Foresite
Capital, a growth equity firm focused on late-stage healthcare
investing, today announced the closing of Foresite Capital Fund II,
which was oversubscribed and closed with $300 million in capital
commitments. Foresite Capital finances transformative late stage
companies across all healthcare sectors. Fund II follows Foresite
Capital Fund I, a $100 million fund that closed in January 2013.
"Since founding Foresite Capital in 2011, we have seen several portfolio
companies grow into billion dollar plus businesses," said Jim Tananbaum,
founder and CEO of Foresite Capital. "Healthcare is an enormous segment
of the US economy and we are grateful for the strong interest from our
existing and new investors who value our investment strategy. We look
forward to helping usher innovation to the healthcare market.”
Foresite Capital also announced a $57 million investment in the Series
DD financing of Intarcia Therapeutics, Inc., a biopharmaceutical company
developing innovative therapies that merge medicine with technology and
have the potential to transform therapeutic categories including Type II
Diabetes, and an $18 million investment in a secondary purchase of
Universal American (NYSE: UAM) at $6.03 a share.
“Intarcia is a perfect example of what we look for; the management team
led by Kurt Graves is exceptional, it has a Phase III asset that is
revolutionary and it has the potential to dramatically reshape the
treatment of Type II diabetes,” continued Tananbaum. "Universal American
is another example of a classic Foresite investment with strong
leadership, significant existing value and validation, and a prime
position to lead the transition of care in the Medicare population."
Foresite Capital Team
Foresite Capital was founded by Jim
Tananbaum to provide growth capital to healthcare companies with
proven technologies, products or services. Additional Managing Directors
include investment professionals Dorothy
Margolskee, Matt
Buten and Christine
Aylward and Chief Financial Officer Dennis
Ryan. Foresite Capital was purposely built as a deep,
multidisciplinary and coordinated team to optimize sourcing and
evaluating investment opportunities and to accelerate the growth of its
portfolio companies. The team possesses diverse experience in the
healthcare sector and expertise in finance, clinical and product
development, commercialization, and private and public healthcare
investing.
About Foresite Capital
Foresite Capital invests in late-stage companies with transformative
technologies, products and services across all sectors of healthcare. Current
portfolio companies include AcelRx Pharmaceuticals (Nasdaq: ACRX),
Ambit Biosciences (Nasdaq: AMBI), Biodelivery Sciences International
(Nasdaq: BDSI), Biota Pharmaceuticals (Nasdaq: BOTA), Ignyta Inc
(Nasdaq:RXDX), Intarcia Therapeutics, Karyopharm (Nasdaq: KPTI), Keryx
Biopharmaceuticals (Nasdaq: KERX), Novavax (Nasdaq: NVAX), Orexigen
Therapeutics (Nasdaq: OREX), Puma Biotechnology (NYSE: PBYI), Sequenta,
Tarsa Therapeutics, Universal American (NYSE: UAM), Wave Tec Vision
Systems and Xencor. Foresite Capital is based in San Francisco, CA with
an office in New York, NY.
Copyright Business Wire 2014