Flagship’s robust funding round highlights a general recovery in biotech investment. A number of venture capital firms brought in fresh cash this year, including Foresite Capital, Sands Capital, Scion Life Sciences and a life sciences arm of Goldman Sachs. Arch Venture Partners is also raising a new $3 billion fund.
Still, investors are now often looking for more proven commodities rather than the preclinical startups that easily raised cash in 2020 and 2021. Activity in initial public offerings in the sector remains spotty, too.
Flagship offers institutional investors the chance to buy into a diverse universe of biotech companies. Launched in 2000, Flagship has created more than 100 scientific ventures and currently counts 40 companies in its portfolio, including COVID vaccine maker Moderna. All told, Flagship now has an aggregate capital pool of $10.9 billion and $14 billion of assets under management. READ MORE
By Kristin Jensen
Source: biopharmadive.com
Pharma and medical imaging company MedTrace announced the appointment of Nicholas Borys, M.D., as Chief Medical Officer (CMO). Dr. Borys is a skilled and experienced healthcare executive with over 25 years experience in advancing portfolios of novel therapies across diverse indications in cardiovascular, cancer, and central nervous system disease.
Eli Lilly and Company has announced a significant expansion of its manufacturing presence in Ireland, with a $1bn investment earmarked for its Limerick site. The move is aimed at boosting the company’s production of biologic active ingredients, including those for its approved Alzheimer’s treatment.
Lonza recently announced that it has completed a planned expansion of the mid-scale microbial manufacturing facility at its Visp, Switzerland site. This multi-product facility was recently granted a GMP license, allowing cGMP manufacturing and release of biologics produced using microbial fermentation.
