Advent Venture Partners announces the final close of a $120 million (£75 million) venture capital fund called Advent Life Sciences.

Advent Venture Partners announces the final close of a $120 million (£75 million) venture capital fund called Advent Life Sciences.

It is the first life sciences-focused fund raised by the company and will be managed by general partners Shahzad Malik and Raj Parekh.

The fund will invest mainly in early- and mid-stage life sciences companies in the UK, Europe and the US.

Advent Life Sciences will back companies in a range of sectors within life sciences, including new drug discovery, enabling technologies, med tech and diagnostics.

The European Investment Fund, which invests in technology companies, participated in the fundraising through the UK Future Technology Fund, which it manages.

Advent Venture Partners’ recent investments in the life sciences sector include Avila Therapeutics, Biocartis, Cellnovo, Respivert, Thiakis, Algeta and Amsterdam Molecular Therapeutics.