Accelerator raises another $11.7M to fund its biotech bets

Accelerator, digging into the New York biotech scene, added another $11.7 million in new investments to its fourth fund, totaling $62.8 million earmarked for bets in life sciences. The latest cash comes courtesy of AbbVie ($ABBV), WuXi PharmaTech ($WX) and Watson Fund, joining a syndicate that includes Arch Venture Partners, Eli Lilly ($LLY), Johnson & Johnson ($JNJ) and the investment arm of Alexandria Real Estate ($ARE). Founded in Seattle, Accelerator made its way to New York last year, settling in at Alexandria's sweeping R&D complex in Manhattan, home to Lilly, Roche ($RHHBY) and many others. Release