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Finance Watch: Lightstone Ventures Closes $375m Fund To Back Early Stage Biotechs

General Partner Jason Lettmann Expects IPO Exits To Continue

 
• By Mandy Jackson

Private Company Edition: Recent biopharma venture capital financings add up to $1.7bn, including a $135m crossover round for HilleVax after spinning out of Takeda in July to advance a norovirus vaccine, Skyhawk’s $133m in fresh funding and Obsidian’s $115m series B round.

Finance Watch Private Company

Lightstone Ventures has closed its third fund – its largest to date – with $375m to fund early stage biopharmaceutical and medical technology companies after several successful exits via initial public offerings and acquisitions. General partner Jason Lettmann said in an interview with Scrip that a significant rise in mergers and acquisitions may depend on a slowdown in the IPO market, although certain drug developers will continue to be able to go public.

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