Advent Life Sciences Closes Two Funds, Totalling $215M

venture capital

Advent Life Sciences, a London, UK-based transatlantic venture investor focused on building innovative life science companies in the UK, Europe and the US, closed two new funds, at $215m.

These include:

  • Advent Life Sciences Fund III, the firm’s third dedicated life sciences venture capital fund raised from new Limited Partners (LPs), including British Patient Capital, as well as existing LPs.
  • The Advent-Harrington Impact Fund, a new type of fund raised in collaboration with the Harrington Discovery Institute to translate innovative drug discoveries into novel treatments for the benefit of patients and society.

Investing at seed, series A and beyond, the funds will primarily support companies to develop new therapeutics but will also continue Advent’s strategy of backing high-potential medical technology companies.

Since its launch, Advent Life Sciences has invested at the interface of academic research and commercial drug development with a focus on identifying and backing high-impact, high-potential innovations that can deliver important new medicines for unmet medical needs. The partnership with Harrington Discovery Institute will increase access to academic science with high medical and commercial promise.

Advent’s portfolio success stories over the last year include:

  • the sale of Advent-founded KaNDy Therapeutics to Bayer Pharmaceuticals for over $875 million bringing a non-hormonal treatment for symptoms of the menopause closer to patients;
  • Advent-founded Arrakis’ $190m partnership deal with Roche to develop small molecule modulators of RNA;
  • the NASDAQ IPO of Acutus Medical launching a mapping technology and future ablation therapies for cardiac arrythmias; and
  • notable follow-on financings including participating in a $60m round for F2G Therapeutics, that also received Breakthrough Therapy Designation from the FDA for its novel class of anti-fungal treatments that address a very high unmet need.