Phase4 Ventures, the UK-based life sciences corporate venturing unit of Japanese bank Nomura International, has spun out as an independent entity.
Nomura will retain part of the assets, seven companies, with the rest sold to fund manager HarbourVest Partners.
Led by managing partner Denise Pollard-Knight (pictured), Phase4, which as dropped Nomura from the start of its name, will mange its existing fund for Nomura and a new vehicle with HarbourVest’s money that includes five existing deals. The five are: Albireo Pharma, Nabriva Therapeutics, Chroma Therapeutics, Oncomed Pharmaceuticals and Paratek Pharmaceuticals. Another fund will be raised to look at new deals.
Phase4 has made more than 30 deals since 1999 by investing $15m to $30m in each portfolio company. Its exits include Intercell, Pharmion, Targacept and, most recently, Proteolix, which was sold for $276m in cash and up to $575m in performance fees to Onyx Pharmaceuticals in October 2009.
Tarun Jotwani, chief executive of Europe Middle East and Africa for Nomura, said: "It was always intended Phase4 would develop as an independent business."