Circassia, a UK-based specialty biopharmaceutical company focused on allergy treatments, has raised £60m ($98m) in the second largest fundraising by a privately-held European biopharmaceutical company this year.
The money will be drawn down in two tranches over the next two years to fund phase three development of Circassia’s cat and ragweed allergy therapies.
Imperial Innovations, a university investment unit, led the consortium, which included mutual fund manager Invesco Perpetual.
Susan Searle, chief executive of Imperial Innovations, said: "We have led each investment round for Circassia since the company was founded, and are delighted to do so again.
Circassia has raised about £93m in these rounds from Imperial Innovations, Invesco Perpetual, hedge fund manager Lansdowne Partners and investment bank Goldman Sachs.
Circassia completed an initial investment round of £6m in January 2007.