# Medicxi
Medicxi is a European life sciences venture capital firm based in London, Geneva, and Jersey that invests across the full drug development spectrum using an asset-centric model. It launched in February 2016 as an independent firm comprising the entire life sciences team, portfolio and funds of [Index Ventures](https://www.edgepedia.org/index-ventures), and had raised six funds totalling over €2.0 billion by the time it closed its €500 million Fund V in November 2025.[1](https://www.prnewswire.co.uk/news-releases/medicxi-ventures-formerly-index-ventures-life-sciences-launches-as-an-independent-venture-capital-firm-and-announces-closing-of-a-210m-fund-including-gsk-and-johnson--johnson-innovation-567314381.html) • [2](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v)
| Key facts | |
|---|---|
| Founded | 2 February 2016, as a spinout of Index Ventures' life sciences team[1](https://www.prnewswire.co.uk/news-releases/medicxi-ventures-formerly-index-ventures-life-sciences-launches-as-an-independent-venture-capital-firm-and-announces-closing-of-a-210m-fund-including-gsk-and-johnson--johnson-innovation-567314381.html) |
| Offices | London, Geneva, and Jersey[1](https://www.prnewswire.co.uk/news-releases/medicxi-ventures-formerly-index-ventures-life-sciences-launches-as-an-independent-venture-capital-firm-and-announces-closing-of-a-210m-fund-including-gsk-and-johnson--johnson-innovation-567314381.html) |
| Funds | Six funds over ten years, totalling over €2.0 billion[2](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v) |
| First fund | MV1, €210 million ($250 million), 2016[1](https://www.prnewswire.co.uk/news-releases/medicxi-ventures-formerly-index-ventures-life-sciences-launches-as-an-independent-venture-capital-firm-and-announces-closing-of-a-210m-fund-including-gsk-and-johnson--johnson-innovation-567314381.html) |
| Latest fund | Medicxi V, €500 million (about $581.6 million), closed November 2025[2](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v) • [3](https://www.fiercebiotech.com/biotech/european-investor-medicxi-secures-eu500m-biotech-fund) |
| Investing partners (Fund V) | Francesco De Rubertis, Giovanni Mariggi, Nick Williams, Shyam Masrani[2](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v) |
| Strategy | Asset-centric: creates companies around single drug assets, retains 50%+ ownership[4](https://www.bioxconomy.com/investment/medicxi-closes-581m-fund-v-to-accelerate-asset-centric-biotech-investments) |
## History and founding
Medicxi Ventures began operating on 2 February 2016, taking with it all of the existing life sciences portfolio companies, funds, and team from Index Ventures, the European venture firm where the team had built a franchise around drug-asset investments.[1](https://www.prnewswire.co.uk/news-releases/medicxi-ventures-formerly-index-ventures-life-sciences-launches-as-an-independent-venture-capital-firm-and-announces-closing-of-a-210m-fund-including-gsk-and-johnson--johnson-innovation-567314381.html) On launch it closed Medicxi Ventures 1 (MV1), a €210 million ($250 million) fund managed by four General Partners, Francesco De Rubertis, David Grainger, Kevin Johnson, and Michèle Ollier, all previously of Index's life sciences practice.[1](https://www.prnewswire.co.uk/news-releases/medicxi-ventures-formerly-index-ventures-life-sciences-launches-as-an-independent-venture-capital-firm-and-announces-closing-of-a-210m-fund-including-gsk-and-johnson--johnson-innovation-567314381.html)
**Corporate backing from launch.** GSK and Johnson & Johnson Innovation–JJDC were investors in Medicxi's funds from the first closing. The team's Index-era investments included Genmab, PanGenetics (sold to AbbVie), Molecular Partners, XO1 (sold to Janssen), Egalet, Minerva Neurosciences, and Versartis.[1](https://www.prnewswire.co.uk/news-releases/medicxi-ventures-formerly-index-ventures-life-sciences-launches-as-an-independent-venture-capital-firm-and-announces-closing-of-a-210m-fund-including-gsk-and-johnson--johnson-innovation-567314381.html)
The partnership has evolved since launch. The investing partners in Fund V are Francesco De Rubertis, Giovanni Mariggi, Nick Williams, and Shyam Masrani; Mariggi, a co-founder, and Masrani, promoted to Partner around the Fund V closing, join the founding group's survivors.[2](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v)
## Strategy: the asset-centric model
Medicxi describes its approach as drug development as an asset class: rather than backing platform companies through successive generalist rounds, it creates companies around specific drug assets and finances them through the development continuum. According to co-founder Giovanni Mariggi, the firm self-funds the earliest phases and relies on external financing only after development inflection points, which means it retains significant ownership, above 50%, in the companies it creates and is "not reliant on out-sized exit valuations to drive material returns to our funds."[4](https://www.bioxconomy.com/investment/medicxi-closes-581m-fund-v-to-accelerate-asset-centric-biotech-investments)
**Geographic allocation.** Historically the firm has put approximately 75% of its capital into European assets and 25% into US assets. For Fund V, Mariggi said the firm anticipates roughly 20-30% US-derived assets, with no geographic targets or limits on capital allocation.[5](https://www.pharmaceutical-technology.com/news/medicxi-unveils-e500m-fund-for-asset-centric-biotechs/)
## Funds by the numbers
The firm's fund record as documented in kept sources:
- **MV1 (2016):** €210 million ($250 million), closed at launch.[1](https://www.prnewswire.co.uk/news-releases/medicxi-ventures-formerly-index-ventures-life-sciences-launches-as-an-independent-venture-capital-firm-and-announces-closing-of-a-210m-fund-including-gsk-and-johnson--johnson-innovation-567314381.html)
- **Medicxi IV (July 2023):** $400 million, the firm's fourth fund, continuing the asset-centric strategy.[6](https://www.medicxi.com/news/medicxi-announces-400m-medicxi-iv)
- **Medicxi V (November 2025):** €500 million (about $581.6 million), oversubscribed, the firm's sixth fund.[2](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v) • [3](https://www.fiercebiotech.com/biotech/european-investor-medicxi-secures-eu500m-biotech-fund)
Across six funds in ten years, total commitments exceed €2.0 billion ($2.3 billion), per co-founder Giovanni Mariggi.[2](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v) • [4](https://www.bioxconomy.com/investment/medicxi-closes-581m-fund-v-to-accelerate-asset-centric-biotech-investments) Fund V drew both existing limited partners and new institutional investors.[4](https://www.bioxconomy.com/investment/medicxi-closes-581m-fund-v-to-accelerate-asset-centric-biotech-investments) The sizes and vintages of the three funds between MV1 and Medicxi IV are not documented in the sources retained for this article.
