US and UK-based venture capital firm SR One has closed $600m (£489.3m) for its second fund to invest in the biotech sector.
SR One is a spinout from the British pharmaceutical and biotech GlaxoSmithKline, it has offices in California, Pennsylvania and London. SR One’s Fund II will invest in early-stage biotech startups developing new medicines.
Simeon George, co-founder and CEO, SR One, said: “We seek to partner with entrepreneurs building elite biotechnology companies, and we look forward to the potential development of new medicines for patients that Fund II may help bring to the market.”
An SR One spokesperson told UKTN the UK is a “key market” for the firm’s transatlantic strategy.
The £489m in funding came from a series of backers, including family offices, pension funds, foundations, pharmaceutical companies, sovereign wealth funds and prior investors.
“We have built a team of seasoned investors and venture partners who I believe are well positioned to continue SR One’s history of productive investment,” said Rajeev Dadoo, managing partner at SR One.
Past investments from the venture capital firm include Oxford spinout MiroBio, which was acquired by Gilead Sciences for £334m in August.
Other funds seeking to invest in biotech include Steven Bartlett’s Flight Fund and SV Health Investors’ Biotech Crossover Opportunities Fund.