Rare disease rally

While 5AM Ventures has typically backed platform plays in the rare disease space, the firm is looking to newco Rallybio LLC to build a portfolio out of one-off rare disease candidates sourced from academia and big pharma.

Rallybio, launched by a trio of former Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) executives, closed a $37 million series A round co-led by 5AM, Canaan Partners and New Leaf Venture Partners and joined by fellow new investor Connecticut Innovations...