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GSK spinout SR One closes $500m debut fund

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Biotechnology venture capital investor SR One, a spinout from GlaxoSmithKline (GSK), has announced the final close of its debut fund on its hard-cap of $500m.

Goldman Sachs acted as placement agent for the fundraise, while Kirkland & Ellis provided legal advice.

SR One Capital Fund I was registered in July 2020 with a target of $400m. The vehicle is domiciled in Delaware.

SR One was originally founded as part of GSK in 1985 and was the pharmaceutical company's venture capital arm. The firm invested via an evergreen corporate fund prior to its recently completed spin-out. The firm has offices in San Francisco and London.

Rodger Novak and Eliot Charles, who were involved in the founding of SR One's US-based portfolio companies Crispr Therapeutics and Principia Biopharma respectively, will join the firm's team as venture partners. Principia Biopharma was acquired by Sanofi in August 2020 in a deal valuing the company at $3.7bn.

Investors
GSK is the cornerstone investor in the vehicle. The LP base also comprises institutional asset managers, endowments, foundations, pension funds and family offices.

Investments
The fund will invest in early-stage biotechnology companies in the US and Europe, with the aim of supporting them in developing innovative breakthrough technologies and therapies. The GP focuses on companies developing treatments for a clear unmet medical need. SR One has traditionally invested €500,000-5m per funding round.

SR One's previous investments in Europe include UK-based biotechnology companies MicroBio and Bicycle Therapeutics. The firm has a portfolio of 30 private and public companies, according to GSK's website.

People
SR One – Simeon George (CEO); Rodger Novak, Eliot Charles (venture partners).
GlaxoSmithKline – David Redfern (chief strategy officer).

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