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Steve Cohen constructs vehicle to invest in private biotech

August 28, 2020

The billionaire founder of Point72 Asset Management created Point72 Biotech Private Investments last month, Bloomberg reports, citing Delaware state records.

The move illustrates the continued flow of funds into closely held biotech companies.

Initially, the investment vehicle will invest on Steve Cohen’s behalf and has no plans to raise outside capital, a person familiar with the matter told Bloomberg.

The new partnership is separate from Point72 Ventures, an early stage venture capital strategy funded by Cohen and other members of the firm, the person said.

The enthusiasm for investing in biotech was expected to slow after VC funding in U.S. biopharmaceutical companies hit a record in Q1, according to Bruce Booth, a partner at Atlas Venture.

But that changed when COVID-19 emerged. VC funding of biotech is expected to exceed $6.4B in Q2, hitting another record, according to data compiled by Pitchbook.

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