KuDOS Pharmaceuticals
Advent Ventures was a founding investor in KuDOS Pharmaceuticals in March 1999. KuDOS was formed around research in DNA repair which had been carried out in the laboratory of Professor Stephen Jackson at the Wellcome Trust/Cancer Research Council Institute at the University of Cambridge. Advent Ventures led a syndicate that initially included Schroder Life Sciences and 3i. Subsequent investors in the company were Euclid SR, J & J Development Corporation and Life Science Partners. Advent General Partner, Jerry Benjamin, joined the KuDOS Board in the initial years of the investment with Advent General Partner, Patrick Lee, taking over this role later in the life of this investment.
Professor Jackson is the world leading expert in this field and had discovered a number of the key molecules that regulate and control the process of DNA repair. Advent Ventures backed this outstanding scientist believing that his research offered the possibilities of a breakthrough in cancer treatment by identifying and then targeting the correct molecule to prevent the DNA of a cancer cell from repairing thus rendering the cell incapable of reproducing. The DNA repair platform subsequently developed by KuDOS included several different approaches towards the inhibition of enzymes involved in the responses to various types of DNA damage. The inhibitors offer the potential to kill cancer cells either as a stand-alone therapy or by enhancing the efficacy of chemo- and radio-therapies. By July 2005 the company had an oral anticancer agent targeting inherited breast and ovarian cancers entering Phase I clinical trials.
In December 2005 AstraZeneca, one of the world’s leading pharmaceutical companies, acquired the company for $210m. Patrick Lee played a key role in the M & A process that resulted in this transaction which delivered good returns from this investment for two Advent funds. This investment is an excellent example of Advent backing outstanding science and helping to build a successful company around it.