Updated: Aug 27, 2020
The original article can be found on The Buttonwood Tree here.
Earlier this year, Redmile Group was recognized for its contribution to Kymera Therapeutics’ $102 million funding. This month, Redmile Group led the $100 million financing for biopharmeceutical company Annexon, Inc.
Redmile Group, a San Francisco-based hedge fund, finances healthcare, biotechnology, medical and life sciences sectors. Biopharmaceutical company Annexon seeks to develop therapies for degenerative diseases.
he move intends to advance products into clinical trials.
Earlier this year, Redmile Group LLC’s venture capital fund exceeded its $675 million target by raising a total of $675.4 million. On June 29th, Post-IPO Equity BioNTech raised $250 million — $195 million more than last year.
This latest investment includes roughly $139 million in ordinary shares and another $112 million investment in convertible notes.
Redmile Group holds $13.9 billion over 330 funding rounds, which supports financing venture capital and seed investments. Their portfolio now includes Genome Medical, a company creating widespread genetic testing and Veratrack, a tech startup aiming to digitize the pharmaceutical supply chain. Each company got $14 million and £1 million (approximately $1.3 million) respectively.
Genome Medical‘s founder is Randy Scott, Co-founder and Executive Chairman of Invitae. Invitae funded $195.5 million for Redmile in the last 5 years.
Redmile Group’s investments aim to create a more accessible healthcare industry, with investments in and funding from healthcare companies globally.
Notable holdings include Fate Therapeutics and Deciphera Pharmeceuticals, with shares valued at $378 million and $233 million respectively. Deciphera is also one of the top three investors in Redmile Group.