Pantheon and LGT take lead on Medixci continuation vehicle
A newly formed fund called MS1 has acquired a portfolio of interests in six clinical- and pre-clinical-stage companies from Index Venture Life VI – a life sciences fund advised by Medicxi.
The new €200m vehicle will continue to be managed by Medicxi, which was formed in 2016 with all of the existing life sciences team, portfolio companies and life sciences funds of Index Ventures.
The secondaries deal has been dubbed an "exit and reinvest", and is considered the first in the clinical-stage biotech industry.
Asset manager Pantheon anchored the investment together with co-lead investor LGT Capital Partners, with the new fund committing to invest in each of the six portfolio companies the funding required to accelerate their clinical development plans through to the next stages of value creation.
The acquisition by MS1 was at a premium to the investments' net asset value, according to a press release by Medicxi.
The investors in Index Ventures Life VI (a 2012-vintage vehicle) received proceeds from the sale of the portfolio to MS1 and were also offered the opportunity to reinvest their proceeds into MS1.
People
Medicxi – Francesco De Rubertis (co-founder, partner).
Advisers
Fund – Campbell Lutyens (financial due diligence); Travers Smith (legal).
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