Third Rock Looks to Innovative Product Engines

San Francisco and Boston-based Third Rock Ventures raised $516 million, which the venture capital firm said it will dedicate to launching, building and supporting transformative healthcare companies.

In a statement released on March 25 through the BayBio website, the firm announced the final closing of Fund III, raising $516 million in an oversubscribed fund. With Fund III, Third Rock will continue to execute on its strategy of launching, building and supporting transformative healthcare companies. Since its inception, Third Rock has raised more than $1.3 billion, including Fund III, for investments in healthcare companies, with a particular emphasis on innovative product engines.

At the beginning of January, recently promoted partner Mark A. Goldsmith, M.D., Ph.D. provided the California Biomedical Industry Report with a snapshot on Third Rock Ventures. At the time of the report’s release, Goldsmith provided insight into Third Rock Ventures’s strategy.

“Since fewer firms are showing a willingness and commitment to investing in the early-stage technologies that are the future of medicine, there are many investment opportunities that come our way,” said Goldsmith. “At Third Rock Ventures, our strategy and operating model are heavily focused on adding value throughout the lifecycle of a company, including at the front end of innovation.”

Third Rock Venture portfolio companies in Northern California include Ablexis, Afferent Pharmaceuticals, CytomX Therapeutics, Global Blood Therapeutics, Igenica, MyoKardia, and Topica Pharmaceuticals.