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The US investment firm Versant Ventures has launched a new fund worth USD 400 million with the aim of investing in 20 to 25 biotechnology companies. The corresponding infrastructure has already been set up in Basel.

The oversubscribed fund has been given a hard cap of USD 400 million (CHF 404 million) and is the sixth healthcare fund launched by Versant Ventures, according to a statement from the investment company. The fund will invest in 20 to 25 biotechnology companies in the US, Canada and Europe.

Versant Ventures established Baseline Therapeutics in Basel to help it achieve its investment strategy. The Basel team will partner with leading European academics to translate their discoveries into biotech start-ups, according to another statement.

Alex Mayweg has been appointed Venture Partner in Basel to oversee the operations of Baseline Therapeutics. Mayweg joined Versant in 2016 from Roche where he had served as global head of chemistry.

Since opening the Basel office, Versant become one of the most active European biotech investors, having backed 14 start-ups with investments of more than USD 1 billion.

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