BOSTON--(BUSINESS WIRE)--Third Rock Ventures, LLC announced today the closing of Third Rock Ventures V, LP (“Fund V”), raising $770 million in an oversubscribed fund. With Fund V, the firm will continue to execute on its strategy of discovering, launching and building innovative life sciences companies that have the potential to transform the lives of patients and their families. Since its inception in 2007, Third Rock has raised $2.7 billion to create companies focused in many different areas of high unmet medical need including cancer, neurological disorders, rare genetic diseases, immune disorders, and cardiovascular diseases.
To date, Third Rock has launched or invested in more than 50 companies, which all share a common goal of addressing significant medical needs through bold ideas and transformative science. The firm’s portfolio companies have launched ten products, including five therapeutics, three diagnostics and two devices. Third Rock focuses on building product engine companies, which are built on biological insights and technology platforms, with the potential to generate multiple therapeutics and therefore offer unique opportunity for growth and value creation. With multiple innovative programs in late-stage development across the Third Rock portfolio, there is the potential for these companies to continue to make an impact for patients in need of new and better treatment options.
“We appreciate the strong support from new and existing investors. Over the course of 12 years, we have built a leading investor base that is supportive of our unique model. Our approach is hands on, team oriented, value creation driven, and built for the long term,” said Robert Tepper, M.D., partner at Third Rock. “I am incredibly proud of all that we have achieved to date, and looking forward to what we can accomplish in Fund V and beyond. The team at Third Rock is committed to creating companies with a solid foundation of great science, people, culture, and core values.”
“Our portfolio companies begin with bold ideas at the intersection of science, business, medicine and strategy – providing the best opportunity to make a dramatic difference in patients’ lives,” said Abbie Celniker, Ph.D., partner at Third Rock. “Our investment philosophy has always been guided by the tremendous innovation emerging from academia and industry. We are as excited as ever by the latest science and technologies, and in our fifth fund, we look forward to creating more great companies pursuing important and novel approaches to treat disease.”
Third Rock also announced today that Steve Kafka, previously a venture partner, is becoming a partner. Fund V partners include Abbie Celniker, Ph.D.; Neil Exter; Kevin Gillis; Reid Huber, Ph.D.; Steve Kafka, Ph.D.; Sarah Larson; Christoph Lengauer, Ph.D.; Craig Muir; Cary Pfeffer, M.D.; Robert Tepper, M.D.; and Jeffrey Tong, Ph.D.
About Third Rock Ventures
Third Rock Ventures is a leading healthcare venture firm focused on advancing disruptive areas of science and medicine to deliver breakthroughs to patients. By starting with big ideas and fostering collaboration among people with expertise in science, medicine, business and strategy, we aim to discover, launch, and build innovative companies that can transform the lives of patients. Our mission is to be the preferred partner for entrepreneurs, investors, employees and industry to build great companies that discover and develop products that make a difference for the patients we serve. For more information, please visit www.thirdrockventures.com.