MPM BioVentures III
MPM closed its third venture initiative, the MPM BioVentures III Fund, in December 2002. It is the largest dedicated healthcare venture capital fund ever raised, with committed capital of $940 million. The MPM BioVentures III Fund has built a portfolio of approximately 40 companies, 90% focused on biotechnology and pharmaceutical products and 10% focused on medical device and platform technology companies; less than 10% of its investments were made outside the U.S. Its balanced portfolio is comprised equally of early, mid- and late-stage companies. With the financial scale of the MPM BioVentures III Fund and the size of the investment team in place to execute on strategy, MPM Capital continues to lead the majority of its investments and take an active role as a member of its portfolio companies’ boards of directors.