L.P., a enterprise capital agency devoted to early-stage biomedical innovation, has closed its first enterprise fund, ABV1, with $135 million in funding from new and present institutional buyers. 

Avalon BioVentures emerged from Avalon Ventures’ shared life-science/high-tech investing funds as a life-science solely fund and can proceed to leverage Avalon’s workforce and firm accelerator to create, fund, and lead firms growing breakthrough therapies to enhance well being.

“Avalon BioVentures builds on practically 4 a long time of success and expertise at Avalon in figuring out scientific breakthroughs and translating them into revolutionary medical merchandise,” mentioned Jay Lichter, managing companion, Avalon BioVentures. 

“Our buyers noticed the excellent worth we created in our therapeutics firms by way of our industry-defining Accelerator and enthusiastically dedicated capital to ABV1, our first fund devoted solely to biotech investments. We look ahead to persevering with to increase our deep community throughout the ecosystem, from entrepreneurial scientists and analysis establishments to {industry} companions, and mix the most effective science and main experience to advance new therapies that assist sufferers.”

Avalon raised roughly $750 million by way of 11 funds and deployed the life science allocations in additional than 50 biotech and well being tech firms. Portfolio firms have superior drug candidates throughout a broad vary of illness indications together with most cancers, celiac illness, infectious illness, metabolic illness, neurodegeneration, and uncommon illnesses. 

With ABV1, Avalon BioVentures will proceed Avalon’s custom of figuring out early-stage improvements and essentially the most thrilling scientific analysis. Avalon BioVentures creates firms and locations them inside its accelerator, an present, totally operationalized, R&D infrastructure to expedite revolutionary therapeutic approaches in areas of unmet medical want.

“The workforce at Avalon BioVentures discovered the Avalon technique over a long time of expertise as founders and entrepreneurs in Avalon portfolio firms. They carry important information in drug discovery, medical growth, firm formation, and operations that’s vital to translating a scientific discovery right into a novel therapeutic,” mentioned Kevin Kinsella, founding father of Avalon Ventures and Emeritus companion at Avalon BioVentures. 

Avalon’s historical past contains founding investments in firms corresponding to: Vertex Prescribed drugs, Onyx Prescribed drugs, Amira Prescribed drugs, and Neurocrine Biosciences. Extra just lately, firms based and led by the managing companions of Avalon BioVentures embrace Sitari Prescribed drugs (acquired by GSK), Calporta (acquired by Merck), Synthorx (acquired by Sanofi), Janux Therapeutics (IPO in 2021), and PDI Therapeutics (acquired by Cullinan Oncology).

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