Advent joins the parade of new biotech funds with $235M war chest

Advent Life Sciences is joining the parade of new biotech funds debuting this year. Based in London with an investment strategy that reaches into Europe and the U.S., Advent's second dedicated life sciences fund has come up with $235 million to invest in a new roster of early- to midstage companies in the next few years. The group has invested in companies ranging from Switzerland's 4-Antibody to Menlo Park, CA-based Versartis and, like many other funds, has enjoyed a number of exits recently. The long lineup of new healthcare funds includes a $675 million wrap by Canaan recently. Late last year OrbiMed rolled out a $375 million fund and followed up a few weeks ago with a $325 million fund that will be dedicated for Asian investments. Arch Venture Partners, Venrock, Sofinnova Ventures and Versant Ventures have all raised hundreds of millions of dollars more. Release