Thomas, McNerney closes $375m life science fund

The venture capital firm announced the close of its second fund on $375m, which it plans to invest in biotech, pharmaceutical and medical device companies in various stages of development.

Thomas, McNerney & Partners, the Stamford, Connecticut-based venture capital firm has raised $375 million (€292.7 million) for its second life science and medical technology fund. It comes on the heels of the firm’s inaugural $216 million (€168.6 million) fund raised in 2002.

The fund will provide capital in the $5 million to $40 million range to companies in all stages—start-up, pre-clinical and clinical—which need funds for commercialization, acquisitions, restructuring or consolidation. The firms will actively participate as lead investors in the partnerships.

“The size of this fund will allow us to increase our capital commitment per company and to expand our overall investment reach while still enabling us to invest in a variety of opportunities, regardless of stage and sector,” said fund co-founder and partner James Thomas in a statement.

The seven partners of Thomas, McNerney have invested more than $600 million (€468.4 million) in 48 companies, including 29 that have either gone public or been acquired. In July, San Antonio-based portfolio company OsteoBiologics, a bone graft substitute manufacturer, was acquired by medical technology company Smith & Nephew for $72.3 million (€56.4 million).