Quintiles Invests in Biotech
Friday, January 12, 2007
Quintiles Transnational’s strategic partnering unit, NovaQuest, funded a total of $342 million in 16 investments into emerging biotech companies. Quintiles will also provide marketing expertise, strategic development and possibly product development and commercialization. The unit of NovaQuest charged with funding emerging biotech companies is called eBio.
C.G. ‘Chip’ Gillooly, NovaQuest’s global vice president of eBio. said there were three things that are currently driving the booming biotech sector today:
“First, biotech’s continued progress in developing promising new medicines.
Second, private capital markets continue to value these companies more favorably than the global public equities markets, thereby altering investor exit strategies.
Third, the value NovaQuest brings – the experience and intellectual capital necessary to advance experimental programs, non-dilutive financing, alternatives to premature out-licensing and access to Quintiles’ global development and commercialization resources.”