PUBLISHED: Redmile Group financing $100 million for Annexon

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.

T

he move intends to advance products into clinical trials.

Portfolio Breakdown

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.