Third Rock Ventures has announced the launch of the firm’s first fund, which will invest in life sciences companies at the early stages of formation and has USD378m of committed capital.
Third Rock Ventures has announced the launch of the firm’s first fund, which will invest in life sciences companies at the early stages of formation and has USD378m of committed capital.
The founding partners of Third Rock Ventures are industry veterans with a track record of founding _and building life sciences companies who will use their 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 plans to respond to growing demand for innovation by industry, research institutions and patients.
‘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,’ says Third Rock partner Mark Levin.
The 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.
Specifically, the firm’s investment focus will focus on companies with ‘product engines’, technologies that are capable of creating products in multiple diseases. The team will use an entrepreneur-centred approach, actively collaborating with and supporting entrepreneurs to guide the growth, strategy, leadership and corporate culture of portfolio companies.
‘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,’ says partner Kevin Starr.
Members of the Third Rock team have backgrounds combining science and business expertise, and collectively they have led more than 500 collaborations, USD6bn in business alliances and USD4bn in financings.
Third Rock Ventures’ partners include Levin, the founder and former chief executive of Millennium Pharmaceuticals and four other biotech companies; Starr, a director of several biotech companies and former chief operating and financial officer of Millennium; Robert Tepper, a biotech entrepreneur and previous head of R&D at Millennium; Lou Tartaglia, an expert in the field of obesity and previously general manager of Gene Logic and head of new ventures at Millennium; Nick Leschly, a business development and marketing executive; and Anne-Mari Paster, previously chief financial officer of venture capital firm MPM Capital.