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venBio Raises $394m To Fund Biopharmas Through Human Proof-Of-Concept

 
• By Mandy Jackson

Managing partner Corey Goodman said venBio didn’t have trouble closing its fund, because the venture capital firm prepared its investors for an economic downturn months ago.

Venture Capital Concept on the Mechanism of Metal Gears.
venBio raised $394m for its third fund; its prior fund totaled $340m • Source: Shutterstock

Economic uncertainty tied to the ongoing COVID-19 pandemic did not keep the life science-focused venture capital firm venBio from being able to close its third fund, which totaled $394m. In fact, the fund was oversubscribed, surpassing venBio’s initial goal of $250m, with heavy interest from big pharma companies and other investors, according to managing partner Corey Goodman.

Goodman told Scrip that venBio and its investors began to discuss the possibility of a near-term economic downturn at least...

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