MPM Capital Raises $850 Million to Fund Cancer Drug Firms
MPM Capital Raises $850 Million to Fund Cancer Drug Companies
(Bloomberg) -- MPM Capital, a Boston-based life sciences investment firm, has raised $850 million for its fund that will invest in companies developing cancer drugs, including those experimenting with methods used in some Covid-19 vaccines.
The new fund will invest in private and public companies that are developing oncology treatments and using cell, gene and RNA therapies, the venture capital fund said in a statement Wednesday. MPM’s first fund investing in cancer research startups raised $471 million.
“The companies that we invest in are all motivated to transform the lives of patients,” said Christiana Bardon, a managing partner at BioImpact Capital, the MPM affiliate that’s managing the fund.
Venture capitalists are pouring money into startups focused on so-called messenger RNA, an innovative method which sends signals to cells to make proteins, after seeing the success Moderna Inc. and Pfizer Inc. had producing mRNA Covid-19 vaccines. Scientists are hopeful the technology can be used to treat other diseases including cancer, but creating drugs remains theoretical. Because the platform is so new, mRNA vaccines have also been subject to disinformation campaigns.
MPM has previously backed companies like Orna Therapeutics Inc., which seeks to develop low-cost RNA cancer drugs.
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