Advent closes life sciences capital fund

Advent Venture Partners has announced the final close of a $120m (£75m) venture capital fund, to be called Advent Life Sciences and invested predominantly in early- and mid-stage life sciences companies in the UK, Europe and the US.

It is the first life-sciences-focused fund raised by the firm and will be managed by general partners Shahzad Malik and Raj Parekh.

Advent Life Sciences will back companies that have a first- or best-in-class approach in a range of sectors within life sciences including new drug discovery, enabling technologies and diagnostics.