Schrödinger Closes $85 Million Financing to Advance Computational Platform and Expand Drug Discovery Pipeline
NEW YORK--(BUSINESS WIRE)--Jan 4, 2019--Schrödinger, a privately held company revolutionizing drug discovery through advanced molecular simulations, today announced the closing of an $85 million financing to support continued growth and innovation of its computational platform and expansion of its drug discovery pipeline.
The Bill and Melinda Gates Foundation Trust and WuXi AppTec’s Corporate Venture Fund co-led the round, joined by leading life science and tech investors Deerfield Management, Baron, Qiming Venture Partners, and GV (formerly Google Ventures).
“Schrödinger has demonstrated that precise molecular design can significantly accelerate drug discovery and lead to unexpected solutions that stand to benefit patients. We’re pleased to support this exciting stage in Schrödinger’s growth,” said Bill Gates, who has led three previous investments in Schrödinger since 2010.
The new investment will support Schrödinger’s ongoing research and development to extend the capabilities of its widely adopted computational platform for drug discovery and materials research. The company also plans to add scientists and developers and expand its drug discovery team to work on a growing pipeline of assets. Schrödinger’s pipeline spans both partnered and proprietary programs for a range of indications, including several compounds in clinical development.
“We continue to be impressed by Schrödinger’s ability to drive in an innovative way the development of new medicines,” said Dr. Ge Li, Chairman of WuXi Group and CEO of WuXi AppTec. “We look forward to the accelerated progress this investment will bring for patients who are counting on our industry to deliver medicines and treatments for critical, unmet medical needs.”
“The investment will allow us to continue to advance our technology platform to help our users accelerate their work in life sciences and materials design. We are also excited to expand our drug discovery efforts, leveraging our platform to grow our pipeline and discover new medicines more efficiently,” said Ramy Farid, Ph.D., Schrödinger’s CEO. “Our growth will help us realize our mission to improve human health and quality of life.”
Schrödinger is a leading provider of advanced molecular simulations and enterprise software solutions that accelerate and increase the efficiency of drug discovery and materials design. Schrödinger has a growing pipeline of early-stage assets and has co-founded leading biotech companies, including Nimbus Therapeutics and Morphic Therapeutic. In addition, the company has deep partnerships and collaborations in such fields as biotechnology, pharmaceuticals, chemicals, and electronics. Through significant long-term investments in basic research, Schrödinger has made scientific breakthroughs across many areas of drug discovery and materials science. Founded in 1990, Schrödinger has nearly 400 employees and operations in the United States, Europe, Japan, and India, as well as business partners in China and Korea. For more information, please visit www.schrodinger.com.
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INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY PHARMACEUTICAL RESEARCH SCIENCE
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