New (Bio)ventures at MPM

With its new $400 million fund, MPM is in build mode - launching newcos either as option deals for its two strategic LPs or for the long haul with the firm's increased number of partners who take operating roles at the fledgling biotechs.

The fund, BioVentures 2014, had two unannounced closes in 2014 and was capped off last week. Most of MPM's LPs are undisclosed, but the firm's Luke Evnin told BioCentury the fund has two strategic investors: Novartis AG (NYSE:NVS; SIX:NOVN) and Astellas Pharma Inc. (Tokyo:4503)...