Merlin Fund Raises L33 Million
A biotechnology venture capital fund, known as the Merlin Fund, whichwas established to invest in firms created by UK entrepreneur Chris Evans, has raised L33 million ($53 million) from institutional investors. The fund was over-subscribed, reports the Financial Times.
The recent return of the bulls to the biotechnology sector in the UK has fueled investor interest as share prices of biotechnology stocks have surged ahead (see pages 8 and 9).
Merlin Ventures is planning to invest around L750,000 in a number of potential investment opportunities, said the FT. The firm seeks out scientists who do not have the necessary expertise in business and assists them with this, as well as injecting cash and taking a stake in the firm.
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