Welcome to the latest edition of our weekly EuroBiotech Report. We start this week with a record-breaking VC fund. Backed by Bristol Myers Squibb, LSP eased past the target for its sixth fund, topping out at its hard cap of $600 million. LSP plans to use the money to correct a perceived imbalance between the levels of breakthrough science and funding in Europe. Versant Ventures, a U.S.-based peer of LSP, has also identified Europe as a land of untapped opportunities. Having done so, Versant is now doubling down on the region, outlining plans to expand its biotech incubator laboratories in Switzerland. Elsewhere, Dan Vasella contributed to a financing round at Numab Therapeutics. Cell Medica rebranded as Kuur Therapeutics and raised money to trial CAR natural killer T-cell therapies. And more. — Nick Taylor
1. Bristol Myers powers LSP to record-breaking European VC fund
LSP has raised a $600 million (€529 million) fund to invest in European life science companies. The investment vehicle, which LSP claims is the largest of its type in Europe, is bigger than the VC shop’s three previous life science funds combined.
2. Versant plots Basel expansion as incubator hits full capacity
Versant Ventures has outlined plans to expand its biotech incubator in Basel, Switzerland. Having set up shop in 2017, the 40-scientist incubator is now operating at full capacity, leading Versant to outline plans to expand the laboratories.
3. Vasella helps Numab to CHF22M round ahead of cancer trial start
Numab Therapeutics has raised CHF 22 million ($23.8 million) ahead of the start of clinical testing of its lead oncology drug ND021. Daniel Vasella, the former CEO of Novartis, was among the people to participate in the financing round.
4. Cell Medica rebrands as Kuur, raises cash for CAR-NKT trials
Cell Medica has rebranded as Kuur Therapeutics, pulling in fresh funds from IP Group, Baylor College of Medicine and Schroder Adveq along the way. Kuur will use the money to fund phase 1 trials of autologous and allogeneic CAR natural killer T-cell (CAR-NKT) therapies.
And more articles of note>>