UCL Technology Fund has participated in a $145m round that will allow Apollo Therapeutics to advance assets into the clinic and open a US office.
Apollo Therapeutics, a UK-based biopharmaceutical joint venture involving University of Cambridge, Imperial College London and University College London (UCL), closed a $145m round today backed by the latter’s UCL Technology Fund.
Patient Square Capital led the transaction, which also attracted Rock Springs Capital and Reimagined Ventures.
Apollo Therapeutics was established in late 2015 by tech transfer offices Cambridge Enterprise and UCL Business together with Imperial Innovations, the commercialisation firm of Imperial College London that was subsequently acquired by its peer IP Group.
The three universities were joined by pharmaceutical firms AstraZeneca, GlaxoSmithKline and Johnson & Johnson, with the latter participating through its corporate venturing division Johnson & Johnson Innovation – JJDC.
The six partners committed $57m in funding to be deployed over six years, aiming to move scientific discoveries to the marketplace more efficiently and rapidly by providing not only money but also late-stage development and commercial expertise.
Apollo has built a pipeline of more than 15 programmes and will use the additional capital to advance these assets into the clinic, expand its UK presence, open a US office in Boston and pursue international partnerships. It will also look to expand its pipeline.
In conjunction with the round, Apollo promoted Richard Butt to chief scientific officer, and appointed Jamie Heath as chief financial officer and Arjun Krishnan as chief business officer.
Ian Tomlinson, former chairman of Apollo’s investment committee, will join the board of directors, as will Jim Momtazee, managing partner of Patient Square Capital.
Richard Mason, who was head of Johnson & Johnson Innovation for Europe, the Middle East and Africa from 2015 to 2018, was already appointed chief executive in November 2020 and will continue in this role.
