SR One, a life sciences venture capital firm that years ago split from GSK, has raised more than $200 million for a growth opportunities fund, it told Endpoints News.
Jake NunnThe fund is a “natural extension” to SR One’s existing work in the field, venture partner Jake Nunn said in a statement. It adds to the firm’s $500 million first fund and $600 million second fund, which was unveiled in March of last year.
SR One served as the pharma giant’s corporate venture capital arm for decades, making it one of the oldest in the industry. But in 2020 it separated from UK-based GSK to become an independent firm. GSK’s share was about 44% in the first fund. In the opportunities fund, GSK still holds a stake, according to its latest annual report.
Almost half of the growth opportunities fund has already been invested or committed, according to SR One. It’s backing new treatments made by both private and publicly traded biotechs across areas like immunology, oncology, autoimmune, cardiovascular and ophthalmology.
The so-called opportunities fund allows SR One to “continue to double down on some of our existing high-conviction companies as well as invest in later-stage companies, which have established clinical proof of concept around their product,” said CEO and managing partner Simeon George.
“We have now an end-to-end vehicle,” he said. “Importantly, GSK has continued to support us through each of these funds so it’s again a testament to the relationship we have with the stakeholders there.”
SR One is part of a growing list of life sciences venture capital firms that have raised sophomore or varsity-level funds in recent quarters. That includes ORI Capital’s second, Sands Capital’s third life sciences fund, Cowen Healthcare Investment’s fourth and Cormorant Asset Management’s fifth private fund, among others.