UBS, MPM team up on $471 million cancer fund to speed drug development

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A $471 million UBS venture fund aims to generate annual returns “north of 10 percent” for its European and Asian investors by financing new cancer drugs, helping speed them from the lab to the point where drug companies buy their rights.

Mark Haefele, global chief investment officer at the Swiss bank’s wealth management unit, said on Wednesday its UBS Oncology Impact Fund was working with Boston-based MPM Capital to identify investment targets. It plans to make between 10 to 20 investments over five years, with initial investments around $10 million. Promising compounds or projects could get additional cash.

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