SR One portfolio firms CRISPR Therapeutics and Principia Biopharma, respectively,” George added.

In addition to CRISPR—which is testing a CRISPR-based therapy for blood problems—and Principia—which Sanofi not too long ago devoured up for $3.7 billion—SR One has backed firms like Hotspot Therapeutics and cancer-focused Turning Level Therapeutics and Nkarta Therapeutics.

RELATED: Flagship raises $1.1B to create biotechs for post-pandemic world

SR One’s new fund comes as seemingly all people within the VC world is elevating life sciences fund. Simply final month, Canaan Companions raised $800 million in its 12th fund to again early-stage healthcare and expertise firms. In June, Atlas Enterprise raised $400 million in its newest biotech fund, whereas transatlantic Epidarex Capital banked $126 million to again U.Ok. biotechs.

These raises adopted a flurry of exercise within the spring, with 4 funding companies reeling in almost $four million in the identical week. Arch Enterprise Companions picked up $1.5 billion to assist ramp up a “healthcare revolution” and Flagship Pioneering closed a $1.1 billion fund to create biotechs for the post-pandemic world. Then got here venBio’s $394 million elevate and Deerfield’s $840 million healthcare-focused fund.

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