Wellington Management closes Biomedical Innovation Fund I at USD393m

Independent management and investment firm, Wellington Management (Wellington), has announced the final close of the Wellington Biomedical Innovation Fund I (the Fund). 

At the point of closure, the Fund was oversubscribed.
The Fund will invest in private biotechnology companies focused on drug discovery and development, and seeking capital to advance their scientific programmes[1] .
The close of the Fund expands Wellington’s private investment platform, which includes both healthcare and late-stage growth funds totalling USD2.7 billion. The Fund’s global investor base includes public and private pension plans, insurance companies, corporations and family offices.
Bob Deresiewicz, MD, Senior Managing Director at Wellington, says: “Biotechnology represents an exciting investment area, driven by an explosion in fundamental biomedical knowledge and a growing ability of companies to deploy that knowledge in the service of breakthrough drug discovery. We pursue an evidence-based approach to investing, seeking to leverage our biomedical, scientific, and industry expertise to identify promising assets that could meaningfully advance medical practice.”
Chris Kirk, the President of Wellington Alternative Investments, says: “This new sector-focused fund is the next step in expanding our private investment capabilities as we look for new opportunities to create long-term value for our investors. We believe our portfolio companies will benefit from partnering with Wellington and our extensive team of tenured industry analysts, who bring sector-level insights and public market expertise in support of their strategic growth plans."

UK spelling for programme. In British usage, program refers specifically to a computer program or application