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Google Joins Novartis Backing Medicxi’s New $300m Late-Stage Fund

 
• By Mike Ward

Alphabet's Verily Life Sciences intends to increase its exposure to European biotech by joining Novartis and the European Investment Fund as cornerstone investors in Medicxi Growth 1 (MG1), a $300m fund launched by VC firm Medicxi to focus on late-stage private life science companies.

Euro currency

Spotting what it sees as a clear gap in European life sciences, Medicxi has raised $300m to establish Medicxi Growth 1 (MG1), which primarily will focus on growth stage companies, with Novartis AG, Alphabet’s Verily Life Sciences LLC and the European Investment Fund as cornerstone investors.

Medicxi, the European venture capital firm created by the former Index Ventures life sciences team, will take advantage of the dearth of sophisticated specialist investors willing to back European companies that have achieved proof of concept for their assets. (Also see " INTERVIEW: Why Medicxi Ventures Spun Itself Out Of Index " - Scrip, 2 February, 2016

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