Canaan Partners Raises Additional $100M for Biotech Investments, Adds Pfizer Vet Uwe Schoenbeck

1. Canaan Partners Raises Additional $100M: Canaan Partners has added $100 million to its previously raised $850 million, bringing the total to over $1 billion. This additional capital will be used for biotech investments, focusing on early company formation and syndicated series A, B, and C rounds.
2. Biotech Focus: The new funds will be invested alongside the main fund, with nearly half of the capital designated for the firm’s healthcare team. This will enable Canaan to invest in 15 to 16 companies over the next three years.
3. Uwe Schoenbeck Joins Canaan: Uwe Schoenbeck, Ph.D., formerly senior vice president and chief scientific officer at Pfizer, has joined Canaan Partners as a venture partner. His experience at Pfizer will help bridge early science and young biotechs with Canaan’s investments.
4. Future Investments: Schoenbeck expects Canaan to make targeted investments in the broader cardiometabolic space, including metabolic disease areas like obesity medications.
5. Recent Biotech Raises: Canaan has participated in recent biotech raises, including Nocion Therapeutics’ $62 million raise and Alterome Therapeutics’ $132 million series B led by Goldman Sachs.