David Mott, former chief executive of biopharmaceutical company MedImmune, has joined venture capital firm New Enterprise Associates as a general partner.
Mott will join fellow MedImmune alum Edward Mathers in NEA’s healthcare practice, focusing on investments in biotechnology and specialty pharmaceutical companies. NEA hired Mathers, former director of MedImmune’s captive venture arm, last month.
After working within Smith Barney’s health care investment banking group, Mott joined MedImmune in 1992 and subsequently rose through roles of increasing responsibility including chief operating officer, chief financial officer and finally chief executive.
During his tenure as chief, Mott propelled MedIummune to one of the largest biotech companies on the eastern seaboard through the lucrative success of Synagis, a drug that helps prevent the spread of common respiratory infections in infants and children. During this time, Mott greatly expanded the company’s research and development resources and established its venture capital subsidiary, which he appointed Mathers to lead.
However, MedImmune met considerably less success with the marketing of FluMist, a nasal spray flu vaccine. Partly because of the disappointment surrounding FluMist, shareholders led by activist investor Carl Icahn pushed for the company’s sale.
London-based biopharmaceutical giant AstraZeneca subsequently acquired MedImmune for $15.6 billion in 2007 in one of the largest biotech deals in history. Mott left MedImmune in June, roughly a year after the merger.
Neither NEA nor Mott could not be reached at press time.
Current biopharmaceutical companies within NEA’s portfolio include cardiovascular disease specialist Cardioxyl Pharmaceuticals and cancer treatment specialist Kanisa Pharmaceuticals.