AMR Action Fund Research
Investment Thesis
AMR Action Fund is the world's largest venture capital fund dedicated exclusively to investing in urgently needed antimicrobial therapeutics. Its mission is to "enable breakthroughs in antimicrobials," with a stated goal of helping launch two to four novel antibiotics by 2030. The fund was born out of conversations among the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), the World Health Organization, the European Investment Bank, and the Wellcome Trust, in response to the collapsing commercial pipeline for new antibiotics. Antimicrobial resistance (AMR) kills nearly 1.3 million people annually worldwide, more than HIV/AIDS or malaria, and the fund exists to bridge the funding gap between early-stage antibiotic science and late-stage commercialization that traditional venture capital has largely abandoned because of poor economics in the antibiotics market.
Sector Focus
The fund invests exclusively in biotechnology companies developing therapeutics for WHO- and CDC-designated priority pathogens, spanning traditional small-molecule antibiotics as well as newer modalities such as bacteriophages, monoclonal antibodies, and antifungals. Portfolio companies are required to adopt "Access and Appropriate Use Plans" aligned with WHO/CDC guidance and to join the AMR Industry Alliance, ensuring responsible stewardship and access in low- and middle-income countries alongside commercial development.
Stage Focus
AMR Action Fund focuses on clinical-stage and late development-stage biotech companies, with a particular emphasis on assets progressing through Phase II and Phase III trials, though it has also backed development-stage and earlier clinical programs. It frequently participates in or extends Series A through Series C and growth rounds rather than investing at seed stage.
Check Size
Disclosed check sizes vary widely by round and company stage, from roughly $6-9M contributions in smaller extension rounds (e.g., Centauri Therapeutics, Trellis Bioscience) up to lead positions in $80M+ Series B rounds (e.g., Elion Therapeutics). The fund does not publish a fixed check-size range; it sizes checks to the capital need of the underlying clinical program.
Lead Tendency
The fund's role varies by deal: it has led Series A and Series B rounds outright (Telum Therapeutics, Elion Therapeutics jointly with Deerfield Management, Venatorx Pharmaceuticals Series C) and has also participated as a non-lead investor alongside other backers (Trellis Bioscience). It behaves as an active, hands-on co-investor rather than a passive check-writer, offering portfolio companies access to the technical and regulatory expertise of its 30+ pharmaceutical company LPs.
Recent Activity
The fund remains actively deploying capital toward its $1 billion commitment. Notable activity in the last two years includes a £6M add-on investment extending Centauri Therapeutics' Series A to £30M (February 2026), participation in Trellis Bioscience's $9M raise for a Phase 2 monoclonal antibody trial (July 2026), leading Telum Therapeutics' €18M Series A (July 2026), and co-leading Elion Therapeutics' $81M Series B alongside Deerfield Management (June 2024). Portfolio company Utility Therapeutics achieved FDA approval for pivmecillinam (PIVYA) in April 2024 (the first new antibiotic approved for uncomplicated UTI in ~20 years) and was subsequently acquired by Alembic Pharmaceuticals in July 2025. Portfolio company Venatorx Pharmaceuticals out-licensed its Phase 3-ready oral antibiotic ceftibuten-ledaborbactam etzadroxil to Basilea Pharmaceutica in August 2025.
Portfolio Highlights
The fund's 14+ disclosed portfolio companies span small-molecule and novel-modality antibiotic developers, including F2G, TenNor Therapeutics, Telum Therapeutics, BioVersys, Trellis Bioscience, Vedanta Biosciences, Pattern Bioscience, Antabio, Elion Therapeutics, Peptilogics, and Centauri Therapeutics. Notable exits/milestones include Utility Therapeutics (FDA-approved drug, acquired by Alembic Pharmaceuticals in 2025), Venatorx Pharmaceuticals (Phase 3-ready asset out-licensed to Basilea for up to $325M in milestones), and BiomX (former portfolio company).
Team
- Henry Skinner, PhD, MBE, MJur — Chief Executive Officer; microbiologist and venture investor, former CEO of SelectX and NeoGenesis Pharmaceuticals
- Martin Heidecker, PhD, MBA — Chief Investment Officer; former Managing Director USA at Boehringer Ingelheim Venture Fund
- Bill Burns — Board Chair; former CEO of Roche's global Pharmaceutical Division, board experience at Genentech, Chugai, and Shire
- David Hellmuth, JD — Chief Legal Officer, Chief Compliance Officer, COO; 15+ years at Novartis in regulatory/legal roles
- John Vancura, MBA — Chief Financial Officer; private equity fund CFO background
- Dorothy Maloney — Compliance Officer; former VP at Morgan Stanley, 7+ years at Eaton Vance in FINRA compliance
- Carly Levine, PhD — Senior Associate; microbiologist specializing in drug resistance biology
- Junjun Gao, PhD — Principal; former Senior Director at Bayer, 8 years at Roche in Infectious Diseases R&D
- Henni-Karoliina Ropponen, PhD — Venture Associate; medicinal chemist, prior roles at GARDP, Roche, HIPS
- Isabella Santi, PhD — Venture Associate; 20+ years in microbiology research on bacterial physiology and resistance
- Deepali Patel, MPH — Director of International Policy; 7 years at Gavi leading vaccine development strategy
- Chris Sweeney, MSJ — Executive Director, Communications and Media Relations
- Corinna Ruppli — Office Manager
Decision Process
As a consortium fund backed by 30+ pharmaceutical and institutional LPs (Pfizer, Roche, GSK, Merck, Novartis, J&J, Amgen, Takeda, Shionogi, Chugai, Daiichi-Sankyo, Eisai, the European Investment Bank, and the Wellcome Trust), investment decisions run through a formal investment committee rather than a solo GP or small partnership.
Founder Preferences
The fund backs biotech teams — often with deep pharma R&D pedigrees — advancing clinical or late-development programs against WHO/CDC priority pathogens, and requires portfolio companies to commit to responsible stewardship and global-access plans as a condition of investment.
Geographic Focus
Global, with a home office in Boston, MA and a European office in Basel, Switzerland (opened February 2022) to source and support European antibiotic R&D.