Healthcare investment firm Foresite Capital has a new $300 million pool to spend on late-stage healthcare firms, and the company is looking for "transformative" innovations.
Coming off of a $100 million fundraiser just earlier this year, Foresite closed its latest round with an over-subscription of capital commitments for healthcare investment.
"Since founding Foresite Capital in 2011, we have seen several portfolio companies grow into billion dollar plus businesses," founder & CEO Jim Tananbaum said in prepared remarks. "Healthcare is an enormous segment of the U.S. economy and we are grateful for the strong interest from our existing and new investors who value our investment strategy."
The company also announced a $57 million investment in Intarcia Therapeutics, calling the diabetes therapy company "a perfect example" of what Foresite hopes to invest in. Foresite cited strong management: a "revolutionary" Phase III asset and the potential to dramatically reshape the treatment landscape.
Foresite also tipped its hat to Universal American (NYSE:UAM), a company dedicated to providing health benefits to Medicare and Medicaid patients. Foresite just put $18 million in the company, a 2nd investment into Universal.