Longwood Founders Mgmt Closes First Fund with $85M

Longwood Founders Management has closed its first fund, Longwood Founders Fund, L.P., with $85 million. The Boston-based firm will focus on creating and funding biotechnology start-ups. In February 2010, the firm created and seeded its first investment, Alnara Pharmaceuticals, which was acquired by Eli Lilly in July 2010.