Third Rock raises $516m for early-stage venture deals
This article was originally published in Scrip
Third Rock Ventures has raised $516 million for its third life science venture capital fund with a primary focus on therapeutics startups, bringing the Boston-based firm's total capital raised since 2007 to $1.3 billion - all to finance early-stage companies.
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Third Rock closed a $616m venture capital fund, exceeding the firm’s goal of $600m to fund newly formed biopharma companies, following Sofinnova and others with new VC and debt funds for early- to mid-stage life science companies. Also, five drug developers raised $256m in new VC cash.
Private Company Edition: NVCA and Pitchbook data show pharma and biotech companies raised $37.8bn in venture capital in 2021, up 41% from the record $26.8bn total in 2020. Recent mega-rounds include $190m for Maze and $200m for Alumis, and Sound Bioventures raised a €110m fund.
No big buyouts were revealed during the annual J.P. Morgan Healthcare Conference for a third year in a row. Big pharma firms are in acquisition mode, but execs stress desire for easy integrations and scientific alliances.