Frazier Life Sciences has gathered an impressive $1.3 billion in capital commitments for its 12th venture fund aimed at private early-stage biotechs.
The Palo Alto-based firm said it has now raised more than $3.6 billion across five dedicated venture funds since 2016. Its previous venture fund, Frazier Life Sciences XI, closed at $987 million in 2022.
Since then, the firm has also raised a separate $1.7 billion fund focused on small- and mid-cap public biotech companies.
The fund announced today was oversubscribed and “received strong support from both longstanding and new limited partners,” according to Frazier. The money will be invested in “company creation and early-stage private biopharmaceutical companies.”
“We appreciate the continued support of our limited partners, many of whom have been with us since the launch of our first dedicated venture fund in 2016,” Patrick Heron, managing partner at Frazier Life Sciences, said in this morning’s release.
“With FLS XII, we look forward to continuing to work with exceptional entrepreneurs to advance therapeutic programs with the potential to address significant medical needs,” Heron added.
Frazier has been involved in the launch of 20 new biotechs since 2020, according to the firm, which namechecked the likes of NewAmsterdam Pharma and dermatology-focused Arcutis Biotherapeutics. There’s also Alpine Immune Sciences and Amunix Pharmaceuticals, which were acquired by Vertex and Sanofi, respectively.
Last week, Australian life sciences venture capital firm Brandon Capital closed its largest fund yet, raising A$439 million (about $290 million), while Omega Funds raised $647 million for the investment shop’s latest round aimed at life sciences companies targeting unmet medical needs.