Foresite Capital Raises $300M Fund Focused On Life Sciences
This article was originally published in The Pink Sheet Daily
San Francisco-based VC also is an investor in a $200 million Series DD funding for type 2 diabetes-focused Intarcia Therapeutics. Foresite will use the same investment strategy for its second fund, seeking late-stage investments in proven technologies with strong management and promising market positions.
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Plus news of recent financings by the Pfizer animal health spin-out Zoetis, Bone Therapeutics, Ariad Pharmaceuticals and Foresight Capital Management.
Rather than partner its implantable formulation of exenatide, the biotech turned to hedge funds and other non-traditional investors for the year’s largest round of private capital. The deal enables Intarcia to begin Phase III trials on lead program ITCA-650 for type 2 diabetes, which it believes could be a blockbuster.
Public Company Edition: Cancer-focused Adlai Nortye launched a concurrent initial public offering and private placement, while four other drug developers announced or completed SPAC mergers. Also, Sobi grossed $540m in a rights issue and Immunovant followed early data with a $450m FOPO.