Medicxi invests €200m in super six biotechs
Medicxi – whose founding partner and chief scientist, David Grainger, operates internationally from a Cambridge base – is claiming a world first paradigm for biotechnology after allocating €200 million to buy stakes in six companies from their predecessor VC and investing fresh growth capital in them.
Medicxi drew a veil over the super six it is nurturing under the new model but the portfolio reportedly draws from Index Ventures Life VI, one of the last funds the Medicxi team launched while they were still part of the multinational, tech-focused VC firm Index Ventures.
That team kept advising Index on their life sciences portfolio even after they spun out to form their own firm in the middle of 2016, various biotech sources report.
Medicxi would only say that this crop of investee businesses embraced both clinical and preclinical enterprises.
The new fund, labelled Medicxi Secondary 1 (MS1), represents another expansion for the VC firm.
David Grainger is a biotech industry powerhouse and is chair of Cambridge-based RxCelerate, which is expanding in the cluster. RxCelerate took 25,000 sq ft of prime office and lab space at BioMed Realty’s flagship research development at Babraham Research Campus at the start of 2020.
RxCelerate was founded in Cambridge in 2012 with a focus on working smarter. It has grown rapidly to become one of the leading providers of drug development services.The company operates a unique model, providing capabilities to discover and develop drugs for clients, designing as well as executing every aspect of the research and development plan.
RxCelerate offers a wide range of services. The biology team specialises in in vivo pharmacology, offering proprietary models of a wide range of human diseases, as well as complex cell-based assays. The chemistry team provides medicinal chemistry, including in silico screening, and synthesis that integrates seamlessly with the in vitro testing capability.
A dedicated team designs the optimum discovery or development strategy for each project, as well as integrated program management. By working closely together, these teams can deliver pharma-grade drug product candidates at a fraction of the cost of traditional approaches.