22 September 2020, London, Geneva & Jersey: Medicxi, the leading European life sciences investment firm, announces the closing of Medicxi Secondary 1 (MS1) in connection with the completion of an “Exit & Reinvest” type of structured secondary transaction, which is unprecedented in the biotechnology industry.
The interests in six clinical and preclinical stage companies held by Index Ventures Life VI, a dedicated life sciences fund advised by Medicxi, were acquired by a newly formed fund managed by Medicxi, called MS1. The new fund has been anchored by leading secondary investor, Pantheon (London), with LGT Private Equity (Pfaeffikon, Switzerland) as co-lead investor. The portfolio was acquired by MS1 at a premium to its net asset value. MS1 has committed to invest in each of the six portfolio companies the funding required to accelerate their clinical development plans through to the next stages of value creation. The investors in Index Ventures Life VI received proceeds from the sale of the portfolio to MS1 and were also offered the opportunity to re-invest their proceeds into MS1. Medicxi is excited by the potential of the acquired portfolio as well as the high level of conviction shown by both the reinvesting Index Ventures Life VI investors and the investors that are new to the portfolio.