George Health Enterprises, the UK-based commercial arm of George Institute for Global Health operating an integrated healthcare business, secured £27m ($35m) in funding yesterday from investors including health insurance provider Bupa Australia.
The capital is split into a $22m investment in George Health that was co-led by Bupa Australia and private equity fund Federation Asset Management, and $13m for George Medicines that was supplied by Medical Research Commercialisation Fund (MRCF).
MRCF, backed by the government of Australia and managed by Brandon Capital Partners, invested through its Biomedical Translation Fund. Its commitment will be matched by George Health Enterprises.
George Medicines focuses on developing therapeutics for conditions such as cardiovascular and metabolic disorders which do not transmit from person to person, and which kill an estimated 41 million people each year according to the World Health Organisation.
The funding is expected to allow George Medicines to bring three drug candidates to market and will accelerate pipeline development at George Health’s three other commercial units, which concentrate on contract research services, digital health and cost-effective dialysis respectively.