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.