BOSTON & SAN FRANCISCO, Mar 25, 2013 (BUSINESS WIRE) -- Third Rock Ventures, LLC, a venture capital firm focused on building healthcare companies, today announced the final closing of Fund III, raising $516 million in an oversubscribed fund. With Fund III, Third Rock will continue to execute on its strategy of launching, building and supporting transformative healthcare companies. Since its inception, Third Rock has raised more than $1.3 billion, including Fund III, for investments in healthcare companies, with a particular emphasis on innovative product engines.
"We are grateful for the strong support for our model and significant interest from our existing and new investors," said Kevin Starr, partner at Third Rock Ventures. "Since 2007, it has been our mission to be the preferred partner for entrepreneurs, investors, employees and industry to build great companies that discover and develop breakthrough products that make a difference for patients. Our funding to date has enabled us to successfully seed, support or launch more than 31 important healthcare companies. With Fund III we will continue on our mission, launching up to 16 new companies focused on disruptive areas of science and medicine."
Collaborative Approach to Company Building
Many of Third Rock's portfolio companies have developed as part of collaborations with industry partners. This collaborative company building approach enables Third Rock to address the unprecedented demand in the healthcare industry for innovative products.
"Our approach has always been to seek out and explore unique collaborative models that are aligned with our mission and vision," said Mark Levin, partner at Third Rock Ventures. "I am personally excited about the continued interest from our industry partners in working with Third Rock to identify new areas of exciting science and launch companies together through high-value strategic partnerships."
The Third Rock Team
Since launching the firm, Third Rock has grown its team to more than 40 people ranging from recognized industry leaders to recent graduates from many of the top science and medical institutions, bringing a wide range of skills in science, business, strategy and medicine. In conjunction with Fund III, Third Rock anticipates expanding the team and is promoting Mark A. Goldsmith, M.D., Ph.D., to partner in the firm.
"People are the single biggest asset at Third Rock," said Robert Tepper, M.D., partner at Third Rock Ventures. "Third Rock's unique company building approach relies on the collective experience of our growing family of collaborators, advisors and company operators. This depth and breadth across commercial, business development, R&D, drug discovery and product development allows us to partner with portfolio companies across multiple functions to translate scientific innovation into the reality of clinically meaningful medical products."
About Third Rock Ventures
Third Rock Ventures is a leading healthcare venture firm focused on investing and launching companies that make a difference in people's lives. The Third Rock team has a unique vision for ideating and building transformative healthcare companies. Working closely with our strategic partners and entrepreneurs, Third Rock has an extensive track record for managing the value creation path to deliver exceptional performance. For more information, please visit the firm's website at www.thirdrockventures.com.
Current Third Rock Portfolio Companies
Ablexis, Afferent Pharmaceuticals, Agios Pharmaceuticals, Alcresta, Allena Pharmaceuticals, Alnara Pharmaceuticals (acquired by Eli Lilly & Co. in 2010), bluebird bio, Blueprint Medicines, Cibiem, Constellation Pharmaceuticals, CytomX Therapeutics, DC Devices, Edimer Pharmaceuticals, Eleven Biotherapeutics, Ember Therapeutics, Foundation Medicine, Global Blood Therapeutics, Igenica, Jounce Therapeutics, Kala Pharmaceuticals, Lotus Tissue Repair (acquired by Shire plc in 2013), MyoKardia, NinePoint Medical, PanOptica Pharmaceuticals, Rhythm Pharmaceuticals, SAGE Therapeutics, Seventh Sense Biosystems, Taris Biomedical, Topica Pharmaceuticals, Warp Drive Bio and Zafgen.
SOURCE: Third Rock Ventures, LLC