Merlin BioMed raises $50 million

Merlin BioMed Private Equity Fund raised $50 million for its planned $150 million-venture fund. Dominique Semon, who joined Merlin in March to spearhead its entry into the private equity markets, will manage the fund, which will invest in late-stage biotechnology, medical device, healthcare service and healthcare IT companies, with a focus on product plays. A second closing is slated for the first quarter of 2002.

Investors include institutional investors, existing Merlin BioMed hedge fund investors and drug delivery and neurological company Elan (ELN). Michael Sember, ELN's EVP of business development, will take a seat on the fund's advisory board. ...