Arie Belldegrun didn’t just co-found a new biotech with $300 million in financing. He also is taking the wraps off a new venture fund with $295 million to invest in what he and his partners hope will be the next-gen biotech companies to watch.
The new fund is called Vida Ventures, based in Boston, and one of its first investments went to Belldegrun’s latest CAR-T creation, Allogene. Homology Medicines, Praxis Precision Medicines and Pionyr Immunotherapeutics are also in the portfolio after getting started last year.
“We seek to translate breakthrough innovation into novel medicines,” said Fred Cohen, a Vida co-founder and general partner.
The group of principals in the new venture includes Arjun Goyal, an ex-5AM exec, along with ex-Third Rock player Stefan Vitorovic and Leonard Potter.
They’re taking their place alongside a group of busy VCs that are in the midst of an historic wave of biotech investing, with mega rounds for Series A companies and ample follow-up funding for any drug developers that look like they have potential. Record levels of venture funding have helped create booming hubs in Boston/Cambridge and the Bay Area, with new Chinese investors jumping into the game.
Just how long that can last, with a wide open IPO window to help facilitate additional fundraising, is unknown. These things always run in cycles. But right now the field remains red hot.
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 47,500+ biopharma pros who read Endpoints News by email every day.Free Subscription