Private equity firm Bain Capital LP said on Tuesday it had raised $720 million for its first investment fund focused exclusively on the life sciences sector.

The fund will give Bain the ammunition to focus on targeted investments at a time when the life sciences industry seeks more capital to fund its expansion.

“We are excited by some of the long-term secular trends in the life sciences space,” said Adam Koppel, a managing director at Bain Capital Life Sciences. “Big pharma is increasingly outsourcing R&D at the same time as many new technologies and treatments are being developed.”

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