On the heels of Versant's announcement of a $100 million life science fund focused on Canadian investments, life sciences venture capital firm RiverVest Venture Partners announced on 12/18/18 the final closing of RiverVest Venture Fund IV, L.P., reaching $184.4 million in capital commitments in an oversubscribed fundraise. RiverVest Fund IV marks the firm’s fourth dedicated life sciences fund, bringing its total assets under management as of Sept. 30 to $753 million.
RiverVest Venture Partners is a venture capital firm focused on identifying and shaping early stage life science companies to create significant shareholder value. With hands-on, high-level expertise and financial resources, RiverVest supports entrepreneurs by helping them achieve near-term objectives that position their companies for exit.
Since its founding, RiverVest has funded 47 and exited or taken public 22 innovative life science companies. A sample of RiverVest Fund II and Fund III exits and IPOs includes:
1) San Carlos-based Allakos, Inc. (NASDAQ:ALLK) (biopharma) completed initial public offering;
2) Cleveland-based Securus Medical Group, Inc. (medical device) sold to Boston Scientific Corporation;
3) Fort Worth-based ZS Pharma, Inc. (biopharma) completed initial public offering, then sold to a subsidiary of London-based AstraZeneca PLC;
4) San Diego-based Lumena Pharmaceuticals, Inc. (biopharma) sold to Dublin-based Shire plc;
5) Houston-based IDEV Technologies, Inc. (medical device) sold to Abbott Laboratories; and
6) Minneapolis-based Lutonix, Inc. (medical device) sold to C.R. Bard, Inc.
“We are pleased that Fund IV exceeded our target,” said RiverVest co-founder and managing director Jay Schmelter. “It enables us to continue executing our strategy for generating top-quartile investor returns.”
Schmelter credits RiverVest’s success to the firm’s focus on developing biopharma and medical device products that treat high, unmet medical needs, while attracting a buyer or being ready for an IPO within three to five years of the initial investment.