British Patient Capital invests £40m into biotech fund
Sheffield-based British Patient Capital has invested $48.6m (£39.8m) into SV Health Investors’ Biotech Crossover Opportunities Fund.
The SV Health Investors Fund will invest in growth-stage biotech firms that are working on therapies.
SV Health Investors was launched by Dame Kate Bingham, who led the government’s Covid taskforce.
“We are pleased to announce our next investment through our life sciences programme, launched to support the development of new technologies, research and talent to advance the UK’s life sciences sector,” said Mohammed Al-Huraimel Al-Shamsi, head of UK Investment Programme, Mubadala.
Abu Dhabi-based sovereign investor the Mubadala Investment Company also invested an unknown amount alongside British Patient Capital in the biotech fund.
SV Health’s biotech fund has already invested in five UK businesses; Bicycle, Quell Therapeutics, Pulmocide, EyeBio and Nimbus Therapeutics.
Catherine Lewis La Torre, CEO of British Patient Capital, said: “Yet there is a clear lack of later-stage funds investing consistently at scale into the life sciences sector, which means some of our most promising businesses are either acquired early or forced to move elsewhere.”
British Patient Capital, which is a subsidiary of the government-owned British Business Bank, invested in medical image company Perspectums’ Series C round that took place earlier this month.
Flexible circuit maker PragmatIC also saw a contribution from British Patient Capital in its £28m raise in December.