July 11 Quick Takes: Qiming announces $3.2B in new venture funds
Plus Innoviva buying La Jolla in diversification push and updates from Novo Nordisk, Genentech, Sanofi, Alnylam and more
Qiming Venture Partners unveiled a pair of new funds totaling $3.2 billion, with its USD Fund VIII closing at $2.5 billion and its RMB Fund VII having a first close of RMB4.7 billion ($700 million). Both funds exceed their predecessor funds. In January 2021, the firm launched its sixth RMB fund at RMB2.9 billion ($441.1 million) to invest in healthcare and technology companies, bringing the firm’s total assets under management at that point to $5.9 billion. The firm closed its latest U.S. dollar fund, Qiming Venture Partners Fund VII, at $1.2 billion in November 2020. The fresh funding increases the firm's capital raised to $9.4 billion across 18 funds.
As part of its aim to diversify beyond a royalty portfolio, Innoviva Inc. (NASDAQ:INVA) is acquiring 33-year-old La Jolla Pharmaceutical Co. (NASDAQ:LJPC), giving it approved therapies Giapreza angiotensin II for septic shock and Xerava eravacycline for complicated intra-abdominal infections. Both gained approval since late 2017. Innoviva will pay $6.23 per share, including $0.28 per share for incremental cash received in connection with divestiture of a non-core asset; the deal implies an enterprise value of $149 million for La Jolla. Also on Monday, Innoviva completed its acquisition of Entasis Therapeutics Holdings Inc., adding more antibacterials...