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Why venBio's new fund again is dominated by strategic LPs

Strategic LPs once again dominate the second fund from venBio LLC, even though none of the first fund's M&A exits went to an LP.

The firm's Global Strategic Fund II closed last week at $315 million. Amgen Inc., Baxalta Inc. and Merck & Co. Inc. contributed about 65% of the money. The rest came from financial LPs.

Amgen and Baxalta (then part of Baxter International Inc.) were LPs in the $180 million Global Strategic Fund I raised in 2011, along with PPD LLC, which Carlyle Group and Hellman & Friedman took private in late 2011. The strategic investors contributed $175 million.

"We believe we're the only firm with multiple large biotech and pharma investors," said venBio's Robert Adelman. "It allows us a unique relationship with our LPs - we're getting a sense from them about industry

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