Switzerland-based, cancer-focused healthcare group Helsinn committed $50m to an early-stage investment fund called Helsinn Investment Fund yesterday.
Helsinn Investment Fund will target startups developing oncology treatments and diagnostics technology, cancer supportive care, and treatments for dermatology conditions, metabolic and gastrointestinal disorders covering biotech, therapeutics, medical devices and food supplements.
The fund will make its initial investments over a three-year period and will take part in follow-on rounds in the subsequent five. It plans to build a portfolio of 10 to 15 companies, providing operational, scientific and clinical strategy support as well as funding.
Riccardo Braglia, CEO and vice-chairman of Helsinn, said: “Early-stage medical innovation is the lifeblood of our industry and the future for patient care. Without critical early financial support, promising businesses cannot advance this innovation towards commercialisation.
“We have created Helsinn Investment Fund to help support these companies. Helsinn’s 40 years’ experience working to improve the daily lives of people affected by a range of chronic diseases has shown us how much we depend on innovation.”
Braglia is part of the fund’s board of directors, along with Luigi Caletti, a financial advisor to Helsinn; Francesco Granata, a senior advisor at private equity firm Warburg Pincus; and Betty Prudhomme, senior vice-president, of professional services firm SCG’s tax department.
Helsinn Investment Fund’s first portfolio companies are Mei Pharma, a US-based oncology therapy developer that went public in 2013, UK-based medical device developer QuantumDx and OncoResponse, a US-based antibody discovery startup that just raised $7m in series A funds.