MPM Capital closes $550 million fund

MPM Capital closed its MPM BioVentures IV at $550 million. MPM said 85% of the fund will be invested in biotech and specialty pharmaceuticals, with the remainder going to medtech, tools and diagnostics. MPM expects to invest 80% of the fund in the U.S. and 20% in Europe and Asia. The investment size will be $20-$50 million per company. The fund's portfolio already consists of seven companies, including neurology company Memory (MEMY) and Australian cancer play Peplin (ASX:PEP). ...