Canaan has put together an $800 million investment fund. The fund positions Canaan to place a fresh round of bets on early-stage biotechs, continuing the strategy that has delivered it paydays as companies including Johnson & Johnson and Teva have snapped up pieces of its portfolio.
In keeping with the strategy it has followed over its 30-year history, Canaan will split the latest fund between tech and biotech. Today, about 40% of Canaan’s cash goes into biotech and medical technology, the Wall Street Journal reports, suggesting its 11th fund could funnel about $320 million into developers of drugs and devices.
