Accelerator Corporation, a life science investment and management firm, secured an additional $11.7m in new investment commitments.
This final closing, which brought the final Accelerator IV closing to $62.8m, included new strategic investments from AbbVie, WuXi PharmaTech, and Watson Fund. They joined previously announced Accelerator IV syndicate, which includes Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company, Harris & Harris Group, Inc., Johnson & Johnson Innovation – JJDC, Inc., The Partnership Fund for New York City, Pfizer Venture Investments and WRF Capital.
This investment will further enable Accelerator to provide resources to early-stage life sciences companies.
Established in 2003 with operations in Seattle and New York City, and led by Thong Q. Le, chief executive officer, Accelerator Corporation is a biotechnology investment and management company.
The firm aims to diversify the portfolio with investments in a variety of early-stage life science opportunities. A key focus will be on the discovery and development of novel therapeutics. Many of these investment opportunities will come from Accelerator’s company creation efforts largely based on research conducted by its consortium of Institution Partners in New York and Seattle.
Since its inception, Accelerator has raised more than $100m in capital commitments to invest in innovative life science companies.
In conjunction with the financing, Accelerator appointed three new directors to its board of directors – James P. Sullivan, Ph.D. Vice President, Pharmaceuticals Discovery at AbbVie, Tadataka (Tachi) Yamada, M.D., who currently serves as a venture partner and senior advisor at Frazier Healthcare Partners, and Peter Cheney, a former co-president of Mars, Incorporated.