Scion Life Sciences Emerges with $310M Fund to Nurture Innovative Biotechnology Startups
- Scion Life Sciences, a newly established venture firm based in New York City, launched with a fund of $310 million to invest in innovative biotechnology startups.
- Led by three experienced biotech veterans, including Aaron Kantoff, a co-founder of RayzeBio, and Sam Hall, a former partner at Apple Tree Partners, Scion life Sciences is an affiliate of healthcare private equity firm Petrichor, with Tadd Wessel as a co-founder and managing partner.
- Focusing on the potential to cure or transform the clinical management of life-threatening diseases, the firm aims to initially support a half-dozen life sciences companies.
- Scion's approach involves a long-term investment strategy with a 20-year plan for its first fund, contrary to the typical 10-year timeframe of many existing venture capital firms.
- Scion plans to invest in mature modalities and technologies that are likely to produce market-ready drugs in the near term, focusing on therapeutic areas with well-understood mechanisms and viable conditions for independent biotech companies.
- The firm will provide funding from early-stage investments at low amounts to potentially up to $60 million during a portfolio company's lifespan, supporting them from pre-seed to public offering.
- Scion currently has four projects in development that could become biotech companies, with details to be disclosed as they mature.
- The in-house team at Scion, Scion Innovations, will provide scientific and R&D capabilities to incubate early-stage science, ensuring that only programs with exceptional potential mature into full-scale portfolio company investments.
- The fundraising effort for Scion exceeded expectations, raising $310 million after an initial target of $250 million, with an increased cap due to strong investor interest.
These key facts capture the essence of Scion Life Sciences' launch and the distinct approach they are taking to invest in and build new biotechnology companies.