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Russian nanotech company to join US venture firm in $760m healthcare funding

6 Mar 2012

State-owned Russian technology pioneer Rusnano has agreed to partner US venture fund Domain Associates in investing about $760m in US healthcare companies.

The company, which was created last year to develop the country’s nanotechnology industry, will match $330m of funding to sink into about 20 US businesses which could foster transfer of new technology into Russian healthcare.

The remaining cash will help establish facilities in Russia for manufacturing advanced therapeutic products created by the portfolio companies, which will treat conditions including viral infections, cardiovascular diseases and cancer.

Rusnano was set up by the Russian state to create a $29bn nanotech industry within the country by 2015.

Domain partner Brian Dovey said, “We expect Domain’s collaboration with Rusnano to provide a significant boost to the modernization efforts of the Russian pharmaceutical and medical technology industry.

“For our portfolio companies, this strategic relationship opens up new attractive avenues for financing.

“Finally, we are excited about the commercial potential of establishing a cutting-edge production facility in Russia.”

Life sciences-focused Domain currently has $2.4bn of assets under management, and has helped grown more than 235 companies since being founded in 1985.

It joined with Clarus Ventures in 2009 to co-lead a $51m financing round of neuroscience treatment specialist Zogenix

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