Perceptive Advisors closes $515M fund to fuel more early-stage biotech startups
Perceptive Advisors closes $515M fund to fuel more early-stage biotech startups
Perceptive Advisors has $515 million for its second fund investing in biotech startups. Portfolio Manager Chris Garabedian says Perceptive Xontogeny Ventures Fund II is looking to make Series A investments in early-stage companies with assets that can show a path to clinical testing.
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When Chris Garabedian set out early last year to raise money for a second Perceptive Advisors fund focused on early-stage biotech startups, it took just a matter of months to draw interest from investors willing to commit more than $1 billion total. The fund could have closed with that much money, maybe more, said Garabedian, the portfolio manager. But it ended up with a little more than half of that, which he described as “the right size.”
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Perceptive Advisors, a NYC-based investment management firm focused on the life sciences sector, closed Perceptive Xontogeny Venture Fund II, LP, at $515m, to further its early-stage life sciences platform.
PXV Fund II includes existing investors from the inaugural fund, new investors including top-tier asset managers, endowments, foundations, family offices, and notable individual investors, and all of the PXV Fund II Partners.
The close of PXV Fund II more than triples assets under management to $725m in less than two years since the closing of the inaugural PXV Fund I, which launched Perceptive’s early-stage venture fund strategy.
The PXV Fund strategy complements Perceptive Advisors’ Life Sciences Fund (hedge fund) and Credit Opportunities Funds as it will be solely focused on early-stage venture capital and expects to be the sole or predominant lead investor in Series A financings in the range of $20-40m with capacity to participate in subsequent Series B financings.
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Forge Biologics, a Columbus, Ohio-based gene therapy-focused contract development and manufacturing organization, closed a $120m Series B financing.
The round was led by RA Capital Management with participation from Perceptive Advisors and related affiliates, Surveyor Capital (a Citadel company), Octagon Capital, and Marshall Wace and existing investors Perceptive Xontogeny Venture Fund and Drive Capital. In connection with the financing, Matthew Hammond, Ph.D., of RA Capital, and Fred Callori of the Perceptive Xontogeny Venture Fund will join Forge’s Board of Directors.
The company intends to use the funds to accelerate the expansion of its AAV manufacturing CDMO capabilities with cGMP production capacity, as well as operate its subsidiaries that are advancing novel adeno-associated virus (AAV) gene therapy programs.