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THIRD ROCK VENTURES
DEBUTS WITH $378 MILLION FUND IN LIFE SCIENCES
—Partners are Former
Biotech Executives who Bring Operating Experience
to Identify and Launch Companies at Early Stages of Formation—
Boston, Mass.,
September 14, 2007
–
Third
Rock Ventures, L.L.C, today announced the launch of the firm’s first fund
with $378 million of committed capital. The fund will invest in life
sciences companies at the early stages of formation.
The
founding partners of Third Rock Ventures are industry veterans with a proven
track record of founding
and building numerous successful life sciences companies. The Third Rock
team will use their first-hand operating experience to fund and launch
innovative biotech and medical device companies. By effectively translating
important scientific ideas into new biotech and device companies, the Third
Rock team will
respond to the growing demand for innovation by industry, research
institutions, and patients.
“Our goal is to be the
preferred partner for entrepreneurs, as our team offers them our deep
industry knowledge, our strong network, and our passion for launching
market-leading life sciences companies,”
said Mark Levin, partner of Third Rock Ventures.
The Third Rock team will
create a portfolio of investments in companies with therapeutic products and
medical devices that have the potential for broad applications, market
leadership and extraordinary value creation. Specifically, the firm’s
investment focus will center on companies with “product engines,” or
technologies that are capable of creating products in multiple diseases. The
Third Rock team will use an entrepreneur-centered approach, actively
collaborating with and supporting entrepreneurs to guide the growth,
strategy, leadership and corporate culture of portfolio companies.
“The members of the Third
Rock team have a strong track record for integrating scientific ideas with
business strategy, and we are excited to apply this know-how to help
entrepreneurs launch innovative companies, create exceptional value, and
develop products that create medical breakthroughs for patients,” said Kevin
Starr, partner of Third Rock Ventures.
Members of the Third Rock team have complementary backgrounds combining
science and business expertise, and collectively they have led more than 500
collaborations, $6 billion in business alliances and
$4 billion in financings. The firm’s capabilities are enhanced by its
relationships with scientific thought leaders and business executives in the
life sciences industry, as these relationships lead to identifying unique
investment opportunities, as well as to recruiting talent and leadership for
portfolio companies.
Third
Rock Ventures’ partners include:
Mark Levin
founder and former CEO of Millennium Pharmaceuticals and four
other biotech companies; Kevin Starr, active Board of Directors member of
several biotech companies and former COO/CFO of Millennium; Robert Tepper,
M.D., a scientific leader,
biotech entrepreneur and
previous head of R&D and CSO of Millennium;
Lou
Tartaglia, Ph.D., a thought leader in the field of obesity and previous
General Manager and Head of New Ventures of Gene Logic and Millennium,
respectively;
Nick Leschly, an experienced business development and marketing biotech
executive; and Anne-Mari Paster, previously CFO of MPM Capital,
a venture capital firm.
About Third Rock Ventures
Third Rock Ventures L.L.C.
is a premier venture firm focused on life sciences investing and launching
companies that make a difference in people’s lives. Collaborating with
entrepreneurs, the Third Rock team applies its deep expertise to establish
the roadmap and building blocks for a rapidly-growing and highly-successful
life sciences company. The Third Rock team has a unique vision and
experience in building great companies, extensive academic and industry
networks and a collective track record for creatively managing the value
creation path to deliver exceptional performance. For more information,
please visit
www.thirdrockventures.com.
# # #
Contact:
Adriana Jenkins
Yates
& Associates
617-744-1713
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