US-based biotechnology investment firm Accelerator Corporation reached the $51.1m first close of its fourth fund yesterday, which included contributions from several pharmaceutical companies.
New investors included pharmaceutical company Eli Lilly pharmaceutical corporate venturing units Pfizer Venture Investments and Johnson & Johnson Development Corporation, venture capital firm Harris & Harris Group and investment fund Partnership Fund for New York City.
Alexandria Venture Investments, Arch Venture Partners, and WRF Capital all took part as returning investors.
Founded in Seattle in 2003, Accelerator finances and helps to manage early-stage biotechnology companies. The closing of Accelerator IV will lead to it expanding its operations to New York, where it will work in partnership with a host of educational and medical institutions.
John Lechleiter, chairman and CEO of Eli Lilly and Company, said: “We believe that there is an unparalleled opportunity to support exciting early-stage life science research in both New York City and Seattle. Accelerator will provide a big boost to help foster innovation in both these locales.”