Westlake launches $450 million fund for LA biotechnology
Westlake Village BioPartners has launched its third $450 million fund to incubate and grow a next-generation, early-stage biotechnology company in the greater Los Angeles area.
The new fund will be managed by founding managing director Beth Seidenberg, managing director Mira Chaurushiya, and David Allison, who was recently appointed managing director.
“This new fund will allow us to continue to do what we do best – build a great company from the ground up that makes a difference for patients and generates great returns for investors regardless of market conditions,” said Seidenberg.
“Our investors recognize that our strategy is working and have demonstrated their commitment through this new investment.”
Westlake will use the funds to continue to incubate and build the early-stage company, matching promising next-generation technologies with talent to create therapies that will change patients’ lives.
“Our goal is to build a venture capital company for the long term,” added Seidenberg.
“Adding Mira and David to our leadership team allows us to leverage their deep scientific, business and investment expertise across our portfolio, while building the next generation of Westlake leaders.”
Resume work
“Working with Beth and reuniting with Mira in Westlake was a once-in-a-lifetime opportunity,” said Allison.
“The company has a focused, disciplined and consistent investment strategy that aligns with my approach throughout my investing career. Having created more than 20 high quality companies since Westlake’s founding in September 2018 is an impressive record by anyone’s standards and I am excited to continue this work as we launch our new fund.”
Westlake pioneered the creation of the Los Angeles Biotech Hub and has so far established eight companies in the area.
“Los Angeles has a culture of innovation that is underappreciated in the biotech world,” says Chaurushiya.
“We have tremendous entrepreneurial talent and industry experience, world-class academic institutions, and ample venture capital with expertise in building biotech companies. Along with the great Southern Californian lifestyle, this is a recipe for success.”
