Third Rock Ventures, an aggressive investor in biotech startups that promise to develop game-changing technology, is out raising a new $400 million fund. And the news hit on the same day Third Rock announced it is leading a $25 million Series A for Foundation Medicine--a new biotech player led by a well-known figure in the life sciences field.
Mass High Tech reports that Cambridge, MA-based Third Rock spelled out its aspirations for the new fund in documents filed with the SEC. The venture group got started three years ago and quickly made a mark in biotechnology as it joined other funds with a taste for early-stage developers. Third Rock helped fund a $35 million Series A for Eleven Biotherapeutics earlier this year. And just a few weeks ago, Third Rock pitched in on a $35 million Series B for Genetix.
Third Rock has a host of close ties with biotech entrepreneurs. It brought in Alexis Borisy as entrepreneur-in-residence after he got bounced from CombinatoRx. Borisy is helming Foundation Medicine.
"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 Third Rock's Mark Levin back when the fund was first launched.
- here's the report from Mass High Tech