Undead Sanderling Ventures Plans to Raise Seventh Fund

2/14/11Follow @bvbigelow

At the beginning of the year, Forbes included San Diego’s Sanderling Ventures on its latest list of venture capital’s walking dead “zombie funds,” saying the firm hasn’t been able to raise a new fund since it raised $421 million for its last fund in 2004. But wouldn’t you know, Sanderling has sprung back to life, according to PE Hub, which reports today that the firm plans to raise a seventh fund, its first in seven years.

Sanderling’s Tim Wollaeger did not respond to an e-mail I sent him earlier today.

But as PE Hub notes, Sanderling’s spirits were no doubt revived by some recent liquidity events. Alexion Pharmaceuticals paid $111 million (not including future milestone payments) in late January to acquire Cambridge, MA-based Taligen Therapeutics, and PE Hub indicates that Sanderling held about a 30 percent ownership stake in Taligen. Another Sanderling portfolio company, West Lafayette, IN-based Endocyte (NASDAQ: ECYT) went public on Feb. 4, raising close to $79 million, with proceeds intended to finance late-stage trials of a new anti-cancer drug.

PE Hub also noted that Sanderling put some money in recent years in Lineagen, Gemin X Pharmaceuticals, and InfraReDx.

As any fan of horror films will tell you, pronouncing that something is dead—or even walking dead—is practically a guarantee it will come back to bite you.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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