'Tis the season for biopharma fundraising, as Cowen closes $493M fund
Another healthcare venture fund is surfeit with capital, as the season for fundraising motors on amid the coronavirus pandemic.
Cowen Healthcare Investments (CHI), an investment manager affiliated with the investment bank Cowen, has closed its third fund, raising $493 million, a meaty $93 million above its original target. Founded in 2012, CHI focuses its investments in established biopharma, diagnostics and digital health companies and has injected funds in 38 private companies thus far.
Despite the global market rout, the coronavirus pandemic has been somewhat kinder to the biopharma world — the main industry expected to provide the sureshot exit from the crisis. In recent weeks and months, the industry has seen quite a bit of fundraising from venture capital firms, IPOs, and rounds of financing. Billions, by way of Flagship Pioneering, ARCH Ventures, venBio, Deerfield and more, have come in recent weeks.
“Investing in premier life sciences companies could not be more critical than it is today. We are extremely optimistic about the prospects of this industry to address urgent, unmet medical needs…” managing partner Kevin Raidy said in a statement.
Social image: Kevin Raidy