LONDON, Sept 11 (Bernama-GLOBE NEWSWIRE) — In a historic step toward positioning Saudi Arabia as a global hub for biotechnology, Sarat Ventures Y Innovations Biotech Fund (UK) announced today the launch of a biotech fund, anchored by Allocator One, anticipated to invest roughly $50M in biotech companies with strategic connections to the Saudi Arabian markets and the wider MENA region. The initiative, led by Dr. Megan Yung of Yung Ventures – a Y Innovations Group Company, General Partner and Dr. Huda Alfardus formerly of Healthgena (Saudi Arabia’s first private accelerator), General Partner represents a landmark commitment to accelerating innovation in life sciences and advancing the Kingdom’s Vision 2030 strategy to diversify the economy through knowledge-based industries.
This initiative will benefit from its alliance with Y Innovations Group, a life sciences venture conglomerate known for its rigorous diligence capabilities, strong investments, ability to transform early scientific concepts into world-class therapeutics, and track record of maximizing exits through strategic business development.