Drug Development

Golden Triangle gets £75M in fresh venture funds for Cambridge U spinouts

Today’s edition of Endpoints includes a new startup in a booming Kendall Square and a $1 billion-plus biotech campus for South San Francisco. So let’s wind up with some upbeat news for that other Cambridge biotech cluster — in the UK.

Cambridge Innovation Capital, which is charged with funding spinouts from the famously storied university, has raised £75 million, or close to $100 million after you put it through a post-Brexit conversion. That’s more than twice what the CIC group has invested so far, and biotech will be a key focus.

CIC’s portfolio includes Storm Therapeutics, which just raised £12 million to do new work on RNA-modifying enzymes for cancer. Another spinout, Abcodia, is working on early-stage cancer detection.

Cambridge – UK – is also home to AstraZeneca’s new campus, which has been taking shape in the wake of Pascal Soriot’s move to the helm of the global pharma. And it’s been a big part of the Golden Triangle, which loops in rival Oxford with the big London axis.

New investors included Woodford Investment Management acting as agent on behalf of certain discretionally managed funds, Winton Ventures, the Oman Investment Fund and other institutional investors and existing shareholders including University of Cambridge Endowment Fund, Lansdowne Partners, ARM and IP Group plc.

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