A new funding source for life sciences startups? Looks like investment firm Foresite Capital is raising a new fund – to the tune of $450 million.
Hat tip to Fortune‘s Dan Primack for this one:
New fund alert: Healthcare growth equity firm Foresite Capital is nearing a final close on its third fund, which is expected to hit its $450 million hard cap, according to a source familiar with the situation. This comes just over one year since Foresite announced that it had raised $300 million for its second fund. Portfolio companies include Aduro BioTech, Intarcia Therapeutics, Sequenta and Zafgen. No comment from the firm, natch.
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MedCity News’ calls to the San Francisco-based Foresite Capital remain unreturned as well.
A quick look at Foresite’s SEC filings does not indicate a third fund worth $450 million fund as yet, so this one’s super nascent.
Just counting the first two funds, Foresite has about $650 million in assets under management, it says on its website, and invests between $10 million and $100 million in its life sciences portfolio companies.
Thus far it’s invested in 19 companies, largely in the therapeutics space – though it has a medical device startup (Sotera Wireless) in the mix as well.
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A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
[PHOTO: Big Stock Photo]
