Wellington lines up a $393M bankroll for its next round of private biotech bets — and they’re likely thinking big
Wellington Management made some uncustomary waves at the beginning of the year when it threw its considerable weight against Bristol-Myers Squibb’s $74 billion Celgene buyout. But after Bristol-Myers’ biggest investor conceded that game to the influential proxy firms involved, they’re now going to end the year by rolling out a big new investment fund for a new stable of fledgling biotechs on the private side of the industry.
Bob Deresiewicz has garnered $393 million for Biomedical Innovation Fund 1, bringing assets under management to a cool $1 trillion as Wellington goes in the hunt for next-gen companies in drug discovery.
We pursue an evidence-based approach to investing, seeking to leverage our biomedical, scientific, and industry expertise to identify promising assets that could meaningfully advance medical practice.
That’s a fairly benign way of saying they like biotechs that swing for the fences — and IPOs — and they’re not daunted by big numbers or an international playing field. Wellington is also known to be welcomed in some well-heeled investor syndicates.
Five years ago, Wellington Management helped put up $450 million for Moderna $MRNA when it was still buffeted by skepticism over its messenger RNA tech. They also backed Forty Seven’s work on CD47 ahead of their IPO. And they appeared on the list of the largest investors in the Oxford gene therapy spinout Nightstar Therapeutics $NITE, bought out by Biogen for $800 million.