July 3, 2024
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Westlake Village BioPartners launches new $450M fund


Capsida Biotherapeutics, one of Westlake Village BioPartners’ portfolio companies.
(courtesy photo)

Westlake Village BioPartners, a venture capital firm focused on biotechnology startups in the Conejo Valley and the rest of greater Los Angeles, announced the closing of its third fund on July 17, raising $450 million that will go toward early-stage next-generation biotechnology companies.

The new fund will be managed by founding managing director Beth Seidenberg, M.D., managing director Mira Chaurushiya, Ph.D., and David Allison, Ph.D., who was recently appointed managing director, according to a press release. 

The firm was founded by Sean Harper and Seidenberg in 2018.

“This new fund will enable us to continue to do what we do best­ — build great companies from the ground up that make a difference for patients and generate outsized returns for investors regardless of market conditions,” Seidenberg said in a press release.

“Our investors recognize our strategy is working and have demonstrated their commitment through this new investment.” 

In total, the firm’s oversubscribed third fund brings the total raised to $1.3 billion since its founding in September 2018.

BioPartners announced two funds worth a combined $500 million in December 2020 and most of those investments have paid off.

One example is Acelyrin, which was launched the same day Westlake Village BioPartners announced those two funds, with the venture firm saying it would “play an integral role in developing the Los Angeles Area biotech hub.”

On May 5, Acelyrin went public on the Nasdaq under the ticker symbol $SLRN, the largest clinical-stage biotechnology IPO ever, according to the company. Morgan Stanley, Jefferies, TD Cowen and Piper Sandler acted as joint book-running managers for the offering.

So far, Westlake has established eight companies in the Conejo Valley region.

“Los Angeles has a culture of innovation that is underappreciated in the biotech world,” Chaurushiya said in a press release.

“We have outstanding entrepreneurial and industry-experienced talent, world-class academic institutions, and sufficient venture capital with expertise in building biotech companies. Along with the wonderful Southern California lifestyle, this is a recipe for success.” 

Westlake announced the appointment of Chaurushiya as a senior partner in early 2022 and was promoted to the role of managing director with the closing of the fund. Allison’s appointment as managing director also coincided with the closing of the fund, according to the press release.

“Our goal is to build a venture capital firm for the long term,” Seidenberg said in a press release.

“Adding Mira and David to our leadership team allows us to leverage their deep scientific, business, and investing expertise across our entire portfolio, while also building Westlake’s next generation of leaders.” 

email: jmercado@pacbiztimes.com