Foresite Capital raises $668 million for new biotech fund

Foresite Capital has raised $668 million for its fourth venture capital fund, which CEO Jim Tananbaum says will focus on "data science, sequencing and therapeutic advances that are going to be the future of medicine."

The big picture: Foresite has funded ambitious projects, like the peanut allergy treatment made by Aimmune Therapeutics, antibiotics made by Insmed and Achaogen, and the diabetes management treatment from Intarcia.