New late-stage drugs fund

Celtic Pharma has been launched to focus on late-stage drug companies with products in late Phase II and III trials and close to being taken to market. To date, about $125m has been committed and closed into the fund by investors around the world. Celtic Pharma hopes to have raised $300m by he end of this year. Stephen Evans-Freke and John Mayo are managing general partners of Celtic Pharma. The new private equity group has recently announced its first acquisition, the takeover of biotechnology company Xenova Plc.

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