Life sciences venture capital firm SR One has announced the close of a $600m second fund to support emerging life sciences startups. The total exceeds the $500m target the transatlantic life sciences investment firm originally set.

Headquartered in San Francisco, the firm spun out from GlaxoSmith Kline (GSK) in 2020. The investor base of existing and new limited partners includes endowments, foundations, pharmaceutical companies, pension funds, sovereign wealth funds, and family offices.

“SR One’s model is built upon active collaboration and our ability to roll up our sleeves and help build value through multiple inflection points,” said Simeon George, MD, co-founder and CEO of SR One. “We seek to partner with entrepreneurs building elite biotechnology companies, and we look forward to the potential development of new medicines for patients that Fund II may help bring to the market.”

The size of the funding deal will provide a brighter horizon in a bleak financial landscape after the recent collapse of Silicon Valley Bank (SVB). Not just restricted to companies that relied on SVB, the past few years have seen a caution in funding given to emerging biotech companies. The chasm between business stages often cited as difficult propositions.

Indeed, the life science industry in the UK will be buoyed not only by the close of this fund, but also by the announcements in the Spring Budget which laid out investment opportunities for innovative startup companies.