## Portfolio and exits
Medicxi's investments, including its Index-era predecessors, have produced several marketed drugs: [Daratumumab](https://www.edgepedia.org/daratumumab) (Genmab/[Johnson & Johnson](https://www.edgepedia.org/johnson-and-johnson)), Blincyto (Amgen), Alunbrig (Takeda), Voquezna (Phathom Pharmaceuticals), and obicetrapib ([New Amsterdam Pharma](https://www.edgepedia.org/new-amsterdam-pharma))[7](https://www.newamsterdampharma.com/obicetrapibta8995/).[6](https://www.medicxi.com/news/medicxi-announces-400m-medicxi-iv)
**Acquisition record.** Within the twelve months to July 2023, three Medicxi assets were acquired by large pharmaceutical companies: Villaris Therapeutics by Incyte, MiroBio by [Gilead Sciences](https://www.edgepedia.org/gilead-sciences), and Versanis Bio by Eli Lilly.[6](https://www.medicxi.com/news/medicxi-announces-400m-medicxi-iv) Pharmaceutical Technology reports the Versanis deal at $1.9 billion (July 2023) and adds Genmab's $1.8 billion acquisition of [ProfoundBio](https://www.edgepedia.org/profoundbio) in May 2024.[5](https://www.pharmaceutical-technology.com/news/medicxi-unveils-e500m-fund-for-asset-centric-biotechs/) In July 2025, Sanofi acquired Medicxi-backed UK vaccine developer [Vicebio](https://www.edgepedia.org/vicebio); the price is disputed between sources, with Pharmaceutical Technology reporting $1.6 billion and Fierce Biotech reporting $1.15 billion.[5](https://www.pharmaceutical-technology.com/news/medicxi-unveils-e500m-fund-for-asset-centric-biotechs/) • [3](https://www.fiercebiotech.com/biotech/european-investor-medicxi-secures-eu500m-biotech-fund)
The firm also cites realized gains from investments in Vaxcyte, Merus, and Abivax as contributors to more than $1 billion realized across its portfolio since its previous fundraise.[2](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v) This figure is self-reported; no independent audited return data is available in the retained sources.
## Recent developments
Between the July 2023 Medicxi IV closing and the November 2025 Fund V closing, the firm says it created 16 new companies, delivered over 20 positive clinical data readouts and realized over $1 billion across its portfolio.[2](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v) Shyam Masrani was promoted to Partner in the period leading to Fund V.[2](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v)
## References
1. [Medicxi Ventures, Formerly Index Ventures Life Sciences, Launches as an Independent Venture Capital Firm and Announces Closing of a €210m Fund including GSK and Johnson & Johnson Innovation](https://www.prnewswire.co.uk/news-releases/medicxi-ventures-formerly-index-ventures-life-sciences-launches-as-an-independent-venture-capital-firm-and-announces-closing-of-a-210m-fund-including-gsk-and-johnson--johnson-innovation-567314381.html)
2. [Medicxi Announces €500 Million Fund V](https://www.medicxi.com/news/medicxi-announces-500-million-fund-v)
3. [European VC Medicxi closes €500M biotech fund](https://www.fiercebiotech.com/biotech/european-investor-medicxi-secures-eu500m-biotech-fund)
4. [Medicxi closes $581m Fund V](https://www.bioxconomy.com/investment/medicxi-closes-581m-fund-v-to-accelerate-asset-centric-biotech-investments)
5. [Medicxi unveils €500m fund for asset-centric biotechs](https://www.pharmaceutical-technology.com/news/medicxi-unveils-e500m-fund-for-asset-centric-biotechs/)
6. [Medicxi Announces $400m Medicxi IV](https://www.medicxi.com/news/medicxi-announces-400m-medicxi-iv)
7. [Obicetrapibta8995 (newamsterdampharma.com)](https://www.newamsterdampharma.com/obicetrapibta8995/)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Venture capital firms of Europe, the Middle East, and Africa › Venture capital firms of Western Europe › Venture capital firms of the United Kingdom and Ireland*
*Initially written Sep 17, 2026 · Reviewed: Sep 30, 2026 · Edited: Sep 30, 2026; Oct 11, 2026; Oct 15, 2026 · Last review: Sep 30, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license