A new global life science credit firm, dubbed Symbiotic Capital, has raised more than $600 million.
Symbiotic will deliver credit solutions to companies across biotech, medtech, synthetic biology and other healthcare sectors, according to an Aug. 6 release.
The California-based firm is associated with Bellco Capital, a Los Angeles-based investment firm launched by biotech entrepreneur Arie Belldegrun, M.D., who founded Kite Pharma and helped form Vida Ventures and Allogene Therapeutics, among others.
"The life science industry continues to experience unprecedented productivity, innovation and scientific discovery as biotechnology and technology converge," Symbiotic co-chair Belldegrun said in the company release. "As the cost to research, develop and commercialize innovative therapeutics, devices, tools and other products has increased substantially throughout the sector, credit has become an increasingly important financing tool for established healthcare enterprises. With Symbiotic Capital, we have designed a science-first credit platform to fuel those endeavors."
Symbiotic’s credit financings are designed to help life science companies fund ongoing R&D, capital expenses and commercialization activities without the equity demands that would otherwise be required, according to the company release.
"Traditional financing institutions have struggled to meet the increasing capital needs for growing healthcare companies due to the complexity of the underlying science and competitive environment," said Russell Goldsmith, Symbiotic co-chair and the former CEO of City National Bank.
The credit firm has also recruited former Roche CEO Franz Humer, Ph.D., and former Cleveland Clinic CEO Toby Cosgrove, M.D., to its science team.