Agent Capital, the US-based venture capital firm founded by Geeta Vemuri, formerly managing partner of corporate venturing unit, Baxalta Ventures, has raised $52m for its first fund, according to a regulatory filing.
The firm targets investments in developers of therapeutics that will address unmet patient needs, in areas such as oncology, immunology, rare diseases, neurology and the central nervous system.
The capital has come from just two investors, the filing stated, and Agent Capital is targeting $150m for the fund’s final close.
Vemuri initially headed Baxter Ventures, the $200m corporate venturing fund launched by medical equipment producer Baxter Healthcare in 2012.
When Baxter spun off its pharmaceutical activities into a new company called Baxalta in 2015, Vemuri moved across to lead its strategic investment arm, Baxalta Ventures.
Pharmaceutical firm Shire acquired Baxalta in May 2016 and announced a few months later it intended to wind down the unit, leading to Vemuri leaving the company in November. Agent Capital was formed in January 2017.
Agent Capital intends to invest up to $15m in portfolio companies over their lifetime, and has already built up a portfolio of five companies including neurological drug developer Aptinyx, participating in its $70m series B round last month.