To date, the investment firm has raised more than $1 billion to invest in drug development companies.
Fifteen-year-old Omega Funds raised $438 million to finance its sixth fund aimed at creating and investing in life sciences companies that target the most urgent medical needs. To date, the investment firm has raised more than $1 billion to invest in drug development companies.
This morning, Boston-based Omega Funds announced the closing of Omega Fund VI, L.P. The sitch fund, referred to as Fund VI, is stage-agnostic and is expected to be deployed across companies in the U.S. and Europe, Omega said. Investments in companies will include a number of different approaches, Omega said. Similar to previous funds, Fund VI will include early-venture funding rounds, as well as late-stage public investing. Also, the finances could be used as part of direct secondary transactions, Omega said.
Otello Stampacchia, managing director of Omega Funds, said this is the most exciting time to be investing in the life sciences in over a generation. But, he noted that wise investing requires diverse skills in order to “capture the opportunity set.”
“Fund VI builds on our modus operandi aimed at investing in and, in many cases, actively combining innovative science with exceptional founders and company builders,” Stampacchia said in a statement. “We appreciate the trust from our limited partners and their support of our distinctive investment style, which is guided by our conviction in people, products and breakthrough ideas, not by conventional categories. At Omega, we have thoughtfully assembled a team that has the experience, insights and connections needed to successfully identify and harvest innovation from both sides of the Atlantic.”
Over the course of the years, Omega has seen some positive successes come from its investments. Omega Funds’ portfolio companies have brought 37 new products to market and the firm’s investments have contributed to 24 successful portfolio company IPOs and 35 portfolio company exits via M&A, the venture group said in its announcement. Most recently, Omega led the $275 million Series A financing round for Nuvation Bio, an oncology-focused company.
In addition to the announcement of Fund VI, Omega Funds also added industry veteran Bernard Davitian to its team as a partner. Davitian will begin his new duties in January 2020. Davitian previously served as managing director of Sanofi Ventures. Before that, he served as the global head of business development at Sanofi. Prior to Sanofi, Davitian held leadership roles at Fovea Pharmaceuticals, which was sold to Sanofi in 2009. He also spent time at Neurotech Pharmaceuticals.
The addition of Davitian followed the recent announcement that Deirdre Cunnane joined the company as chief operating officer and general counsel. Paulina Hill and Katie Kerfoot also joined Omega Funds as principal and head of investor relations, respectively.
