Sir Christopher Evans' is scrapping Merlin Biosciences and transferring the early-stage venture funds to the newly-formed Excalibur, which will shift focus to late-stage therapies. That's bitter news to start-ups in the UK, which have long been able to tap into the seed funds offered by Merlin. Evans plans to raise a new fund with £100 million to invest in a range of companies spanning everything from specialty pharma to surgical equipment makers.
Many early-stage biotechs are "fraught with difficulty" and may have to consolidate, Evans told the Financial Times. Merlin's three funds are worth more than £450 million.
- read the article in the Financial Times
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