Northwestern is the third US university, after Vanderbilt and Johns Hopkins, to team up with Deerfield Management for an investment fund.

Northwestern University and healthcare-focused investment firm Deerfield Management launched an up to $65m fund called Lakeside Discovery on Thursday to back the university’s biotech projects.

Lakeside Discovery will be stage-agnostic, favouring projects which offer “novelty of biological insight.” It is unclear whether the $65m represents a targeted close or funds already raised.

A joint steering committee formed of management from Northwestern and its tech transfer arm, Innovation and New Ventures Office, and Deerfield will nominate projects for investment.

Teams backed by the fund will…

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