Deerfield Management has unveiled the third installment of its healthcare innovations fund, earmarking more than $600 million for promising therapeutics and technologies.
The funds will also go toward efforts to improve healthcare delivery models, according to a May 5 release.
In 2015, the life sciences investor launched the first iteration of the fund, raising $550 million for scientific advancements that could lead to new therapeutics in genetic diseases, cancer and orphan diseases.
Five years later, Deerfield secured $840 million to invest in emerging science and medicines as well as work to enhance the healthcare system's infrastructure.
Now, the investment management firm is back again, furthering its mission to help improve healthcare delivery. The organization said advancing care “requires more than a for-profit investment model can provide” and that it will use the fund to donate a portion of profits to the Deerfield Foundation, its nonprofit designed to better care for children across the world.
"There has never been a better time to invest in new and evolving technologies and products across the life science, medical technology and healthcare service landscape,” James Flynn, managing partner at Deerfield, said in the release. “Advancing knowledge, data and software capabilities are transforming what is possible to achieve in improving health outcomes.”
The firm will use its partnerships with 29 research institutions to further in-house innovation designed to identify and advance products, services and tech, according to the release.