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Canaan closes tenth fund at $675M

October 17, 2014 2:45 AM UTC

Canaan Partners closed its tenth fund, Canaan X, with $675 million. The firm expects to invest about a third of the fund, or $225 million, in healthcare, with the rest earmarked for IT. Within healthcare, the firm plans to invest $10-$20 million per company in biopharmaceutical, medtech and healthcare IT/digital health.

Canaan's recent healthcare exits include the sale this year of migraine play Labrys Biologics Inc. to Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) for up to $825 million; and the pending acquisitions of Civitas Therapeutics Inc. by Acorda Therapeutics Inc. (NASDAQ:ACOR) for $525 million in cash, and of Durata Therapeutics Inc. (NASDAQ:DRTX) by Actavis plc (NYSE:ACT) for up to $821.5 million. ...