Merck and Novartis joined a host of philanthropic and state-backed entities for a $300m fund that will invest in medical technologies for conditions often ignored by venture capital.

US-based life sciences investment firm Adjuvant Capital raised $300m for an oversubscribed fund yesterday from investors including pharmaceutical firms Merck and Novartis. Limited partners also include Bill and Melinda Gates Foundation, Anthos Fund and Asset Management, Beacon Pointe Advisors, CDC Group, Children’s Investment Fund Foundation, Dalio Philanthropies, Doris Duke Charitable Foundation and Elma Investments. Ford…

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