Avalon creates pure-play biotech VC with new $135M fund

Avalon Ventures is decoupling its life sciences investment operations from other tech investments to create Avalon BioVentures, a pure-play biotech firm with a new $135 million fund and an incubator in San Diego.

Managing Partner Jay Lichter told BioCentury the firm’s LPs wanted more flexibility to allocate cash to the life sciences and technology sectors as they pleased, driving the decision to raise the Avalon BioVentures I, or ABV1, fund...