Nordic Biotech raises capital for its second biotech fund  

2005.10.28
Copenhagen based Nordic Biotech has announced the first closing of its second biotech fund NB II with a committed capital of DKK 310 mn

Nordic Biotech, a venture fund based in Copenhagen, has announced the first closing of its second biotech fund NB II with a committed capital of DKK 310 mn (USD 49.6 mn). The aim is to make a total fund of DKK 700 mn (USD 112 mn) in the next 12 months. The money will be invested in biotech companies with focus on drug development primarily in Denmark and Sweden, but also in the rest of Europe.

The first fund of Nordic Biotech has made investments in a number of rapidly developing biotech companies including Life Cycle Pharma, a spin-out from pharmaceutical company Lundbeck. Life Cycle Pharma is expected to seek an IPO on Copenhagen Stock Exchange in 2006.

Investors in NB II include the European Investment Fund, the Danish Fund for Industrial Growth, W Capital Management, Lundbeck and the Employees Capital Pension Fund. Hans Jørgen Madsen, head of department at the Employees Capital Pension Fund says: "We carefully allocate capital for private equity investments in the biotech sector. Nordic Biotech II is certainly among the most promising funds". The news was reported by financial daily newspaper Børsen and on the Nordic Biotech website.

Link > Nordic Biotech

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