Raleigh-based NovaQuest Capital Management has raised $90 million in a new fund to invest in biopharmaceutical companies.
The Securities and Exchange Commission filing said that the investor plans to raise up to $800 million for the fund.
Founded in 2010, NovaQuest has raised more than $2.5 billion raised across multiple asset classes and manages more than $3.6 billion in assets. It primarily funds biopharmaceutical development and invests in compelling health care companies developing products and technologies.
NovaQuest’s main focus is providing financing for late-stage clinical research trials, a sometimes complex process that didn’t fit conventional bank lending strategies.
In November, NovaQuest invested $50 million in San Francisco-based FibroGen, which is developing treatments for pancreatic cancer, anemia and muscular dystrophy, among other illnesses.
In July 2022, NovaQuest invested $70 million in Sweden-based Hansen Biopharma, which is developing drugs to treat rare diseases such as kidney failure.
Jonathan Tunnicliffe is NovaQuest’s chief investment officer and is a founder of the company, which was split off from Quintiles in 2010. He is also the general partner of four other NovaQuest funds.
Chris Roush is executive editor of Business North Carolina. He can be reached at croush@businessnc.com.