EUR 51 million for early-stage drug discovery investments
First closing of KHAN Technology Transfer Fund II GmbH & Co KG “KHAN-II”
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Khanu Fondsverwaltung GmbH (Khanu), a drug discovery focused fund management team, announces the first closing in fundraising for KHAN Technology Transfer Fund II GmbH & Co KG (KHAN-II), the follower fund of KHAN-I (vintage year 2019).
As limited partners of KHAN-II, the European Investment Fund (EIF, Luxembourg), Akros Pharma Inc. (USA), the Max Planck Foundation (Germany), the Thyssen’sche Handelsgesellschaft (Germany), and KHAN-II Vermögensverwaltung committed in a first closing to invest a total of EUR 51 million for early-stage drug discovery investments. Khanu was established as general partner. An additional closing is planned this year to target a total of EUR 100 million.
Assets will be sourced predominantly from academia in Germany (such as Max Planck Institutes, among others) and Europe, focusing on innovative therapeutic opportunities in indications with high unmet medical need. Project investments will be made and executed at the Lead Discovery Center GmbH, Dortmund (LDC), a professional drug discovery and translational research incubator with a proven track record. KHAN-II will also invest opportunistically into early-stage companies and spin-offs, providing structuring of the founding process if needed.
Very significantly – and building on the preferred partnership with the Max Planck Society (MPG) , Germany’s largest basic research organisation – KHAN-II has signed a co-investment agreement with MPG, adding EUR 18 million of co-funding for drug discovery projects originating from the world-class biomedical research of the Max Planck Institutes.
“Based on the first closing, we are now inviting other investors to meet KHAN-II’s target of EUR 100 million, for which an additional public commitment is already in place, to be matched with private capital. With their commitments, our trusted KHAN-II limited partners continuously contribute to the high-quality and successful performance of our powerful translational ecosystem. All of these financial efforts will accelerate our drug discovery and development ambitions to provide future medications for patients in need,” states Bert Klebl, Managing Director of Khanu and LDC. “We are highly motivated and excited that KHAN-II will enable the transfer of further promising early-stage drug discovery assets into translation, thereby creating new treatment options for patients,” adds Michael Hamacher, also Managing Director of Khanu and LDC.
“We are delighted to see the launch of KHAN-II, which builds upon the solid foundation laid by KHAN-I, and further strengthens the commitment to advancing early-stage drug discovery for the benefit of society and patients. This new fund will drive cutting-edge projects, particularly from the world-class research of the Max Planck Institutes, to bring transformative innovations closer to clinical application,” says Bram Wijlands, Managing Director of Max Planck Innovation, the technology transfer organization of the Max Planck Society.
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