Quaker BioVentures of Philadelphia closed $164.85 million toward a $300 million second fund, according to a recentregulatory filing. The firm started fund-raising last June with a $25 million commitment from the Pennsylvania State Employees Retirement System, PE Week reported. Since then, it has added the Treasurer of the State of North Carolina and the Harrisburg, Pa.-based Public School Employees’ Retirement System.
Limited partners from fund I include big public companies, such as Aqua America, Cephalon, Merck & Co., Synthes and Wyeth. Quaker also previously raised capital from state pension funds and endowments, such as Ben Franklin Technology Partners of Southeastern Pennsylvania, Drexel University, Thomas Jefferson University and the New Jersey Economic Development Authority.
The new fund will also expand the firm’s geographic focus beyond the mid-Atlantic. About 11 of the firm’s 16 investments from its previous fund were Pennsylvania-based startups. The Philadelphia-based firm will start mining the University of Alabama at Birmingham for deals. Quaker also expects to invest in startups in Florida and Atlanta.
But the partners won’t be tackling China, India or any overseas market any time soon, Managing Partner Brenda Gavin told PE Week last summer. It does plan to add new investors, but no new managing partners were named in the regulatory filing. The current Quaker staff includes three managing partners (Gavin, P. Sherrill Neff and Ira Lubert); two partners (Richard Kollender, Matthew Rieke); Vice President Geeta Vemuri and two analysts.
The firm, founded in 2001, doesn’t have much of a track record for exited companies. It has one company in IPO registration and one that has been acquired, according to Thomson Financial (publisher of PE Week). —Alexander Haislip
Amicus Therapeutics filed to raise up to $86.25 million in May for development of its small-molecule treatments for genetic diseases.
The company raised more than $88 million from Quaker, Canaan Partners, CHL Medical Partners, Frazier & Co., New Enterprise Associates (NEA), Palo Alto Investors, Prospect Venture Partners and Radius Ventures.
The company reported a loss $7.6 million during the first quarter of 2006 and still has yet to record sales, according to its prospectus.
In other exit news, YM BioSciences (AMEX: YMI), bought EXIMIAS Pharmaceutical Corp., a Quaker portfolio company, last April for $28 million.
The startup, which develops cancer treatments, raised nearly $94 million from Quaker, NEA, Birchmere Ventures, CDP Capital-Technology Ventures, Cross Atlantic Capital Partners, Easton Capital Investment Group, Emerging Technology Partners, OrbiMed Advisors, Pacific Rim Ventures and Vivo Ventures.