Life Sciences Partners still going strong

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Continuing the good news in the venture space, this month also saw a new fund launch. Life Sciences Partners has teamed up with Max Planck Innovation GmbH, the technology transfer arm of Max Planck Society, to launch DDC Ventures. DDC will be managed by LSP and is seeking to raise EUR100m, with a first close expected this year.

Together with the recently launched Lead Discovery Center (LDC), the fund forms the basis for Max Planck Innovation's Drug Development Center (DDC) concept, which last year was awarded EUR20m in funding from the German Ministry of Education and Research.

The fund will aim to invest around EUR5m in 10-15 pharmaceutical projects in pre-clinical phase, which will primarily originate from the life science institutes of the Max Planck Society in Germany, but may invest in other European companies.

The pharmaceuticals sector also saw a notable transaction completed this month, with BZ Bank leading a CHF 62.5m investment into Swiss biotech company NovImmune. The company's historical backers include LODH Immunology Fund, Novartis Venture Fund, Pictet Private Equity Investors, and Aravis Venture. The drug discovery firm intends to use the funds to re-acquire control of its lead component from MerckSerono.