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AZ Partnering with Flagship

Venture capital and creation firm Flagship Ventures has formed three new strategic partnerships withAstraZeneca, Nestlé Health Science and Bayer CropScience.

Flagship, which manages $1.4 billion in capital, is perhaps best known for the eight successful IPOs it has backed in the past two years, as well as the formation of 27 companies to date, according to BioSpace.com.

The new partnerships also include an investment in Flagship Ventures Fund V, a $537 million venture capital fund that closed in March 2015.

Flagship has two units: VentureLabs, Flagship’s “innovation foundry” for new technologies and companies, notes BioSpace.com and Venture Capital, which supports innovative early-stage companies.

As part of the agreement, all three companies will get Flagship’s VC expertise—while Flagship will get a direct line to their product development and commercialization units, as well as a stake in each venture.

“We are partnering with Flagship based on their proven track record of successfully creating and investing in transformative therapeutics platforms,” said AstraZeneca Mene Pangalos, executive vice president of AstraZeneca’s’s Innovative Medicines Unit.

“Our collaboration will allow us to leverage our complementary strengths while accessing breakthrough science at its formative stages.”

 Source: BioSpace.com