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Friday, July 30, 2021

Flagship Pioneering, The Investor Behind Moderna, Raises $3.4 Billion For New Fund

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Flagship Pioneering, the investor behind Covid-19 vaccine maker Moderna, stated in the present day that it had raised $3.4 billion for a brand new fund. The fund is a big one even at a time when funding has been flowing into biotechnology and therapeutics.

Flagship founder Noubar Afeyan, who’s price $2.9 billion, has helped begin greater than 50 private and non-private healthcare and life sciences firms over the course of his profession. “Biotechnology is at the vanguard of technological progress, difficult us to assume past incremental advances and take huge leaps – and Flagship Pioneering is targeted on actively leaping to the scientific areas ripe for disruption.” Afeyan stated in an announcement.

Afeyan, 58, fled the Lebanese civil warfare and immigrated first to Canada after which america. He based Flagship Pioneering in 2000. “I used to be 24 after I began. I used to be an immigrant, I had an ungainly identify,” he instructed Forbes final month. “It’s a survival journey. You bounce in and begin doing what you may.”

Afeyan is chairman of Moderna, which was launched in 2010 to develop mRNA therapeutics. However Flagship is much bigger than that, with $14.1 billion in property underneath administration after the shut of the brand new Fund VII. Over the previous 4 quarters, Flagship has deployed a complete of $370 million to the businesses in its portfolio. Its present portfolio contains 41 firms, amongst them Sana Biotechnology, Denali Therapeutics and Indigo Ag.

With the brand new capital, the fund intends to spend money on therapeutics, agriculture and diet. It is usually constructing a brand new division that can give attention to preemptive medication and well being safety to be able to higher shield folks’s well being earlier than they get sick and to higher put together for future threats of infectious ailments. “The pandemic has laid naked the essential nature of well being, not solely to people, however to economies and societies,” Ara Darzi, chair of Flagship’s preventive medication and well being safety initiative, stated in an announcement.

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