Boston-based hospital system Partners Healthcare has closed $171.1 million to add to its venture funds with plans to invest in early-stage life science companies.
The cash will be spread between two funds: $66.1 million for Partners Innovation Fund II and a $105 million commitment from Partners institutions for the Partners Innovation Fund. The commitments come from The Brigham and Women’s Hospital and Massachusetts General Hospital.
The hospital’s fund was launched in 2008 with $35 million in capital, and has since invested in 32 companies including CoStim Pharmaceuticals (acquired by Novartis) and gene editing company Editas Medicine.
The fund will invest in therapeutics, diagnostics, health care IT and medical devices created in the Partners system, according to a Partners news release.
“Bringing discoveries, inventions and innovations from our world-class research community to the market benefits patients, always our primary focus, as well as the life sciences sector so important to the state’s economic future,” said Anne Klibanski, chief academic officer of Partners HealthCare. “This collaboration underscores Partners’ commitment to promote the commercialization of inventions and discoveries originating from the Partners community and to translate those discoveries into treatments for patients.”
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