Team Expands Business, Scientific and Clinical Expertise with the Additions of Helen S. Kim, Rajul Jain, M.D., Heba Nowyhed, Ph.D. and Eric Trac, M.D.
BOSTON--(BUSINESS WIRE)-- Vida Ventures ("Vida"), a next-generation life sciences venture firm, announced today the closing of Vida Ventures II, LLC ("Vida II"), raising $600 million in an oversubscribed fund. Vida II will be used to further the firm's life sciences platform, which began building a successful track record of investing with its inaugural fund by focusing on companies that change the paradigm of care for patients. With the close of Vida II, Vida has approximately $1 billion under management in less than two years since inception. Vida II fund investors include members of the Vida team, investors from the inaugural fund, top-tier endowments, foundations, family offices, funds-of-funds, and notable individuals across the U.S. and overseas. In anticipation of Vida II, the firm also announced the expansion of its team of experts with Helen S. Kim, Rajul Jain, M.D., Heba Nowyhed, Ph.D., and Eric Trac, M.D.
Vida leverages its scientific and clinical skills, extensive industry network, operating and investing experience to build life science companies and provide funding for companies across research and development stages. Formed in late 2017 by Arie Belldegrun, M.D., FACS, Fred Cohen, M.D., D. Phil, Leonard Potter (representing Wildcat Capital Management), Arjun Goyal, M.D., and Stefan Vitorovic, Vida has seen its unique investment strategy drive significant impact in the space. Under the first fund, which closed in November 2017 with $255 million, the firm has built a robust life sciences portfolio of 14 companies, of which three have completed initial public offerings (IPO) and one investment exited via acquisition, Peloton Therapeutics, which was acquired by Merck for up to $2.2 billion in 2019.
"The successful fundraise for Vida II and the speed with which we were able to close the fund reflects Vida's high-quality team and the success of our inaugural fund," said Arie Belldegrun, M.D., FACS, Co-Founder and Senior Managing Director. "Life sciences has become one of the most dynamic industries and a focal point for venture firms. Vida maintains a unique advantage by combining a best-in-class investment team with first-hand business and scientific expertise that directly applies to our portfolio investments. With the added expertise from our newest team members, we are positioned better than ever before to add value by identifying and investing in meaningful science that ultimately has the potential to help patients in need."
Fred Cohen, M.D., D.Phil, Co-Founder and Senior Managing Director continued, "Our platform allows us to be flexible in our investment style. As a result of our deep and varied network, we are able to see a vast pipeline of investment prospects and the opportunity to back market leaders in achieving their next phase of development. This incredible support we have received from our investor community for Vida II will enable us to further our mission to transform biomedical innovations into therapies."
Vida has played a significant role as a pre-IPO investor or lead investor in two recently high-valued companies, Allogene Therapeutics (Nasdaq: ALLO), a clinical-stage biotechnology company pioneering the development of allogeneic CAR T (AlloCAR T™) therapies for cancer and the second largest biotechnology IPO of 2018, and Asklepios BioPharmaceutical, Inc. (AskBio), a developer and manufacturer of Adeno-Associated Virus (AAV) gene therapy therapeutics for patients with rare and generally untreatable genetic disorders. Vida most recently co-led the $105 million Series A financing for Kronos Bio, a pre-clinical company dedicated to the discovery and development of first-in-class therapies that modulate historically undruggable targets. The firm's other portfolio companies include A2 Biotherapeutics, Bait Therapeutics, Homology Medicines, Kadiant, Neogene Therapeutics, Oyster Point Pharma, Pionyr Immunotherapeutics, Praxis Precision Medicines, Precision Medicine Group, and Sutro Biopharma.
Vida has assembled an industry leading team with representation from biotechnology, pharmaceuticals, academia, and venture capital, as well as critical support from strategic advisors such as Joshua Kazam, David Tanen and David Chang, M.D., Ph.D. It currently has offices in Boston, MA, Los Angeles, CA and San Francisco, CA. The newest additions to the team include:
About Vida Ventures
Vida Ventures is a next-generation life sciences investment firm founded by a group of scientists, physicians, entrepreneurs and investors passionate about building and funding breakthroughs in biomedicine. Together they form an independent, bold investment group bound together by a simple word - life. Its mission is to bring science to life and advance transformative biomedical innovations that have the potential to make a meaningful difference for patients. Vida has a bicoastal presence and currently has approximately $1 billion under management. For more information on Vida Ventures, please visit www.vidaventures.com, on LinkedIn or follow on Twitter @Vida_Ventures.
Source: Vida Ventures
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