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Next phase for Phase4

Phase4 Ventures spins out from Nomura, plans new Euro focused biotech fund

Phase4 Ventures expects to focus more on European investment following its spinout from Nomura. The firm will be raising its first independent fund sometime over the next 12 months.

The new firm expects to invest upwards of 50% in Europe, while under Nomura that proportion was about 35%, Managing Partner Denise Pollard-Knight told Ebb & Flow.

She noted that in Europe, "the sector has matured. There are a lot more clinical-stage companies. And the availability of capital has gone down. We're really seeing an opportunity. In times like this, it's usually a great time to be investing. Valuations are realistic. Management and venture capitalists are forced to come up with capital efficient plans."

Pollard-Knight observed that the multiples on exits are very similar between the U.S. and Europe, although exits can come sooner in Europe with less money required along the way in some cases.

Phase4 will likely continue to do spinouts from pharma, she said, citing the success of gastrointestinal and autoimmune play Albireo.

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