Third Rock Ventures debuts with $378-million early stage life sciences ventures fund

19 September 2007

Third Rock Ventures, LLC, has launched its first fund with $378 million of committed capital for investments in early life sciences ventures.

The 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, and patients.

The 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.

The firm will particularly look for drug and device programs with broad potential applications across multiple diseases and different therapeutic areas.

"Our 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 Rock Ventures.