TLDR:
- Canaan Partners VC adds over $100 million to invest in biotech
- Pfizer vet joins Canaan to guide early science investments
Biotech venture capital firm Canaan Partners has raised over $100 million to invest in biotech companies, adding to a previously closed fund of $850 million. The additional capital will be used to invest in biopharma companies, focusing on early company formation and syndicated series A and B rounds. The total amount raised by Canaan since early 2023 has now surpassed $1 billion, with nearly half designated for healthcare investments.
The firm also plans to invest in 15 to 16 companies over the next three years, with recent investments in Nocion Therapeutics and Alterome Therapeutics. In addition to the capital raise, Canaan has brought on Uwe Schoenbeck, Ph.D., a Pfizer vet, as a venture partner. Schoenbeck previously led Pfizer’s emerging science and innovation unit, bridging early science with biotechs in Pfizer’s R&D ecosystem.
While Canaan has not yet invested in the metabolic disease area, Schoenbeck expects the company to make targeted investments in the broader cardiometabolic space in the future. The addition of the Pfizer vet and the increased capital raise position Canaan Partners as a key player in the biotech investment landscape.
