US-based drug maker Valeritas raised $150m on Monday, with corporate venturing backing from Kaiser Permanente.
The round was led by Welsh, Carson, Anderson & Stowe, which has taken a controlling stake in the business.
The company was backed by corporate venturing unit Kaiser Permanente Ventures, as well as corporate funded Agate Medical Investments, which is investing a fund raised from insurance and financial companies Clal Insurance Enterprises Holdings, Harel Insurance Investments, Leumi & Co. Investment House, and Prisma Capital Markets, as well as private US investors.
Other prior investors which participated in the series C round included venture firms MPM Capital, Pitango Venture Capital, Abingworth, Advanced Technology Ventures, Onset Ventures, HLM Venture Partners and CHL Medical Partners.
Valeritas has developed a disposable device for diabetics, which delivers continuous supply of insulin, which can be increased at meal times, providing an alternative to mutiple injections every day.
Vaughn Kailian, former Valeritas executive chairman of the board and managing director of MPM Capital, said: "As a long-standing investor, we are excited to continue to finance Valeritas and support the company through commercialization. This up-round further validates the value of Valeritas and the V-Go."
In April Valeritas raised $9.4m of a planned $10m round, according to a regulatory filing. Other previous backers of Valeritas include venture firm US Venture Partners.
The company also raised $50.6m in debt and equity in November 2008, as part of a planned $87m simultaneous series A and series B round, accordingto a regulatory filing.