Clarus read­ies a slate of big PhI­II risk-shar­ing bets with a new $910M fund

About 8 years ago, the crew at Clarus Ven­tures had a sit down with a phar­ma com­pa­ny they were look­ing to sell one of their port­fo­lio biotechs to. The talks went well, the com­pa­ny want­ed the as­sets. But there was a big ob­sta­cle.

The buy­er they were talk­ing to couldn’t af­ford to just ac­quire the com­pa­ny and fit in an­oth­er late-stage drug pro­gram un­der its R&D bud­get. Those num­bers couldn’t change willy nil­ly — no mat­ter how good the new late-stage drug looked.

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