Leading healthcare venture firm raises $770 million

Boston, USA-based Third Rock Ventures today announced today the closing of Third Rock Ventures V, raising $770 million in an oversubscribed fund, and marking the largest in its 12-year history.

With Fund V, thefirm will continue to execute on its strategy of discovering, launching and building innovative life sciences companies that have the potential to transform the lives of patients and their families.Since its inception in 2007, Third Rock has raised $2.7 billion to create companies focused in many different areas of high unmet medical need including cancer, neurological disorders, rare genetic diseases, immune disorders, and cardiovascular diseases.

To date, Third Rock has launched or invested in more than 50 companies, which all share a common goal of addressing significant medical needs through bold ideas and transformative science. The firm’s portfolio companies have launched 10 products, including five therapeutics, three diagnostics and two devices. Third Rock focuses on building product engine companies, which are built on biological insights and technology platforms, with the potential to generate multiple therapeutics and therefore offer unique opportunity for growth and value creation. With multiple innovative programs in late-stage development across the Third Rock portfolio, there is the potential for these companies to continue to make an impact for patients in need of new and better treatment options.