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Third Rock Closes $516M Health Care Venture Fund

Currency dice (MD4 Group/Flickr)Third Rock Ventures in Boston and San Francisco raised $516 million for its Fund III to invest in new health care enterprises. Wth the fund, the company plans to support up to 16 health and medicine start-ups.

Third Rock aims to finance new companies offering products or services in health care with high potential impact. Investments include start-ups working in personalized medicine, epigenetics, cancer metabolism, obesity, and rare genetic disorders.  The company also finances new enterprises in cardiovascular disease, ophthalmology, pain and central nervous system disorders, and molecular diagnostics.

The company says that since its founding in 2007, its investments totaling some $1.3 billion resulted in launching 31 health care companies now in its portfolio. Its approach includes both financing and management support, with initial investments of about $50 million backing business ideas from academia, entrepreneurs, and industry spin-offs.

Third Rock says it encourages its portfolio companies to form collaborations to advance their businesses. Last week, Blueprint Medicines — a Third Rock portfolio company specializing in genomics and personalized therapies — formed a partnership with Massachusetts General Hospital and Wellcome Trust Sanger Institute to identify new cancer targets.

Two of Third Rock’s portfolio companies so far were acquird by larger enterprises: Alnara Pharmaceuticals by Eli Lilly and Company in 2010, and Lotus Tissue Repair by Shire plc in 2013.

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Hat tip: Fierce Biotech

Image: MD4 Group/Flickr

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