RA Capital Management
Boston crossover biotech fund; co-invested in CellCentric's £170m Series D.
RA Capital Management, the Boston crossover biotech investor, co-invested in CellCentric's $220m round on 5 May 2026, Europe's largest private biotech raise of the year, backing Phase 2 trials of an oral myeloma drug.
Last refreshed: 31 July 2026 · Appears in 2 active topics
Timeline for RA Capital Management
South West fund hits £157m, 283 firms
UK Startups and InnovationCellCentric raises Europe's largest 2026 biotech round
UK Startups and InnovationBackground
RA Capital Management is a Boston-based healthcare investment firm founded in 2001, focused on life sciences and biotech at the intersection of private and public markets, the model known as crossover investing. It manages a hedge fund alongside private venture vehicles, letting it hold a single portfolio company's stock from early private financing through to the public markets and beyond.
The firm is known for large, concentrated bets in clinical-stage oncology and immunology, underwritten by an in-house scientific team capable of assessing late-stage clinical risk directly rather than relying solely on external experts. Its willingness to back non-US biotech rounds, such as CellCentric's, reflects a view that European clinical-stage companies are priced more attractively than comparable US assets.
RA Capital backed Europe's biggest biotech round
RA Capital Management co-invested in CellCentric's $220m raise on 5 May, the largest private European biotech round of 2026, alongside lead investor Venrock Healthcare Capital Partners and strategic backer Pfizer . The money funds Phase 2 trials of inobrodib, an oral tablet for relapsed multiple myeloma, across the UK and US.
The deal fits RA Capital's crossover thesis of taking concentrated, scientifically underwritten positions in clinical-stage oncology, here alongside a strategic pharma investor entering ahead of Phase 2 data. Pfizer's presence at this stage gives it early sight of trial results, the kind of company RA Capital typically backs into a deal for exactly that reason.