AstraZeneca, the biopharmaceutical corporation formed in 1999 through the merger of the Sweden-based Astra and the UK-based Zeneca Group, committed a further $100m to its corporate venturing unit, MedImmune Ventures, on Monday.
MedImmune was founded in 1988 as a biotechnology firm before being acquired by AstraZeneca in 2007, at which time it became AstraZeneca’s global biologics division.
MedImmune Ventures, launched in 2002, has continued to operate as a corporate venturing fund under AstraZeneca’s control, investing in companies developing small and large molecules, pharmaceutical technologies, vaccines and platforms.
MedImmmune Ventures currently has 17 companies in its portfolio, and has exited three. The overall capital under MedImmune Ventures’ management now totals $400m.
Ron Laufer, senior managing director of MedImmune Ventures, said: "With the additional funding from AstraZeneca, we look forward to expanding our investment activities globally and across therapy areas. We believe that in the current financial environment, there is a growing role for corporate venture capital funds such as MedImmune Ventures."
Simon Lowth, chief financial officer of AstraZeneca, added: "We continue to support MedImmune Ventures’ strategy that combines commitment to advance science and technology in the life science industry while generating financial returns expected of venture capital funds."
The news came at the same time as MedImmune co-led the series B round for Australia-based life sciences startup NeuProtect with venture capital fund Starfish Ventures. Starfish made its first investment in NeuProtect at the time of Neuprotect’s founding in 2004.