Quintiles’ former investment arm, NovaQuest Capital Management, has closed quickly on $80 million for an investment fund.
The Raleigh company disclosed the financing in a securities filing today. Six investors participated in funding NovaQuest Co-Investment Fund I, which had its first sale on April 29, according to the filing. NovaQuest is led by Managing Partner Ron Wooten, who also led NovaQuest when it was part of Durham pharmaceutical services firm Quintiles. Quintiles formed NovaQuest in 2006. The business unit spun off as a separate company in 2010.
NovaQuest invests in small to large biopharmaceutical companies around the world, focusing on companies that are in late stage development or have commercial programs. The new $80 million fund could get bigger. When NovaQuest opened NovaQuest Pharma Opportunities Fund III in 2010 by raising $177 million, it grew to more than $426 million, according to that fund’s most recent filing last November.
