Early-stage biotech investor 5AM ready to roll on new fund worth $250m.

California-based investor 5AM Ventures has raised its fourth round, worth $250m, with early-stage biotechs in its crosshairs.

The company is looking to back around 15 companies seeking series A funding with the war chest, following a similar fund for $159.2m raised in 2009.

The venture investor has been active in backing university spin-outs, notably Yale biotech Arvinas in September in a $15m round, and Caltech spin-out Cleave Biosciences in 2011, which also attracted investment from university venture consortium Osage University Partners.

Andy Schwab, managing partner at 5AM, said: “We think it’s a buyer’s market. We see about 500 deals a year and end up doing maybe 5. The key for us is trying to pick the right ones. We’re not afraid of some of the harder areas, like neuroscience, metabolic disease–spaces others often shy away from. We’re interested in investing in all areas across life sciences.”