Abu Dhabi’s M42 invests in UK firm developing drugs to expand human lifespans

Abu Dhabi: Abu Dhabi-backed health-care investment company M42 has taken a stake in biotech startup Juvenescence, a UK-based firm focused on developing drugs to expand human lifespans.

M42, which was established through the combination of the health-care assets of two of Abu Dhabi’s investment firms, is investing an undisclosed amount into Juvenescence at a valuation of over $550 million, according to a statement.

The two firms will also form a strategic partnership focused on using artificial intelligence to develop therapeutics to treat life-threatening diseases and extend healthy life spans.

“With Juvenescence, we are unlocking the potential of AI to transform the way we discover and deliver drugs, bringing innovative, life-changing therapies to patients worldwide,” M42 Chief Executive Officer Hasan Jasem Al Nowais said in the statement.

Under Al Nowais, M42 is looking to build a AI-powered health-care champion that it can expand across the world and use to tackle spiraling health-care costs, he told Bloomberg last year. 

The Juvenescence deal builds on a roughly $2.5 billion acquisition of Diaverum, one of Europe’s largest independent dialysis clinic operators, in 2023.

Health-care is a key plank of Abu Dhabi’s push to broaden its economy. Earlier this week, M42 said it would build an advanced cancer treatment center in the city. The firm is also the custodian of data collected from the Emirati Genome Programme, which aims to map the health records of the local population in an effort to prevent and treat chronic illnesses.

Investors in the emirate have previously invested in longevity medicine. Mubadala is among entities that have pledged to bankroll Swiss biotech firm Rejuveron Life Sciences, which is developing drugs targeting the effects of aging.

Abu Dhabi sovereign wealth fund Mubadala Investment Co. created M42 last year by combining its health-care assets with those held by G42, an AI firm controlled by United Arab Emirates royal Sheikh Tahnoon bin Zayed Al Nahyan.

M42 houses businesses including the Abu Dhabi outpost of Cleveland Clinic, Amana Healthcare, Biogenix Labs and Moorfields Eye Hospital Abu Dhabi. The Juvenescence development team have previously been instrumental in the approval of medicines totaling $30bn in peak annual sales. The track record of the co-founders (Jim, Greg and Declan), who have invested almost $100m in Juvenescence, have led two of the biggest 10 biopharma deals in the last decade including in May 2022 as Biohaven was acquired by Pfizer for USD $11.6 billion (having originally purchased 54 per cent of Biohaven for USD $3.5 million).

They were also involved in the initial financing for Medivation, which was later acquired by Pfizer for $14.3 billion, delivering over 200x returns.