UBS's wealthy clients have raised $650 million for the biggest biotechnology impact fund ever, the Swiss bank said on Wednesday.
The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland, June 22, 2020. REUTERS/Arnd Wiegmannwealthy clients have raised $650 million for the biggest biotechnology impact fund ever, the Swiss bank said on Wednesday.
The Oncology Impact Fund 2, run by biotechnology investment firm MPM Capital, has raised a total of $850 million, including the $650 million obtained from UBS clients. It will invest 80% of its capital into privately held start-ups, and the remainder into public companies, developing innovative treatments for cancer and other serious illnesses.
"With this fund, I feel like we tried to reimagine the impact space. The vision here is still extremely bold, which is to say: What if every drug that was developed and sold had that 1% go back to make the world a better place?" Mark Heafele, chief investment officer for UBS Wealth Management, said.
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