INDUSTRY NEWS

ARCH Venture Partners raises $3 billion fund to invest in biotech startups despite brutal stock downturn

The market for biotechnology stocks is ghastly, but ARCH Venture Partners, one of the largest and most prolific investors in early-stage biotech startups, is doubling down, raising $2.975 billion to invest in high-risk, high-reward startups developing new therapies and diagnostics.

Robert Nelsen, ARCH’s co-founder and managing director, said the goal was to take advantage of a “massive and accelerating wave of innovation that is really going to change health care for the better.”

Source: STAT