Second Moon for Third Rock

Third Rock Ventureshas raised $426 million in an oversubscribed second fund despite the fact that it only has one exit to show investors thus far from its $378 million 2007 fund.

Granted, the single exit was a good one. Alnara Pharmaceuticals Inc. was acquired by Eli Lilly and Co. (NYSE:LLY) in July when it was less than two years old. Third Rock put up $30 million of the $55 million that had been invested in the biotech. Lilly paid $180 million up front and could pay up to $200 million in milestones, Third Rock partner Kevin Starr told Ebb & Flow...