The British Business Bank has agreed to back a new biotech fund from SV Health Investors to the tune of $100m (£75m), the largest commitment in the bank’s history.
The investment will back the SV8 Biotech Fund, a new flagship vehicle from SV Health Investors, one of the UK’s most prominent backers of the health tech sector.
The fund is dedicated to backing innovation in therapeutics technology.
The commitment from British Business Bank brings its total fund commitments to the life sciences sector to £560m across 15 funds.
“This deal is good news for UK life sciences and, as the British Business Bank’s largest fund commitment to date, it demonstrates our commitment to the sector,” said Leandros Kalisperas, chief investment officer at the British Business Bank.
“The UK’s highest performing companies are in need of greater funding, especially at the growth stage, and we are ramping up our investment activity to meet this demand.
“Our cornerstone commitments and the collaboration we provide in fund formation act as a pathfinder for other investors to go into the fund.”
Last month SV Health Investors led an £87m Series D investment into Cambridge-based biotech firm Artios.
“The British Business Bank continues to be a valued partner to SV, which has a long history of investing in and transforming science into leading companies that bring positive impacts to patients,” said Nikola Trbovic, managing partner of SV Health Investors.
The support we have received from the Bank over the last ten years has helped enable us to fund some of the most promising UK biotech companies developing therapeutics to address significant clinical needs.
