Bioscience VCT, a joint venture between Medical Marketing International Group and Octopus Asset Management, aims to raise up to GBP20 million to invest in quoted and unquoted biotech companies. Medical Marketing International Group is an AIM-listed biotech management company specialised in technology transfer and business development, and Octopus Asset Management is a team of fund managers and analysts previously with Mercury asset Management.
The trust aims to raise GBP20 million to invest in 25 to 30 companies in sectors such as drug delivery technology, biopharmaceuticals and enabling technologies. Octopus will
act as investment manager for the fund and MMI as the technology advisor. Mills & Reeve advised MMI on the VCT’s listing.
The team’s experience includes investing in and developing 35 bioscience companies, taking them from concept through to flotation.
Ten investments made by members of the Octopus team in unquoted biotech companies have achieved a return on investment of 23.9 per cent per annum on aggregate over a four-year period.
Dr Paul Nicholson, the former senior vice president of worldwide development at SmithKline Beecham, is the chairman of the VCT.