US-based merchant bank Burrill & Company has made a second closing of its latest healthcare fund at $505m after corporations joined. The fundraising followed the $2.6bn raised by venture capital firm New Enterprise Associates earlier this year, with more than $700m targeted for life sciences. Although corporations are known to have joined Burrill’s fund as limited partners, $200m of the total came from Rusnano, a Russia state-backed investment group, according to news provider Fierce Biotech.  Accountants PricewaterhouseCoopers and US trade body National Venture Capital Association said venture funding for biotech fell to $697m between April and June, down 42% in the second quarter compared with the same period a year ago. It was the worst quarter for venture funding in the sector since 2003.

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