Seroba launches Ireland’s first biotechnology fund
11 February 2002: The first venture capital fund, dedicated solely to the Irish biotechnology sector, was launched today by specialist biotechnology and life sciences fund manager Seroba BioVentures. The fund, known as the Irish BioScience Venture Capital Fund has a target size of up to €25 million and has already completed a first closing of €15 million. It is to be a key component of a national strategy developed by Enterprise Ireland, also launched today by An Tanaiste, Mary Harney, to grow and develop Ireland’s biotechnology and life sciences industries.
The Irish BioScience Venture Capital Fund will invest in seed and early stage projects in the biotechnology, pharmaceutical and medical fields, emerging from leading research institutes, universities, research hospitals and from existing companies. In particular it will focus on the areas of therapeutics, medical devices and diagnostics as well as new enabling technology platforms.
As part of Enterprise Ireland’s strategy for the development of the biotech and life sciences industries, a competitive tender was held last year to identify a dedicated biotechnology fund manager that it could support and invest in. Seroba BioVentures was the fund manager selected and has since raised matching funding from private sector investors including: Elan Corporation plc, Friends First and KBC Asset Management.
Seroba BioVentures was established by Peter Sandys and Seamus O’Hara. Sandys is a chartered accountant and a founder and former MD, of ABN Amro Corporate Finance (Ireland). Seamus O’Hara is a biotechnology graduate and was previously Business Development Manager at BioResearch Ireland.
Says Peter Sandys: "We are delighted to have reached our initial target of €15 million. The calibre of investors which the fund has attracted is key to our growth as a lead catalyst in the commercialisation of biotechnology in Ireland. We are also looking forward to working with our team of strategic partners and delivering specialist commercial, technical and financial expertise to companies in a way never before seen in the Irish biotechnology sector."
Seroba BioVentures is negotiating strategic relationships with several leading firms in the life science industry. The first of these relationships is with BioScience Managers Ltd ("BML") headed by Jeremy Curnock Cook, formerly head of Rothschilds’ Bioscience Unit. BML is a recently established advisory and investment firm with representation in many of the main global markets for biotechnology. BML will have an advisory role with the Fund including membership of the investment committee.
Seroba BioVentures identified a gap in the market for biotechnology funding generally and particularly for early stage projects in the sector. "Many of the issues facing biotech start-ups are complex and unique to the sector such as long lead times in product development, lack of commercial expertise and a limited biotech industry in Ireland, until now that is," says Seamus O’Hara.
"We believe that by bringing a range of specialist commercial and technical skills to bear on a project we can resolve these issues and accelerate the establishment and growth of successful biotechnology and life sciences companies."
"There has been concern for sometime about our inability to exploit scientific discoveries in Ireland owing to a dearth of seed capital," explains O’Hara. "Usually, the only option available to inventors was to license their discoveries prematurely to international companies on unattractive terms. Now, with the launch of a dedicated biotechnology fund, inventors will have the option of advancing and exploiting their technologies in Ireland with the potential for far greater returns."
The Irish BioScience Venture Capital Fund will operate throughout the island of Ireland. Substantially increased funding for basic research, through programmes like Science Foundation Ireland (SFI) and the Programme for Research in Third Level Institutions (PRTLI) in the South, and the establishment of the Bioscience and Technology Institute in the North, is expected to underpin this development.
|
Home