Longitude Capital Raises $585 Million Fund to Invest in Transformative Healthcare Companies
23 September 2020 - 9:00PM
Longitude Capital, a leading healthcare venture capital firm, today
announced the closing of Longitude Venture Partners IV, L.P.
(“LVP4”), with $585 million in capital commitments. LVP4, the
largest fund that Longitude Capital has raised to date, will build
on the proven strategy of its predecessor funds by investing in
biotechnology, medical technology, and health solutions companies
that seek to transform the healthcare industry.
“We are in the golden era of medical and
biological innovation. The significant unmet clinical needs and the
inefficiencies of our current healthcare system are driving
meaningful scientific breakthroughs and creative solutions,” said
Patrick Enright, co-founder and Managing Director of Longitude
Capital. Since inception in 2006, Longitude Capital has raised
nearly $2 billion in cumulative capital commitments and managed
over 30 company exits. “We are fortunate to have helped build many
successful healthcare companies and look forward to working
alongside the next wave of entrepreneurs and scientists to advance
critical medicines, devices, and health solutions to the
marketplace.”
Juliet Bakker, co-founder and Managing Director
of Longitude Capital, added, “We are thankful for the continued
support of, and partnerships with, our investors who value our
differentiated venture growth investing approach, experienced team,
and passion for forging new frontiers in healthcare.”
LVP4 will invest opportunistically across all
stages of a company’s development through a variety of approaches
that include traditional venture capital investing and special
situations such as spin-outs, equity-linked transactions, and
private investments in public equities. Many of these investments
stem from Longitude’s proprietary research of targeted healthcare
sectors, therapeutic areas, and technologies of interest.
Longitude Capital’s recent Initial Public
Offerings (IPOs) and exits include 89bio (NASDAQ: ETNB), Aimmune
(NASDAQ: AIMT, recently agreed to be acquired by Nestlé Health
Science), Axonics Modulation Technologies (NASDAQ: AXNX), Checkmate
Pharmaceuticals (NASDAQ: CMPI), Inflazome (acquired by Roche),
Inozyme Pharma (NASDAQ: INZY), KaNDy Therapeutics (acquired by
Bayer), Molecular Templates (NASDAQ: MTEM), Poseida Therapeutics
(NASDAQ: PSTX), and Vaxcyte (NASDAQ: PCVX).
About Longitude Capital
Longitude Capital is a leading healthcare
venture capital firm, that invests in transformative biotechnology,
medical technology, and health solutions companies seeking to
improve clinical outcomes, enhance quality of life, and drive
efficiency of healthcare delivery. Founded in 2006, Longitude
Capital invests in both privately held and publicly traded
companies through a variety of investment approaches. Longitude
Capital has offices in Menlo Park, CA, Greenwich, CT, and
Boston, MA. For more information, including a complete listing of
investments, please visit www.longitudecapital.com.
About Longitude Capital Recent IPOs and
Exits
- 89bio is a
biopharmaceutical company developing and commercializing innovative
therapies for the treatment of liver and cardio-metabolic diseases.
89bio was originally spun out of Teva Pharmaceuticals in 2018 by
founding investors Longitude Capital and OrbiMed, and completed its
IPO in November 2019. www.89bio.com.
- Aimmune is a
biopharmaceutical company developing and commercializing treatments
for potentially life-threatening food allergies. Aimmune’s
PALFORZIA® is the world’s first approved treatment for peanut
allergy. Longitude Capital was the founding institutional investor
of Aimmune. In 2020, Aimmune agreed to be acquired by Nestlé Health
Science for $34.50 per share in cash, representing a total equity
value of $2.6 billion. www.aimmune.com.
- Axonics Modulation
Technologies is a medical technology company developing
and commercializing novel implantable rechargeable sacral
neuromodulation (SNM) devices for patients with urinary and bowel
dysfunction. In 2018, Longitude Capital led a $40 million financing
that preceded the company’s IPO later that year.
www.axonics.com.
