19 May 2003

€400 million Schroder Ventures Life Sciences Fund adds to upturn in the sector

Acting as PR advisors to leading venture capitalists, Schroder Ventures Life Sciences (SVLS), to gain media coverage for the close of its new International Life Sciences Fund III (ILSF III) in June, Northbank Communications was able to contribute to increasing positive sentiment in the global life sciences market.

Northbank targeted UK and US national media, wires, and international private equity and life sciences trade media resulting in interviews for SVLS partners with key journalists and leading to targeted coverage in over 10 publications. These included a feature in the Financial Times and write-ups in the Boston Globe, Reuters, Dow Jones, BioCentury, Scrip, BioWorld Today, Private Equity Online and Real Deals.

ILSF III, SVLS's third international life sciences fund, closed at the end of May with total commitments of $402 million and attracted 18 new investors, bringing its total funds under management to just under $900 million. Of the cash raised, approximately half came from North America and half came from European investors. The broadly diversified investment strategy of ILSF III remains consistent with that of earlier funds and ILSF III will be focused on providing start-up, early stage and expansion capital to, primarily unquoted, life sciences companies in the US and Europe. ILSF III will invest across a range of life sciences sectors, including biotechnology and pharmaceuticals, medical devices and instruments, healthcare IT and healthcare services. Anticipated investment size will typically be between $5 and $20 million.

Commenting on the fund Kate Bingham, general partner, said: "We were delighted with the efforts made by Northbank to communicate our successful fund raising. Our track record has been validated by our ability to raise money in these somewhat turbulent times. This fund will enable us to seek out further new investments that suit our criteria and support our existing portfolio companies."

Sue Charles, Northbank's CEO and director in charge of the SVLS account, said: "The announcement was well received and created quite a stir, adding to the increasingly positive sentiment in the sector coming on the back of 30-40% rises in the biotech equities during the past quarter."

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