Venture Report: venBio closes new $528M fifth fund

Veteran VC venBio announced the close of its new $528 million fifth fund on Thursday, giving the firm fresh cash to back at least a dozen start-ups. The new vehicle, which is venBio’s third of the current decade, is about 4% smaller than its $550 million, 2021-vintage fourth fund.

The 13-year-old firm said it will continue to invest across all stages of development, although it will focus primarily on companies able to deliver “meaningful clinical data and value inflection” in three to five years. As with previous funds, venBio will endeavor to make 12-15 investments from Fund V...