Galapagos Genomics, a genomics joint venture of Crucell Holland and Tibotec-Virco of Belgium, has completed a first round of financing. The company has raised E21.4m, which it will use to expand its technology platform and develop the company towards genomics-based drug discovery.
The fund raising was co-led by Abingworth Management, Apax Partners and US-based life sciences merchant bank Burrill & Company. Other investors in this round include Netherlands-based NIB Capital and existing shareholder Crucell Holland.
Commenting on the investment, Stephen Bunting, managing director at Abingworth, said: “The attraction of Galapagos Genomics is down to its innovative drug discovery processes which have placed it ahead of the market. Galapagos has successfully industrialised and been speeding up the genomics-based drug discovery process, which has proved attractive to its customer base.”
Abingworth is an independent venture firm founded in 1973 and has funds under management of close to $400m. This latest investment came from Abingworth BioVentures III (ABV III), a $225m fund which closed in December 2001. ABV III will invest in early-stage biotechnology and medical companies that operate across Europe and the US.
Burrill & Company is a life sciences merchant bank, focused exclusively on companies involved in biotechnology, pharmaceuticals, diagnostics, human healthcare and related medical technologies. The Burrill family of venture capital funds has over $350m under management.Apax Partners manages and advises over E12bn on behalf of leading institutional investors around the world, investing in companies at all stages of development from start-up to buyout.