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Biotech Deals

Biotech Deals Alert

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T.Rx Capital, a new VC firm from Moderna co-founder Robert Langer, launched today with a $77.5 million fund.

Why it matters: It should be welcome news to founders seeking capital amid a widespread biotech fund formation slowdown.

Follow the money: Institutional investors and family offices are among the fund's limited partners.

Individuals from Polaris Partners, Lux Capital, Third Rock Ventures and ARCH Venture Partners are also backing T.Rx's fund, which closed in Q2.

What they're saying: Managing partner (and son of Robert) Michael Langer tells Axios Pro that the process was "competitive and rigorous," noting he was encouraged by the level of LP interest.

"We were able to partner with limited partners who bring not just capital, but also deep expertise and long-term commitment to the sector, including several individual founders of leading life sciences funds," he says.

"With exit markets recovering, this is an exceptional time for venture capital to support the next wave of transformative biotech companies," managing partner Kwesi Frimpong-Boateng said in a release.

By the numbers: T.Rx plans to write $5 million to $10 million checks to up to 15 companies. 

Zoom in: The Boston and San Francisco-based firm plans to invest in early-stage health care companies at the intersection of technology and biology.

That includes novel drug developers, diagnostic and clinical trial technology, as well as tech-enabled health care delivery services.

Initial investments include virtual health care provider Recuro Health and health data platform Zus Health, per its website.

Catch up quick: Alongside Moderna, Robert Langer has co-founded more than 40 biotech companies, including Alnylam and Momenta Pharmaceuticals.

Stunning stat: Only four biotech funds closed in Q1, per PitchBook.

The share of biotech funding among all VC financing contracted from 19% in 2012 to just 6% in 2024 and 4% in Q1 2025.

State of play: The few biotech new funds this year include Deerfield Management's $600 million fund, announced in May, and Catalio Capital Management's $400 million fourth fund, announced in June.

T.Rx Capital launches with $77M health and biotech fund

The fund arrives as founders face a biotech capital crunch.

Illustration of a gloved hand holding a scalpel over a hundred dollar bill

T.Rx Capital, a new VC firm from Moderna co-founder Robert Langer, launched today with a $77.5 million fund.Why it matters: It should be welcome news to founders seeking capital amid a widespread biotech fund formation <a class="gtmContentClick" data-vars-link-text="slowdown." data-vars-click-url="https://www.axios.com/pro/biotech-deals/2025/05/05/deerfield-management-raises-600m-fund-in-constrained-market" data-vars-content-id="fc67925f-f71a-4089-ac6f-a0850f881eec" data-vars-headline="T.Rx Capital launches with $77M health and biotech fund" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/biotech-deals/2025/05/05/deerfield-management-raises-600m-fund-in-constrained-market" target="_self">slowdown.</a>

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T.Rx Capital launches with $77M health and biotech fund

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