venBio Partners, a San Francisco, and Palo Alto, CA-based life sciences venture capital firm, closed its third fund, at approximately $394m.
venBio Global Strategic Fund III was raised from existing and new investors, including a broad range of institutional investors comprising pharmaceutical companies, corporate pensions, financial institutions, endowments and foundations, family offices and funds-of-funds.
Led by Managing Partners Corey Goodman, Ph.D., Robert Adelman, M.D., and Aaron Royston, M.D., venBio Fund III will continue to invest primarily in therapeutics companies that are developing biopharmaceuticals for unmet medical needs. The team typically leads or co-leads investments and takes an active role with each of their portfolio companies.
In conjunction with the new fund, venBio has promoted Richard Gaster M.D., Ph.D., to Partner. Dr. Gaster was previously head of translational medicine at Pliant Therapeutics and a Senior Associate at Third Rock Ventures. Prior to Third Rock, he was a resident physician in Harvard’s Plastic and Reconstructive Surgery Program and received his M.D. and Ph.D. degrees from Stanford University in the Medical Scientist Training Program.
Established in 2011, venBio Partners has raised nearly $1 billion in capital commitments and has invested in 29 companies including venBio-founded Labrys Biologics (acquired by Teva), Aragon Pharmaceuticals (acquired by Johnson & Johnson), Seragon Pharmaceuticals (acquired by Roche), Aurinia Pharmaceuticals (NASDAQ: AUPH), Apellis Pharmaceuticals (NASDAQ: APLS), Turning Point Therapeutics (NASDAQ: TPTX), Precision Biosciences (NASDAQ: DTIL) and Akero Therapeutics (NASDAQ: AKRO).