Angelini Pharma, part of the privately-owned Angelini holding company based in Italy, has set up its corporate venturing group with an initial $35m.
The Angelini Lumira Biosciences Fund (ALBF) will be managed by Lumira Ventures, a Canada-based life sciences-focused venture capital firm. Angelini Pharma has also committed $5m as a limited partner in Lumira Ventures IV, a $220m life sciences fund, announced last month.
ALBF will invest in early-stage companies in Canada and the US that are developing pharmaceutical therapies for central nervous system disorders (CNS) and rare diseases.
Pierluigi Antonelli, CEO of Angelini Pharma, said: “This project, after the acquisition of Arvelle Therapeutics and the investment in the newly-created European startup studio Argobio, is another important step towards our ambition to be an innovation leader in mental health, CNS and rare diseases.”
Francesco Paolo di Giorgio, Angelini Pharma’s global head of research and development, external innovation and corporate venturing, added: “ALBF combines an innovative corporate venturing approach with a proven venture capital structure.”
Peter van der Velden, managing general partner of Lumira Ventures, said: “We see these kinds of collaborations as highly accretive to our core investing activities, and we are extremely excited to partner with a company that so completely shares in our vision and passion for building a portfolio of investments in companies developing cutting edge therapeutics in areas of high unmet medical need.”
