Three biotech VC veterans, including one of the co-founders of radiopharma success story RayzeBio, are launching a new investment fund called Scion Life Sciences. Scion was started by former Apple Tree Partners colleagues Sam Hall and Aaron Kantoff, along with Tadd Wessel, managing partner of the health care private equity firm Petrichor. They raised $310 million for its first fund, blowing past their original $250 million target. They’re planning on taking a different tack with biotech venture capital. For starters, Scion plans to work on a significantly longer timeframe. Most firms in existence today write checks, help investments grow, and find a way to recoup their money in a 10-year timeframe. Scion is doubling that, setting a 20-year plan for its first fund. To submit a correction request, please visit our Contact Us page.
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