GlaxoSmithKline's corporate venturing unit is now an independent firm with a $500m fund anchored by its former parent.
UK-headquartered pharmaceutical firm GlaxoSmithKline (GSK) spun off its corporate venturing unit, SR One, into an independent venture capital firm yesterday.
GSK remains the largest investor in newly rebranded SR One Capital Management’s latest fund, an oversubscribed $500m vehicle also backed by undisclosed asset managers, pension funds, family offices, endowments and foundations.
Founded in 1985, SR One has made strategic investments in innovative drug developers on behalf of GSK. Its portfolio currently includes Palleon Pharmaceuticals, the immunotherapy developer that raised $100m two months ago, and oncology drug developer Arcellx, which secured $85m in late 2019.
Simeon George, chief executive of SR One since 2007, will remain in the role. It has also added two Europe-based venture partners: Rodger Nova, chairman of SR One portfolio company Crispr Therapeutics, and Eliot Charles, former COO of another, Principia Biopharma.
David Redfern, GSK’s chief strategy officer, said: “Since inception, SR One’s mandate has…
