Index life sciences portfolio creates Medicxi Ventures spin-off
February 2, 2016 – LONDON. A new venture capital firm has been lanched, comprising all of the existing life sciences portfolio companies, funds and team from Index Ventures. Called Medicxi Ventures 1 (MV1), it is a new €210 million ($250 million) fund that will focus on early-stage life sciences investments. MV1 will predominantly invest in Europe and principally follow the “asset-centric” strategy pioneered by its partners at Index.
By investing in MV1, GlaxoSmithKline (GSK) and Johnson & Johnson Innovation - JJDC, Inc. (JJDC) have renewed and expanded their commitment to the asset-centric approach, following the prior investment in Index Life 6 (IL-6) alongside other financial investors.
Medicxi Ventures starts its operations as one of the largest independent European life sciences focused investment firms. The Company’s mission is to focus on strengthening R&D innovation by providing solutions to unmet medical needs. Collaboration with pharmaceutical companies will continue to be a key strategy helping the firm to deliver on this mission.
Medicxi Ventures will be managed by four General Partners, Francesco De Rubertis, David Grainger, Kevin Johnson and Michèle Ollier, all of whom previously led the life sciences practice of Index Ventures. The four partners will form the executive management of the new firm.
Francesco De Rubertis, General Partner of Medicxi Ventures, said: “We are excited to take this next step in our evolution as a life sciences focused investment firm. A high percentage of the drugs approved every year by the FDA were discovered in European academic labs. By working in close partnership with academia, biotech and the pharmaceutical industry, we are committed to translating this high quality science in Europe into effective new medicines.”
He added: “It has been a privilege working with Neil Rimer, Giuseppe Zocco and the other tech partners at Index Ventures for the last 20 years and we have benefitted from their expertise in investing in and building high growth entrepreneurial companies.”
Dr Moncef Slaoui, Chairman Global Vaccines and GSK’s representative on Medicxi’s Scientific Advisory Board, commented on the announcement: “We are delighted to support the Medicxi team and this early stage investment fund. We believe in the potential to create an exciting pipeline of new medicine candidates by collaborating and investing with an asset-centric model. The team at Medicxi has a proven track record in partnering with world-class entrepreneurs and scientists to translate disruptive science from academia and industry into new medicines with demonstrable patient benefits.”
Dr Richard Mason, Head, Johnson & Johnson Innovation, London, commented: “Johnson & Johnson Innovation is focused on enabling and advancing all stages of science and technology across the world’s most robust innovation ecosystems. We are optimistic that applying the asset-centric investment model of Medicxi across Europe and beyond will uncover the new and highly differentiated science and technology that is needed to turn early stage research into viable products and patient solutions. We are delighted to work closely with the Medicxi team to help increase the productivity and likelihood of success for the life sciences innovation community throughout the region. ”
The Scientific Advisory Board of the new fund will include some of the top R&D and business development executives from the two pharmaceutical companies as well as Medicxi-appointed executives. As in IL-6, the two pharmaceutical companies have not received any specific rights to the portfolio companies.
Neil Rimer, co-founder of Index Ventures, said: “The creation of Medicxi Ventures as a new entity is a natural evolution given that Index’ life sciences team has been operating autonomously within the firm for several years. Whilst Index and Medicxi will operate independently, we retain close ties and look forward to continuing to share ideas and expertise.”
Source: Medicxi Ventures