Third Rock Ventures, LLC announced today the closing of Third Rock Ventures IV, LP (“Fund IV”), raising $616 million in an oversubscribed fund. With Fund IV, the firm will continue to execute on its strategy of creating innovative healthcare companies to make a meaningful difference in the lives of patients and their families. Since launching in 2007, Third Rock has raised $1.9 billion – including Fund IV – for building transformative companies with a particular emphasis in areas such as oncology, immunology, neurological disorders, cardiovascular disease and rare genetic diseases.
“I am delighted to be joining Third Rock. Having worked with many members of the team previously I have tremendous respect for their high-engagement, team-oriented and value-creation driven approach”
“We appreciate the ongoing support from all the investors participating in Fund IV. Over the years, we have continued to build a leading investor base that is supportive of our unique model – a hands-on, team-based approach of discovering, launching and building great companies based on bold ideas that meet at the intersection of science, strategy, business and medicine,” said Robert Tepper, M.D., partner at Third Rock. “Our investment philosophy has always been shaped by the ongoing tremendous innovation in science and medicine. We aim to be both the preferred partner to scientific innovators from academia, and the preferred provider of innovative programs in important disease areas to address the bio-pharma industry’s pipeline needs.”
To date, Third Rock has launched more than 40 companies, all sharing a common goal of addressing significant medical needs through bold ideas and transformative science. The firm focuses on building product engine companies, which offer unique opportunities for growth and value in that they are built on technologies with the potential to generate multiple therapeutics. In less than 10 years, Third Rock portfolio companies have delivered four products and one device to the market and advanced more than 40 programs in clinical development. Compelling clinical data from many of these programs point to the potential to make an impact in disease areas in need of new and better treatment options.
Third Rock also announced today that industry veteran Abbie Celniker, Ph.D., is joining the firm as a partner. Charles Homcy, M.D., previously a venture partner, is becoming a partner. Frank Gentile, Ph.D., Stephen Sherwin, M.D., and Barbara Weber, M.D., who have served as entrepreneurs-in-residence for the firm, are becoming venture partners.
“Without a doubt, people are the most important asset in our efforts, and I am incredibly proud of all that our team has accomplished to date,” said Alexis Borisy, partner at Third Rock. “We are thrilled today to welcome Abbie and Charles as partners. Many of us have had the pleasure of working with them previously and know their insight and expertise will be invaluable as we continue to work collectively to translate the unprecedented level of innovation emerging from academia and industry to our company creation efforts.”
“I am delighted to be joining Third Rock. Having worked with many members of the team previously I have tremendous respect for their high-engagement, team-oriented and value-creation driven approach,” said Dr. Celniker. “I am looking forward to contributing to ongoing efforts and long-term success as we continue to advance important science to build great companies to make a difference in the lives of patients and their families.”
Dr. Celniker brings over 30 years of experience in R&D and senior leadership roles. Prior to joining the firm, she served as president and CEO of Eleven Biotherapeutics, a Third Rock portfolio company. Before that, Dr. Celniker was the president and CEO of Taligen Therapeutics until its acquisition by Alexion. Previously, she had R&D leadership roles at Novartis, Millennium Pharmaceuticals and Wyeth Research. She received her Ph.D. from the University of Arizona.
Dr. Homcy joined Third Rock as a venture partner in 2010, bringing over 30 years of experience as a preeminent physician scientist discovering and developing drugs in a number of disease areas, with particular expertise in cardiovascular disease. He has played an integral role in the launching and building of several of the firm’s west-coast based portfolio companies. Prior to Third Rock, Dr. Homcy co-founded Portola Pharmaceuticals and served as president and CEO. Previously, he was at Millennium Pharmaceuticals and COR Therapeutics. He received his M.D. from Johns Hopkins University.