Ex-Moderna Leaders Launch $325M Venture Capital Fund for Platform Biotechs
Ascenta, a new biotech venture capital firm founded by former Moderna executives, has closed its inaugural fund at $325 million. The Florida-based company, led by Evan Rachlin, M.D., and Lorence Kim, M.D., aims to support platform biotechs in early clinical stages, focusing on companies with multiple-medicine platforms that balance risk through diversified pipelines.
Fund Strategy and Portfolio
Ascenta has already made significant strides in the biotech investment landscape, leading or co-leading six syndicates and deploying over $100 million in collective capital. The firm's portfolio includes a diverse range of companies:
- ADARx Pharmaceuticals (RNA-focused)
- Iambic Therapeutics (cancer)
- Odyssey Therapeutics (autoimmune and inflammatory diseases)
- Cardurion Pharma (cardiovascular)
- OrsoBio (obesity)
- Alpha9 Oncology (radiopharmaceuticals)
Dr. Rachlin emphasized the firm's selective investment strategy, stating, "By focusing on a small number of exceptional biotechs, we can concentrate our thought-partnership on clinical, regulatory, manufacturing, scientific and capital strategy."
Leadership Background
The founders bring extensive experience from the pharmaceutical and investment sectors:
- Evan Rachlin, M.D.: Previously worked at Blackstone Life Sciences and guided strategy at Moderna.
- Lorence Kim, M.D.: Former partner at Third Rock Ventures and CFO of Moderna. Also known for co-founding ElevAAte Biotech, a nonprofit aimed at boosting East Asian American leadership in biopharma.
Investment Focus
Ascenta targets biotechs in Phase 1 or 2 clinical trials, prioritizing companies with platform technologies capable of generating multiple potential medicines. This approach aligns with the firm's philosophy of balancing risk through diversified pipelines.
"Investing at this stage is inherently a collaborative effort, not just with biotechs but also other world-class investors in our syndicates," Rachlin added, highlighting the importance of strategic partnerships in early-stage biotech investments.
References
- 2 ex-Moderna leaders unveil $325M inaugural VC fund for platform biotechs
Two ex-Moderna leaders have hit a milestone in their new endeavor, closing a $325 million inaugural fund for their biotech venture capital firm called Ascenta.
Explore Further
What are the specific criteria Ascenta uses to select early-stage biotechs for investment?
How does Ascenta's focus on platform technologies provide a competitive advantage in the investment landscape?
What is the current status and potential of Ascenta's portfolio companies in their respective clinical trials?
What are the strategic benefits of Ascenta partnering with other investors in syndicates for early-stage biotech investments?
How does the experience of Ascenta's leadership team contribute to its investment approach and decision-making process?