Dive Brief:
- New York-based Aisling Capital, a late-stage life sciences investment firm, has closed its newest fund, raising $280 million in committed capital with a focus on improving global health.
- Funding from Aisling Capital is used by product, technology and service companies in biopharma and medicine to complete clinical trials, move products through the approval prices, and get to the market. Aisling also helps companies to access legal, strategic, operational and financial advice.
- Over the past 17 years, Aisling Capital has included investments in oncology, aesthetic dermatology and women's health.
Dive Insight:
Many companies depend on venture capital investment to help them through the process from concept to market. This help may be primarily financial, but the advice, support and networking is often just as important. This is true not only for startups, but also for companies working in a new space or at a new stage of development, for example a first foray into clinical trials.
"Today, every biotech company must develop treatments that generate significant upside for patient care through profound impact on disease, fewer side effects, and a shift away from toxic therapies toward a personalized approach," said Steve Elms, managing partner of Aisling Capital. "We are pleased to have the resources to continue to be a significant participant in our market and help the companies we invest in achieve this goal."
Venture funds have been attracting investment this year, including SV Health's $400 million for its sixth flagship fund, and Pivotal bioVenture Partners $300 million for its first fund, targeting young biotechs. Aisling's fund has a late stage focus.
Over the last two years, Aisling has supported a range of biopharma companies, from Aclaris Therapeutics, Inc, a specialty pharma focusing on topical delivery in dermatology; to Verona Pharma, Inc., a London-based biopharma developing innovative drugs for unmet needs in respiratory disease. One of the most recent investments is in Menlo Therapeutics. Aisling, along with a group of investors led by venBio, took part in a Series C funding of the clinical-stage pharma to support clinical trials of its sole drug, serlopitant. This is expected to move into Phase 3 in 2018 for the treatment of pruritus nodularis itch, and is also in clinical development for chronic itch, as well as for itching related to atopic dermatitis and psoriasis.
Aisling has had some high profile exits for its portfolio companies. For example, in 2001, CollaGenex Pharmaceuticals, Inc. received investment from Aisling Capital. Seven years later, in 2008, Swiss dermatology specialty pharma Galderma Pharma S.A. picked up CollaGenex for $16.60 per share in cash, about $420 million. In 2002, Aisling invested in Allos Therapeutics, Inc., a Colorado company that developed and commercialized anticancer therapeutics. In 2012, Spectrum Pharmaceuticals, Inc. acquired Allos in a deal worth up to $206 million.
Aisling Capital doesn't just invest in pharma and biotech. It also supports medtech and service companies, with investments including contract research and sales company Quintiles Transnational Holdings, Inc., (now QuintilesIMS), drug delivery and development company Catalent, Inc., and Dutch manufacturer Archimica Cooperatief U.A.