5AM Ventures raises $119 million for life science, biopharma fund

MENLO PARK, California — California-based 5AM Ventures has raised $119.25 million for its third venture fund, which will close at at least $150 million, according to Venturebeat.

5AM Ventures specializes in seed and early-stage life science and biopharmaceutical companies, according to its Web site. It invests in companies with “validated and often later-stage technologies or products” as well as “academic initiatives that have been developed beyond the basic laboratory stage as well as through corporate spin-outs,” according to its site.

Its portfolio companies are largely based in California and Massachusetts, but includes Indiana’s Marcadia Biotech. Venturebeat points out that 5AM has had four exits, all from its first fund, including Amgen’s purchase of renal disorder drug-maker Ilypsa’s for $420 million.