venBio Closes USD394m life sciences VC fund

venBio Partners has closed the venBio Global Strategic Fund III (venBio Fund III), its third life sciences venture capital fund, exceeding its target with approximately USD394 million in capital commitments.

The capital was raised from existing and new investors, including a broad range of institutional investors comprising pharmaceutical companies, corporate pensions, financial institutions, endowments and foundations, family offices and funds-of-funds.

Led by Managing Partners Corey Goodman, PhD, Robert Adelman, MD, and Aaron Royston, MD, venBio Fund III will continue to invest primarily in therapeutics companies that are developing biopharmaceuticals for unmet medical needs. The venBio team typically leads or co-leads investments and takes an active role with each of their portfolio companies.

“We are grateful for the tremendous support we have received from our current investors during this fundraise,” says Dr Adelman. “We appreciate their ongoing commitment and welcome the broad range of new top-tier investors who have joined them.”

“We remain committed to our founding strategy at venBio, namely to turn great science into impactful medicine,” says Dr Goodman. “Our investment thesis, regardless of stage of company, remains to look for investment opportunities with a 3- to 5-year time horizon.”

“In addition to generating strong financial returns, we’re proud of the impact our portfolio companies have made on patients,” says Dr Royston. “We’ve actively helped build three companies that have developed approved drugs that are on the market today.”

In conjunction with the new fund, venBio has promoted Richard Gaster MD, PhD, to Partner. Dr Gaster was previously head of translational medicine at Pliant Therapeutics and a Senior Associate at Third Rock Ventures. Prior to Third Rock, he was a resident physician in Harvard’s Plastic and Reconstructive Surgery Program and received his MD and PhD degrees from Stanford University in the Medical Scientist Training Program.