In 2004, Biogen Idec invested in an innovative new approach to funding emerging biotech companies, making a commitment that now totals $200 million.
Our New Ventures group engages with companies that are developing treatments that are either pre-clinical or in Phase 1 trials. For companies like these, the New Ventures group offers important advantages.
First of all, and most important, our New Ventures partners are fully integrated into Biogen Idec. This instantly expands both funding and available resources. With the long and expensive process of getting drugs to market, having a partner like Biogen Idec is invaluable.
In addition, an association with Biogen Idec validates the enterprise in a way other venture capital does not. In fact, being part of our New Ventures group may make it easier to attract other investors, employees and other vital constituents.
Our New Ventures partners also benefit from the expertise of our executives. While the company retains rights to their products and technology, we typically only invest in companies in which we can play an active role.
We approach our New Ventures partnerships as strategic investments, with minimal regard to short-term ROI. That's why, for example, we are interested in companies that are outside our traditional therapeutic areas of neurology, oncology and immunology.
Generally, we invest $1-5 million initially, but we expect to participate in subsequent financing.
For companies that just need financing, there are other options. But for a company looking for help getting a product on the market quickly, Biogen Idec's New Ventures group is a compelling alternative.