BOSTON, June 30 /PRNewswire/ -- Advent International today announced that AstraZeneca , one of the world's leading pharmaceutical companies, is a major investor in Advent's Health Care & Life Sciences III (HCLS III) venture capital fund, which recently held a final closing on $125 million. The fund also received commitments from several U.S. and European institutional investors.
HCLS III is focusing on early-stage investments in biotechnology, emerging pharmaceuticals and medical technology. The fund has already led its first two investments, a $65 million Series C financing for AlgoRx Pharmaceuticals Inc., a developer of pain-management drugs; and $22 million Series A funding for Millimed Holdings Inc., a developer of minimally-invasive vascular technologies.
John Stageman, Ph.D., Vice President of Global Sciences and Information for AstraZeneca, said, "The investment with Advent will broaden the routes through which we participate in and partner with young companies developing promising drug discovery technologies and products in a rapidly changing scientific and health care business environment."
AstraZeneca's decision to invest in HCLS III followed a rigorous nine- month process in which it evaluated a number of major venture capital firms. "Advent's proven track record, high-quality deal flow and extensive experience working with corporate investors made them the ideal partner for us in pursuing this strategic initiative," Dr. Stageman said.
In connection with its investment, AstraZeneca has appointed an experienced senior research manager, Christopher Reilly, Ph.D., as Vice President, Head of Global Discovery Venture. Dr. Reilly's primary role will be to work with Advent's early-stage health care team in its Boston office to oversee and coordinate AstraZeneca's discovery venture activities, including the identification and evaluation of potential new R&D collaboration or product licensing opportunities.
"The relationship with Advent International provides an additional means for AstraZeneca to access external innovation and has been structured purposely to protect the confidentiality interests of all parties," Dr. Reilly said. "In my short time at Advent, I have been very impressed by the number and quality of investment opportunities presented as well as by the high level of scientific, medical and financial expertise within Advent's health care team."
Jason Fisherman, M.D., a partner in Advent's health care venture group, said, "With this new fund, we will continue to target the most innovative technologies and products emerging from the health care sector. AstraZeneca's commitment is a strong validation of our investment program and enhances our ability to evaluate drug discovery and development opportunities and contribute to the growth of our portfolio companies."
The AstraZeneca relationship will also further distinguish Advent in the competition for top health care and life science investments. "Having a major pharma as a substantial investor is viewed favorably by management teams seeking the benefit of a strategic relationship with a leading company in our industry," said Ann Bilyew, a partner at Advent.
The HCLS III fund builds on Advent's successful history in early-stage health care investing. Over the past decade, the firm's HCLS venture team has invested in 40 companies, half of which have completed IPOs or have been acquired. Selected portfolio IPOs include Anadys Pharmaceuticals, Array BioPharma, Cubist Pharmaceuticals, CV Therapeutics, deCODE genetics, EPIX Medical, Exelixis and ILEX Oncology. Private portfolio companies include Achillion Pharmaceuticals, Astex Technology, Cellzome, MedVantx, Neurogenetics and Stereotaxis. The 10-member health care team has over 150 years of collective venture capital and industry experience, with backgrounds in science, medicine, drug R&D, health care operations and strategic consulting. To date, Advent has raised more than $300 million targeted at early-stage investments in the HCLS sector.
About AstraZeneca
AstraZeneca is a major international healthcare business engaged in the research, development, manufacture and marketing of prescription pharmaceuticals and the supply of healthcare services. It is one of the world's leading pharmaceutical companies with healthcare sales of over $18.8 billion and leading positions in sales of gastrointestinal, oncology, cardiovascular, neuroscience and respiratory products. AstraZeneca is listed in the Dow Jones Sustainability Index (Global and European) as well as the FTSE4Good Index. For more information, please visit http://www.astrazeneca.com/.
About Advent International
Advent International is one of the world's largest private equity firms, with $6 billion in cumulative capital raised and 14 offices in 13 countries. Since its founding in 1984, Advent has financed over 500 companies and has helped businesses raise $10 billion through public equity and debt offerings. These include more than 130 IPOs on major stock exchanges worldwide. Advent is committed to helping management teams build successful businesses by applying its industry expertise, international resources and local market knowledge. For more information, visit http://www.adventinternational.com/.
Contact: Paul Ferrari Advent International +1 617 951 9786 pferrari@adventinternational.com Mike Rance, Jonathan Hunt, Mina Blair Robinson AstraZeneca +44 207 304 5000 Mike.Rance@astrazeneca.comJonathan.Hunt@astrazeneca.comMina.Blair-Robinson@astrazeneca.com
Advent InternationalCONTACT: Paul Ferrari of Advent International, +1-617-951-9786, orpferrari@adventinternational.com; or Mike Rance, Mike.Rance@astrazeneca.com,or Jonathan Hunt, Jonathan.Hunt@astrazeneca.com, or Mina Blair Robinson,Mina.Blair-Robinson@astrazeneca.com, all of AstraZeneca, +44-207-304-5000
