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Goldman Sachs Asset Management closed a $650 million life sciences investment fund Wednesday morning.
West Street Life Sciences I’s closing significantly exceeded initial goals, making it one of the largest private life sciences growth funds of its kind.
West Street Life Sciences is managed by Goldman Sachs’ Life Sciences Investing Group, which was formed in 2021. The division’s goal is to “source differentiated investments” and partner with companies to enhance value creation in the life sciences sector.
West Street Life Sciences has committed approximately $90 million to five portfolio companies focused on life science innovation. These industry players include MOMA Therapeutics, Nested Therapeutics, TORL Biotherapeutics, Septerna, and Rapport Therapeutics. Rapport Therapeutics completed a $150 million Series B funding round in August.
Among the growth drivers identified by the financial institution are precision medicine, genetic medicine, cell therapy, immunotherapy, synthetic biology and artificial intelligence.
Goldman Sachs has been bullish on opportunities in healthcare in recent years as the COVID-19 pandemic subsides. At last year’s annual healthcare conference, the company released a report highlighting health-related sectors that could outperform expectations after a slow start to 2023.
“We are in a golden age of innovation in the life sciences, with technological advances providing new ways to diagnose and treat disease,” Amit Sinha, head of life sciences investments at Goldman Sachs Asset Management, said in a statement. A new approach is being developed.” “We believe that the current environment presents attractive opportunities to invest in the next generation of leading life sciences companies. Through our global platform, we will be the capital provider of choice and help companies realize their potential. We aim to help them reach their full potential.”
After 18 months of sluggish investment in healthcare after a strong 2021, Goldman Sachs’ announcement comes as financial giants made huge bets and raised capital to expand into the industry. It has reached new heights showing that
During the fall, Blackstone entered into a definitive agreement with Amicus Therapeutics for a $430 million financing partnership. At the time, the investment firm said it was excited to partner with Amicus to bring medicines to rare disease patient populations.
A few months ago, Genesis Therapeutics, an AI-driven drug discovery startup, closed a $200 million Series B funding round co-led by Silicon Valley-based venture capital firm Andreessen Horowitz (a16z) did.
In May, Metaphor Biotech secured $50 million from Flagship Pioneering, and a16z and General Catalyst invested $50 million in Hippocratic AI.
Outside of investment banks and venture capitalists, chip designer Nvidia also invested $50 million in Recursion Pharma over the summer.
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