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Laxman Pai, Opalesque Asia: The Los Angeles-area life-sciences venture firm Westlake Village BioPartners has raised $500 million across two new funds after quickly deploying its $327 million debut investment pool launched in 2018.
The new vehicles will enable the firm to build and invest in promising life sciences companies with transformative human therapeutic technologies. The announcement Tuesday brings the firm to $820 million in capital to date.
The first fund, called Opportunity 1, carves out $70 million for Westlake to invest Series B or later-stage rounds for companies they incubated or invested in previously.
Meanwhile, Westlake Village BioPartners 2 Fund (WBP2) is a $430 million stash for incubating and investing in about 12 Series A startups. The VC firm will also use that fund for other Series B or late-round investments.
"Los Angeles is an emerging biotech community that is fresh and exciting, and we are seeing an explosion of new startups in this region," said Westlake's co-founding managing director Beth Seidenberg in a press release.
"We are rapidly moving into what we at Westlake call 'The Golden Age of Biotechnology' where the speed of innovation and discoveries is accelerating exponentially," said Sean Harper, MD, co-founding managing director of Westlake Village BioPartners. "This exponential growth is presenting many opportunities to develop new medicines, and these additional funds will allow us to...................... To view our full article Click here
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