When Swiss pharmaceutical giant Novartis paid more than $2 billion for cancer therapy company Myricx last month, it was a wake-up call for Australian venture capital and superannuation funds which have had mixed luck with the notoriously risky biotech sector.
While Myricx is London-based, the company was seeded with Australian capital. Early-stage investors Brandon Capital and superannuation funds including Hostplus, HESTA and Aware Super received more than $300 million from the deal, a substantial windfall.
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