October 6, 2022

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Frazier Life Sciences raises nearly $1B for new venture fund focused on earlier-stage companies

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Frazier Life Sciences General Partner Dan Estes. (Frazier Photo)

Frazier Life Sciences announced the closure of a $ 987 million fund focused on biopharmaceuticals. The life sciences arm of the venture capital firm Frazier Healthcare Partners exceeded its $ 800 million target.

The fund will focus on company creation and earlier-stage venture funding (Series A and B), with 80% set aside for private companies, general partner Dan Estes told Endpoints News. Public companies will receive 20%. The fund, called FLS XI, will be led by Estes and partners Patrick Heron and James Topper, who are all based in Menlo Park, Calif. The fund’s predecessor, FLX X, raised $ 617 million in 2020.

The new fund augments a $ 831 million public fund (FLSPF) that Frazier Life Sciences raised in 2021 to invest in public companies and late-stage private companies.

Frazier’s life sciences portfolio ranges from biotech startups to larger, public companies. The firm recently invested in preclinical cell therapy company Sonoma Biotherapeutics, which is based in South San Francisco and has operations in a lab on Seattle’s waterfront. It also recently led a $ 91 million private placement funding round for Alpine Immune Sciences, to support clinical trials at the Seattle public company.

“Between FLS XI and FLSPF, we have over $ 1.8 billion of active funds to support biopharmaceutical companies at all stages of growth, from company formation through public offerings,” Topper said in a statement.

Frazier Life Sciences is headquartered in Menlo Park and has offices in Seattle, Boston, London and other cities.

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