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British Patient Capital Announces Cornerstone Commitment to Advent Life Sciences’ third fund

Press release 18 February 2021

  • Commitment will provide capital to translate research into impactful medicines

  • British Patient Capital has now committed over £150m to five life sciences focused funds

British Patient Capital announces a cornerstone commitment to Advent Life Sciences III, as Advent Life Sciences announces its final close today. Together with the Advent-Harrington Impact Fund, which also announces its final close today, a total of $215m is available to support companies that develop new therapeutics, and to back high-potential medical technology companies. The funds will invest at seed, series A and beyond.

Advent Life Sciences invests at the interface of academic research and commercial drug development with a focus on identifying and backing high-impact, high-potential innovations that can deliver important new medicines for unmet medical needs.

British Patient Capital has now committed over £150m to five life sciences focused funds.

Our cornerstone commitment to Advent Life Sciences’ latest fund is a key part of our strategy to invest with fund managers that can leverage the UK’s world leading position in life sciences. Developing new life science technologies from research through to new medicines is crucial. Long-term patient capital can support our high-potential, high growth life science companies to reach their full potential and deliver compelling returns.

- Judith Hartley CEO, British Patient Capital

The last year has reinforced the vital need to translate world class science into the discovery and development of new medicines to tackle devastating diseases. Advent has continued its successful strategy to invest in outstanding, early-stage science and to establish and nurture innovative companies for patients and investors alike. We are delighted that British Patient Capital joins as a new cornerstone investor in our third fund.

- Shahzad Malik General Partner, Advent Life Sciences

Notes to editors

About British Patient Capital

British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.

Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. Launched in June 2018, British Patient Capital has £2.5bn to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at britishpatientcapital.co.uk.

British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

The investment from British Patient Capital into Advent Life Sciences III LP does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank plc, or the government of the UK.

About Advent Life Sciences

Advent Life Sciences founds and invests in early- and mid-stage life sciences companies that have a first- or best-in-class approach to unmet medical needs. The investing team consists of experienced professionals, each with extensive scientific, medical and operational experience, a long-standing record of entrepreneurial and investment success in the US and Europe and is particularly focused on supporting entrepreneurs and founders to take innovative new medical entities from concept to approval. The firm invests in a range of sectors within life sciences, principally drug discovery, enabling technologies and med tech, always with an emphasis on innovative, paradigm-changing approaches. Advent Life Sciences has a presence in the UK, US and France. For more information, please visit adventls.com.

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