VANCOUVER — The world’s largest mutual fund firm said Thursday it has invested $2 billion in biotech companies, including $1.5 billion in Sequoia Capital, a technology firm that invests in biotech research and development.
Vanguard said it is investing in companies that create cures for rare diseases such as cancer, Alzheimer’s disease and HIV/AIDS.
Sequoias chief executive officer Jefferies said the investment will help accelerate growth of biotech companies and accelerate the pace of development of cures for those diseases.
“The world is in a golden era of biotech innovation,” he said.
Sequos investments include $1 billion in the San Francisco-based biotech company Cervarix, and $500 million in Genentech, a biotech company.
Sequonas annual profit for the last year was $5.8 billion, down from $12.9 billion in 2016.
The firm’s investments in biotech firms are mostly in the biotech space, including its investments in the pharmaceutical industry.