Novartis Venture Fund focuses on portfolio companies

According to its 2003 activity report, the Novartis Venture Fund focused mainly on supporting companies already in its portfolio by providing additional funding for 25 firms during the year. It also provided support for eight new companies, expanding its portfolio to a total of 74 businesses. The fund committed $35m in new financing last year to bring its total investment to $215m since 1996. These investments have helped support the creation of 127 start-up companies. In addition to investments in US companies, the fund plays an important role in supporting start-up companies in the BioValley area around Basel, Switzerland. Over the last seven years, the fund has invested more than SFr 50m in 42 new companies in the BioValley area, which in turn created a total of about 700 jobs and a turnover of Sfr 90m annually.

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