Market turmoil and declining valuations in biotech are not deterring Third Rock Ventures from doing what it has done since 2007: raising funds of increasing size to back new biotechs that it incubates internally. Partner Abbie Celniker explained to Scrip that the venture capital firm’s long-term planning, and having long-term investors, makes it less susceptible to market conditions.
Third Rock Thinks Its Model Reassures Investors In Difficult Times
Venture Firm Raised $1.1bn Fund VI, Its Largest Yet
New fund will include some later-stage investments in portfolio companies, in recognition of the currently tough environment for privately held biotechs.
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