Medicxi launches £300m late-stage fund

The new vehicle comes 16 months after Index partners Francesco De Rubertis, Kevin Johnson, Michèle Ollier and David Grainger led a spinout of the firm's life sciences practice and announced a closing of its maiden €210m early-stage fund, Medicxi Ventures 1 (MV1). Medicxi also manages the entire portfolio of Index's life sciences funds.

The new vehicle will be overseen by Index co-founder and Medicxi partner Giuseppe Zocco, who joined the firm shortly after its spinout in February 2016.

Medicxi operates from offices in London, Geneva and St Helier, Jersey.

Investors
Novartis, Verily and the European Investment Fund are acting as cornerstone investors in the new fund. The vehicle has received commitments from additional pharmaceutical trade backers including Johnson & Johnson and GlaxoSmithKline, as well as a number of existing investors in MV1, and new backers.

Investments
MG1 will invest €10-25m in private or public European biotechnology businesses in order to support late-stage drug development. It will target companies with at least one asset in phase II development or beyond, specifically those that have generated a strong proof of concept and are looking to develop their compounds through further testing, regulatory approval and ultimately market entry.

During Zocco's time at Index, the VC Index invested in late-stage biotech companies including Micromet, which was subsequently acquired by Amgen; and Ariad, which was acquired by Takeda. Medicxi's maiden fund has taken part in a £11m series-A for London-based Capella Bioscience and a series-A for Utrecht-based Gadeta.

People
Medicxi – Francesco De Rubertis, Giuseppe Zocco, Kevin Johnson, Michèle Ollier, David Grainger (partners).

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