- Checkmate
Pharmaceuticals is a clinical-stage biopharmaceutical
company developing proprietary technology to harness the power of
the immune system to combat cancer. In 2020, Longitude Capital and
Novo Holdings led the company’s $85 million Series C financing that
preceded the company’s IPO later in the year.
www.checkmatepharma.com.
- Inflazome is a
biotechnology company developing small molecules that block harmful
inflammation by targeting inflammasomes, protein complexes that
generate signals in order to activate an immune response. In 2020,
Inflazome announced its acquisition by Roche for an upfront payment
of €380 million, and potential predetermined milestone payments.
www.inflazome.com.
- Inozyme Pharma is
a rare disease pharmaceutical company developing novel therapeutics
for the treatment of diseases of abnormal mineralization. Longitude
Capital led Inozyme’s $49 million Series A financing in 2017, and
was joined by New Enterprise Associates, Novo Holdings, and Sanofi
Ventures. Inozyme completed its initial public offering in 2020.
www.inozyme.com.
- KaNDy Therapeutics
was a UK-based clinical-stage company focused on optimizing the
potential of its unique NK-1,3 receptor antagonist NT-814 to treat
common, chronic debilitating conditions related to menopause. In
2020, KaNDy Therapeutics was acquired by Bayer Pharmaceuticals for
an upfront payment of $425 million, and a potential $450 million in
R&D, regulatory milestones and additional commercial
milestones.
- Molecular
Templates is a clinical-stage company focused on the
discovery and development of targeted biologic therapeutics. In
2017, Longitude Capital led Molecular Template’s $40 million PIPE
(private investment into public equity) financing. Molecular
Templates now has strategic collaborations with Takeda
Pharmaceuticals and Vertex Pharmaceuticals. www.mtem.com.
- Poseida
Therapeutics is a clinical-stage biopharmaceutical company
dedicated to utilizing its proprietary gene engineering platform
technologies to create next generation cell and gene therapeutics
with the capacity to cure various cancers. Longitude Capital led
Poseida’s $30 million Series B financing in 2018. Poseida completed
its IPO in 2020. www.poseida.com.
- Vaxcyte is a
next-generation vaccine company seeking to improve global health by
developing superior and novel vaccines designed to prevent or treat
some of the most common and deadly infectious diseases worldwide.
Longitude Capital invested in Vaxcyte’s $22 million Series A
financing and served on the Board of the company through its IPO in
2020. www.vaxcyte.com.
About Longitude Capital Recent
Investments
- Eargo is a medical
device company dedicated to improving the quality of life of people
with hearing loss. Longitude Capital and Gilde Healthcare led
Eargo’s $81 million Series E financing in 2020. www.eargo.com.
- Epirium Bio is a
clinical-stage biopharmaceutical company that uses insights related
to the biology of mitochondrial function and tissue regeneration to
pursue novel and clinically significant therapeutic approaches for
neuromuscular, neurodegenerative, and mitochondrial disorders.
Longitude Capital and ARCH Venture Partners led Epirium’s $85
million Series A financing in 2019. www.epirium.com.
- Polares Medical is
a clinical-stage medical technology company focused on the
development of a unique trans-catheter mitral valve
hemi-replacement system to treat patients suffering from mitral
regurgitation (MR). Longitude Capital led Polares Medical’s $40
million Series B financing in 2020. www.polaresmedical.com.
- WelbeHealth is a
services company dedicated to unlocking the full potential of
vulnerable seniors through PACE (Program of All-Inclusive Care for
the Elderly), a comprehensive medical and social care model.
Longitude Capital and .406 Ventures led WelbeHealth’s $30 million
Series C in 2020. www.welbehealth.com.
Source: Longitude Capital
Contact Information
Maggie Jamison
Longitude Capital
650-854-5700
mjamison@longitudecapital.com
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