SR One Research
Investment Thesis
SR One Capital Management is a specialist biotechnology and life sciences venture capital firm pursuing what it calls a "back-and-build approach": partnering with companies that have strong underlying scientific fundamentals, a clearly defined development pathway, and novel approaches to addressing disease. Originally founded in 1985 as the corporate venture arm of GlaxoSmithKline (GSK), SR One completed a full spin-out from GSK in November 2020, closing its first independent fund at $500 million, with GSK remaining the largest single LP alongside other asset managers, endowments, foundations, pension funds, and family offices. The firm has since deployed well over $680M across its history and now manages approximately $1.5 billion in AUM.
Sector Focus
SR One invests exclusively in biotechnology and life sciences, with deep concentration in immunology/autoimmune disease, oncology (cell therapy, targeted protein degradation, ADCs), genetic medicines (RNA/siRNA, gene therapy, gene insertion), cardiometabolic disease (including GLP-1/GIP-targeted obesity and hypertension programs), rare/orphan renal and pulmonary disease, and platform biology (proteomics, computational chemistry, glyco-immunology).
Stage Focus
SR One invests across the full private lifecycle, from company creation and Series A/seed formation through late-stage crossover and pre-IPO rounds, and continues to hold public positions post-IPO in several portfolio companies (e.g., CRISPR Therapeutics, Alumis, Mineralys). The firm is well known for founding and incubating new companies directly (e.g., Renalys Pharma, Odyssey Therapeutics, AirNexis Therapeutics, Poplar Therapeutics) rather than only investing in externally sourced deals.
Check Size
Not publicly disclosed, but observed round sizes SR One has participated in or led range from roughly $17M seed/Series A rounds up to $287M late-stage private financings, consistent with a fund that can write meaningful checks across the full spectrum from company formation to crossover.
Lead Tendency
SR One frequently leads or co-leads financings, particularly in company-formation and Series A deals it originates (Poplar Therapeutics, AirNexis Therapeutics, Windward Bio, Crystalys Therapeutics). It also participates alongside other institutional biotech investors in larger syndicated rounds.
Recent Activity
SR One has been extremely active through 2025 and into 2026, both launching new companies and following on in existing portfolio companies:
- July 2026: Crystalys Therapeutics closed a $130M Series B for gout treatment development.
- June 2026: Ipsen announced it will acquire portfolio company Kartos Therapeutics to expand its hemato-oncology pipeline.
- May 2026: Windward Bio closed a $165M crossover financing; Odyssey Therapeutics and Avalyn both priced upsized IPOs.
- February 2026: Gilead announced its acquisition of portfolio company Arcellx to advance anito-cel.
- January 2026: AirNexis Therapeutics launched with a $200M Series A; Corxel closed a $287M Series D1.
- Fund status: actively deploying. SR One closed its second fund at $600 million in March 2023.
Portfolio Highlights
Notable exits and outcomes include Takeda's ~$4B+ acquisition of Nimbus Therapeutics' TYK2 program, Eli Lilly's acquisition of Morphic Therapeutic, Bristol-Myers Squibb's $4.1B acquisition of Turning Point Therapeutics, Gilead's acquisitions of MiroBio and Arcellx, Sanofi's acquisition of Dren Bio's bispecific asset, and Ipsen's pending acquisition of Kartos Therapeutics. CRISPR Therapeutics remains a flagship public holding, having achieved FDA approval of Casgevy for sickle cell disease. Other prominent active portfolio companies include Odyssey Therapeutics, Zenas BioPharma, Alumis, Mineralys Therapeutics, ADARx Pharmaceuticals, and Avalyn Pharma.
Team
SR One is led by Founder & CEO Simeon J. George, MD, and COO & Managing Partner Rajeev Dadoo, PhD. The broader team spans investment, operating, and venture partner functions:
- Simeon J. George, MD — Founder & CEO
- Rajeev Dadoo, PhD — COO & Managing Partner
- Jake Nunn — Partner
- Philip Habib — Head of Capital Partnering
- Sasha Keough — General Counsel & Chief Compliance Officer
- Mahesh Kudari, MD — Senior Associate
- James Macadam — Chief Financial Officer
- Katarina Pance, PhD — Principal
- Laetitia Schwab, PhD — Principal
- Amit Shah, MD — Principal
- Lyla Youssef, PhD — Associate
- Jake Bauer — Venture Partner, US Investments/New Company Creation
- Amit Mehta, PhD — Venture Partner, US Investments
- Matthew R. Patterson — Venture Partner, US Investments
- Jill Carroll — Operating Partner, Portfolio Value Creation
- Chris Chai — Operating Partner, Portfolio Capital Raising
- Iqbal Mufti — Operating Partner, Portfolio Business Development
Decision Process
As an institutional partnership with a defined GP/Partner structure and dedicated venture and operating partners, investment decisions run through a partnership process rather than a solo GP.
Founder Preferences
SR One favors founding teams and scientific founders with strong underlying data and a clear translational pathway, and it is comfortable co-founding and incubating companies from academic or platform science (e.g., UCSF-founded Rezo Therapeutics, Yale-linked Simcha Therapeutics).
Geographic Focus
SR One invests primarily in the US and Europe, with offices in Redwood City, California and London, UK, and has also backed geographically targeted plays such as Renalys Pharma, formed to bring medicines to patients in Japan and other Asian markets.