Ebb & Flow

MPM Capital's BioVentures III fund is well known for its bigger-is-better strategy. Thus far, most of the fund's investments have been large, but not atypical, venture rounds in companies that have late-stage products. In many of these investments, the goal is to get the company to a value-creating event, such as Phase IIb data.

This quarter, however, the firm expects to have some visibility on a second component of BioVentures III, as MPM expects to announce two "growth equity" deals. Under these deals, MPM Founding General Partner Ansbert Gadicke told Ebb & Flow, the firm will be creating companies with at least one commercial product - often one that is no longer showing significant growth...