J.P. Morgan is one of the most important institutions on Wall Street. And now they have a new ambition: backing biotech startups.

‍What’s happening:‍

• J.P. Morgan has announced they have raised $500M USD for their first ever biotech fund known as 270 Life Sciences Private Capital Fund
  

Why it matters:‍

• The recent popularity for rapid weight loss drugs has spurred a renewed interest in biotech from Wall Street to Silicon Valley, with many startups racing to raise capital to develop next generation therapeutics focused on obesity

Going deeper:‍

• The new fund from J.P. Morgan will be exclusively focused on funding private startups who are developing new drugs and therapeutics across oncology, immunology, genetic medicine and other emerging areas of life sciences
  

The intrigue:‍

• Goldman Sachs also previously launched their first ever biotech fund known as West Street Sciences Fund I, which raised $600M USD

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