Mass General Brigham System announced today the closing of $171.1 million in capital to invest in early-stage life sciences companies, which are a critical segment of the state’s innovation economy.
The funds raised include $66.1 million in outside capital for Mass General Brigham Innovation Fund II and a $105 million commitment from Mass General Brigham institutions to Mass General Brigham Innovation Fund. The capital commitments to Mass General Brigham Innovation Fund include two $50 million commitments each from The Brigham and Women’s Hospital and Massachusetts General Hospital. The investment strategy will focus exclusively on medical innovations created in the Mass General Brigham system.
Mass General Brigham Innovation Fund was launched in 2008 by Mass General Brigham with $35 million in capital. Since its inception, Mass General Brigham Innovation Fund has invested in 32 companies. Notable successes include CoStim Pharmaceuticals, Inc., a pioneer in next generation immuno-oncology drugs (acquired by Novartis Inc.); Adheron, a company developing potential treatments for a variety of inflammatory and autoimmune diseases such as rheumatoid arthritis and fibrotic diseases (acquired by Roche); and Editas Medicine Inc. (NASDAQ: EDIT), a market leader in revolutionary CRISPR gene editing technology. Mass General Brigham Innovation Fund will continue to execute the fund’s investment strategy of launching and backing innovative healthcare companies that address unmet medical needs and improve healthcare delivery. Investments will be diversified across key industry sectors, including therapeutics, diagnostics, health care IT and medical devices. The fund will leverage its position within Mass General Brigham’ pre-eminent research and healthcare provider ecosystem to identify leading-edge technologies invented by investigators.
Mass General Brigham Innovation Fund II is anchored by several pharmaceutical industry leaders, including Astellas Pharma Inc., Eli Lilly and Company, ShangPharma Corporation, and Simcere Pharmaceutical Group.
“We are delighted to have the support of global market-leading strategic investors to leverage Mass General Brigham intellectual assets, scientific talent, and clinical expertise,” said Roger Kitterman, Vice President of Mass General Brigham Innovation.
“Bringing discoveries, inventions and innovations from our world-class research community to the market benefits patients, always our primary focus, as well as the life sciences sector so important to the state’s economic future,” said Anne Klibanski, Chief Academic Officer of Mass General Brigham. “This collaboration underscores Mass General Brigham’ commitment to promote the commercialization of inventions and discoveries originating from the Mass General Brigham community and to translate those discoveries into treatments for patients.”
Mass General Brigham is a Boston-based integrated health system founded by Brigham and Women’s Hospital and Massachusetts General Hospital. In addition to its two academic medical centers, the Mass General Brigham system includes community and specialty hospitals, a managed care organization, community health centers, a physician network, home health and long-term care services, and other health-related entities. Mass General Brigham is the largest academic research organization in the Unites States and a principal teaching affiliate of Harvard Medical School. Mass General Brigham is a non-profit organization.