Biotech Has a Rare, $516 Million Moment of Brightness

The announcement by Third Rock Ventures today that it has raised $516 million to create about 15 new biotechnology companies over the next few years marks a bright moment amid the tough climate for life sciences startups.

The bottom fell out for young biotechs after the economic downturn. Last year offered no relief, with venture investments in life sciences falling 14 percent from the year earlier to $6.6 billion, according to a MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters.

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