Third Rock Ventures Raises $770 Million as Biotech Funds Thrive
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Biotechnology venture capital firm Third Rock Ventures has raised the largest fund in its 12-year history, a sign that investor interest in funding early-stage science continues unabated despite volatile public markets.
Third Rock said Thursday that investors poured $770 million into its fifth fund, which will seed a crop of 10 to 12 life-science companies. The firm has previously backed companies such as Agios Pharmaceuticals Inc., Foundation Medicine and Bluebird Bio Inc., which this week won approval in Europe for the first gene therapy to treat the blood disorder beta thalassemia.