Healthcare Industry News: Millennium
News Release - September 14, 2007
Third Rock Ventures Debuts with $378 Million Fund in Life SciencesPartners are Former Biotech Executives who Bring Operating Experience to Identify and Launch Companies at Early Stages of Formation
BOSTON, Mass.--(HSMN NewsFeed)--Third Rock Ventures, L.L.C., today announced the launch of the firm's first fund with $378 million of committed capital. The fund will invest in life sciences companies at the early stages of formation.
The founding partners of Third Rock Ventures are industry veterans with a proven track record of founding and building numerous successful life sciences companies. The Third Rock team will use their first-hand operating experience to fund and launch innovative biotech and medical device companies. By effectively translating important scientific ideas into new biotech and device companies, the Third Rock team will respond to the growing demand for innovation by industry, research institutions, and patients.
"Our goal is to be the preferred partner for entrepreneurs, as our team offers them our deep industry knowledge, our strong network, and our passion for launching market-leading life sciences companies," said Mark Levin, partner of Third Rock Ventures.
The Third Rock team will create a portfolio of investments in companies with therapeutic products and medical devices that have the potential for broad applications, market leadership and extraordinary value creation. Specifically, the firm's investment focus will center on companies with "product engines," or technologies that are capable of creating products in multiple diseases. The Third Rock team will use an entrepreneur-centered approach, actively collaborating with and supporting entrepreneurs to guide the growth, strategy, leadership and corporate culture of portfolio companies.
"The members of the Third Rock team have a strong track record for integrating scientific ideas with business strategy, and we are excited to apply this know-how to help entrepreneurs launch innovative companies, create exceptional value, and develop products that create medical breakthroughs for patients," said Kevin Starr, partner of Third Rock Ventures.
Members of the Third Rock team have complementary backgrounds combining science and business expertise, and collectively they have led more than 500 collaborations, $6 billion in business alliances and $4 billion in financings. The firm's capabilities are enhanced by its relationships with scientific thought leaders and business executives in the life sciences industry, as these relationships lead to identifying unique investment opportunities, as well as to recruiting talent and leadership for portfolio companies.
Third Rock Ventures' partners include: Mark Levin, founder and former CEO of Millennium Pharmaceuticals and four other biotech companies; Kevin Starr, active Board of Directors member of several biotech companies and former COO/CFO of Millennium; Robert Tepper, M.D., a scientific leader, biotech entrepreneur and previous head of R&D and CSO of Millennium; Lou Tartaglia, Ph.D., a thought leader in the field of obesity and author of more than 50 scientific publications; Nick Leschly, an experienced business development and marketing biotech executive; and Anne-Mari Paster, previously CFO of MPM Capital, a venture capital firm.
About Third Rock Ventures
Third Rock Ventures L.L.C. is a premier venture firm focused on life sciences, investing and launching companies that make a difference in people's lives. Collaborating with entrepreneurs, the Third Rock team applies its deep expertise to establish the roadmap and building blocks for a rapidly-growing and highly-successful life sciences company. The Third Rock team has a unique vision and experience in building great companies, extensive academic and industry networks and a collective track record for creatively managing the value creation path to deliver exceptional performance. For more information, please visit www.thirdrockventures.com.
Source: Third Rock Ventures
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.