Ventures, LLC, has launched its first fund with $378 million of committed capital
for investments in early life sciences ventures.
founding partners of Third Rock Ventures are industry veterans with a proven track
record of founding and building numerous successful life sciences companies. The
funding firm''s team will use first-hand operating experience to fund and launch
innovative biotech and medical device companies. By effectively translating important
scientific ideas into new biotech and device companies, the Third Rock team will
respond to the growing demand for innovation by industry, research institutions,
new firm plans to avoid licensing deals and spin-offs while still targeting programmes
it believes will bring products into clinical development within one to two years.
It plans to
locate and back development programs in advance of identified compounds, Starr
said, and work to development "product engine" programs that can produce
multiple compounds with applications in multiple therapeutic areas.
firm will particularly look for drug and device programs with broad potential
applications across multiple diseases and different therapeutic areas.
goal is to be the preferred partner for entrepreneurs, as our team offers them
our deep industry knowledge, our strong network, and our passion for launching
market-leading life sciences companies," said Mark Levin, partner of Third
Third Rock team will create a portfolio of investments in companies with therapeutic
products and medical devices that have the potential for broad applications, market
leadership and extraordinary value creation.
the firm''s investment focus will centre on companies with "product engines,"
or technologies that are capable of creating products in multiple diseases. The
firm says it will use an entrepreneur-centered approach, actively collaborating
with and supporting entrepreneurs to guide the growth, strategy, leadership and
corporate culture of portfolio companies.
to Kevin Starr, partner of Third Rock Ventures, "The members of the Third
Rock team have a strong track record for integrating scientific ideas with business
strategy, and we are excited to apply this know-how to help entrepreneurs launch
innovative companies, create exceptional value, and develop products that create
medical breakthroughs for patients."
Rock Ventures'' partners include: Mark Levin, founder and former CEO of Millennium
Pharmaceuticals and four other biotech companies; Kevin Starr, active board of
directors member of several biotech companies and former COO / CFO of Millennium;
Robert Tepper, MD, a scientific leader, biotech entrepreneur and previous head
of R&D and CSO of Millennium; Lou Tartaglia, Ph.D., a thought leader in the
field of obesity and author of more than 50 scientific publications; Nick Leschly,
an experienced business development and marketing biotech executive; and Anne-Mari
Paster, previously CFO of MPM Capital, a venture capital firm.
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