The British Business Bank – the economic development bank for the UK –has agreed a $100m cornerstone commitment to SV Health Investors’ new fund, SV8 Biotech Fund, a multi-stage therapeutics-dedicated fund.
This fund commitment, which will be the bank’s largest to date, brings its total fund commitments to life sciences above half a billion, with £560m committed across 15 life science funds.
These fund commitments have collectively leveraged £3bn from private sector investors, bringing in six pounds for every one pound invested.
The commitment supports the UK’s Life Sciences Sector Plan and is the latest in the British Business Bank’s ongoing work to back the UK’s high-growth, high-potential life sciences companies.
The bank is the largest investor in UK venture and venture growth capital funds.
SV is a leading transatlantic life sciences specialist fund manager with a three-decade track record of deploying capital into the UK’s growing life science companies, including high profile biotech companies such as EyeBio, Draig Therapeutics, Alchemab and Pulmocide.
To date, SV investments have resulted in the launch of 30 novel drugs and six new drug classes.
SV funds have attracted investment from pension funds, asset managers, family offices, charities, sovereign wealth funds and several of the world’s leading pharmaceutical companies.
The British Business Bank has a long-standing relationship with SV going back ten years.
“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,” said Leandros Kalisperas, chief investment officer at the British Business Bank.
“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,” added Kalisperas. “All of our investments are designed to mobilise institutional capital, both domestic and international, into UK venture capital.”
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