Partners Innovations Fund II raises $171 million
Partners HealthCare recently announced that the Partners Innovations Fund II had raised $171 million for seed funding of innovative life science startups.
The investment strategy behind Partners Innovation Fund involves working with co-investor syndicates to reduce risk and calls for investing in biomedical sectors such as therapeutics, diagnostics, health IT and medical devices.
The new fund will allow Partners Innovation to seed companies at an even earlier stage, Kitterman said. He noted that gene therapy is one area the fund is exploring aggressively.
“Also, there are many new frontiers in oncology we feel are quite promising,” Kitterman said.
The group has a solid track record of successful health investments.
The group has invested in 35 companies since 2008. Spero Therapeutics develops treatments for gram-negative bacterial infections, a huge problem, especially for healthcare facilities seeking to protect patients from drug-resistant infections. It raised $77 million from its initial public offering earlier this month. LifeImage, another portfolio company, is one of the largest online exchanges for electronic medical image sharing.
Its investments have led to some successful exits. Immuno-oncology drug developer CoStim Pharmaceuticals was acquired by Novartis. Roche snapped up Adheron, a company developing treatments for autoimmune diseases such as rheumatoid arthritis. The deal was valued at up to $580 million.