Key Takeaways
- Ascenta, a new biotech VC firm founded by former Moderna leaders, has closed a $325 million inaugural fund.
- The firm has already supported six syndicates, raising over $100 million for biotech companies in early clinical trials.
- Ascenta focuses on investment opportunities in companies with diversified pipelines to mitigate risks.
New Beginnings in Biotech Investment
Ascenta, a venture capital firm founded by former Moderna executives Evan Rachlin, M.D., and Lorence Kim, M.D., has successfully closed its inaugural fund at $325 million. Established in 2023, Ascenta’s focus is on indication-agnostic biotech ventures. The firm has made an immediate impact by leading or co-leading six syndicates that have collectively raised over $100 million for biotechs currently in phase 1 or 2 clinical trials.
The portfolio of Ascenta includes several promising biotech companies, such as RNA-focused ADARx Pharmaceuticals, oncology-focused Iambic Therapeutics, autoimmune and inflammatory disease firm Odyssey Therapeutics, cardiovascular specialist Cardurion Pharma, obesity-focused OrsoBio, and radiopharmaceutical company Alpha9 Oncology. The firm’s investment strategy prioritizes companies with multiple-medicine platforms, which they believe can “balance risk through diversified pipelines.”
According to co-founder Rachlin, the firm adopts a selective investment strategy built on strong relationships within the industry. His background includes experience at Blackstone Life Sciences and strategic guidance at Moderna, giving him a depth of expertise in biotech investments. Rachlin highlights that by concentrating on a limited number of outstanding biotech companies, Ascenta aims to provide intense thought-partnership in areas such as clinical development, regulatory pathways, manufacturing, scientific strategy, and capital planning.
Fellow co-founder Kim also plays a crucial role at Ascenta, serving as a managing partner. He previously contributed to the establishment of ElevAAte Biotech, a nonprofit dedicated to promoting East Asian American leadership within the biopharmaceutical sector. Kim’s background includes a partnership at Third Rock Ventures and serving as Moderna’s chief financial officer, further reinforcing the depth of experience within the leadership team at Ascenta.
With a strong foundation and a clear focus on early-stage investments, Ascenta aims to position itself as a significant player in the evolving biotech landscape, leveraging the leadership team’s rich expertise to enhance its portfolio companies’ prospects for success.
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