The firm will invest in biotech companies focused on drug discovery and development.
Wellington Management today announced the close of a $393 million Biomedical Innovation Fund I to invest in private biotechnology companies focused on drug discovery and development.
The close of the fund expands Wellington’s private investment platform which totals $2.7 billion. The new funding will be used to help the companies advance their scientific program.
“Biotechnology represents an exciting investment area, driven by an explosion in fundamental biomedical knowledge and a growing ability to deploy that knowledge in the service of breakthrough drug discovery,” said Bob Deresiewicz, M.D., senior managing director at Wellington, an independent investment management firm.
Wellington leverages its biomedical, scientific and industry knowledge to identify assets that could advance medical practice, Deresiewicz said.
Inside Digital Health™ reached out to Wellington Management to learn more about the close the fund but could not get a hold of anyone.
This is not the firm’s first healthcare investment either. Back in July, Wellington Management led a $73 million Series D funding round for Omada Health, a company that uses health coaching, connected devices, peer support and digital interventions to help patients manage chronic conditions and behavioral health.
Wellington’s $393 million fund adds to the more than $200 million raised by Ajax Health earlier this year to accelerate med-tech innovations.
The fund also follows the National Institutes of Health announcement from the beginning of October that it awarded $20 million to five research institutions to accelerate the development of biomedical health technology and improve patient care.
As 2019 comes to a close, funding in health-tech is shaping up to end the year like it opened — with more investments in the space.
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