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One year after its splashy launch, the AMR Action Fund has made its first investments in a pair of fledgling biotech companies, a key step toward its goal of generating badly needed medicines to combat antibiotic resistance.

The fund is providing an undisclosed portion of its $1 billion in initial backing — much of which comes from several of the world’s largest drug manufacturers — toward Venatorx Pharmaceuticals and Adaptive Phage Therapeutics. The two privately held companies are taking a different approach toward developing therapies that can fight drug-resistant infections.

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