If you have ever seen Monty Python, or tuned into Philly's classic rock radio station 102.9 MGK at precisely 9am, then you've heard Eric Idle's song, "Always look on the Bright Side." It's a chipper tune, and I must admit as an avid 102.9 MGK morning listener, it definitely helps kick off my work day. Well it looks like Biotech has been singing a similar song as well, to the tune of $516 million!
It was announced today by Third Rock Ventures that $516 million has been raised to create about 15 new biotechnology companies over the next few years. Due to economic downturn the past several years, funding had been put on pause, stifling research and development, especially for start-ups.
Third Rock Venture's goal is to grow budding healthcare companies, advance product launches, and bring innovative life changing products to market. This could not come at a better time, for pipelines in big pharma and biotech have run dry and everyone is after the next big thing in and willing to pay the price.
Check out rest of article at WSJ.com:
Biotech has a rare, $516 Million Moment....
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