United States · Investor

Adage Capital Management

Last cheque observed Sep 2026; 75 cheques on record.

Asset managerDeploying now

GrowthSeedSeries AAI & Machine LearningArtificial Intelligence & Machine Learning (AI/ML)BioTech

Deploying now
59%of best year16cheques in 12 months, 75 on record
Since the last cheque65days00hrs00min00sec
Median round$113MRounds led0 of 75Sole investor1 roundsExits5 from the portfolioMostly inUnited States, 90%
Pitch Adage Capital Management

Adage Capital Management highlights

  1. 01

    16 cheques in the last 12 months

  2. 02

    Mostly Series B and Series C: 63% of its rounds

  3. 03

    Sole investor in 1 rounds, median $34M

  4. 04

    5 exits from the portfolio

What they do

This website is provided for the exclusive use of the clients and limited partners of Adage Capital Management, L.P.From their own website
Type
Asset manager
Cheque size
Not stated
Stages
GrowthSeedSeries ASeries B
Sectors
AI & Machine LearningArtificial Intelligence & Machine Learning (AI/ML)BioTech
Based in
Boston, United States
Cold pitches
Not accepted

The record

Every round we can evidence, newest first75 appearances

  1. 2026

    15 rounds

  2. Sept
    Helus PharmaCA$50MWith 3 others
  3. Sept
    Energy VaultDebt · CH$40MWith 3 others
  4. Jul
    LB PharmaceuticalsUS$150MWith 2 others
  5. Jun
    Shattuck LabsUS$75MWith 4 others
  6. May
    Cabaletta BioUS$150MWith 4 others
  7. Apr
    Ray TherapeuticsSeries B · US · 4BIO Capital$125MWith 10 others
  8. Apr
    Spyre TherapeuticsUS$403MWith 3 others
  9. Apr
    Climb BioUS$110MWith 4 others
  10. Apr
    Trevi TherapeuticsUS$173MWith 3 others
  11. Apr
    Opus GeneticsDebt · US$35MWith 1 other
  12. Mar
    EquilliumUS$35MWith 3 others
  13. Mar
    Palisade BioUS$3.0MWith 4 others
  14. Jan
    Century TherapeuticsUS$135MWith 7 others
  15. Jan
    Praxis Precision MedicinesUS$575MWith 2 others
  16. Jan
    CORXEL PharmaceuticalsSeries D$287MWith 5 others
  17. 2025

    16 rounds

  18. Dec
    Ambros TherapeuticsSeries A · US$125MWith 2 others
  19. Nov
    Annexon BiosciencesUS$86MWith 4 others
  20. Nov
    Pasithea TherapeuticsUS$60MWith 2 others
  21. Nov
    Ultragenyx PharmaceuticalDebt · US$400MWith 1 other
  22. Nov
    Cogent BiosciencesDebt · US$200MWith 6 others
  23. Oct
    Kailera TherapeuticsSeries B · US · Crunchbase News$600MWith 9 others
  24. Oct
    LEXEO TherapeuticsUS$154MWith 4 others
  25. Oct
    Disc MedicineUS$225MWith 5 others
  26. Oct
    Cidara TherapeuticsGrant · US$339MWith 5 others
  27. Oct
    Spyre TherapeuticsUS$275MWith 3 others
  28. Sept
    MonoparUS$135MWith 2 others
  29. Sept
    PepgenGB$115MWith 5 others
  30. Aug
    ArvinasVenture · USUndisclosedWith 5 others
  31. Aug
    SiMa.aiSeries C · US$85MWith 4 others
  32. Jun
    Trevi TherapeuticsUS$115MWith 3 others
  33. Feb
    Tectonic TherapeuticUS$185MWith 2 others
  34. 2024

    5 rounds

  35. Sept
    Ventyx BiosciencesUS$27MWith 5 others
  36. Apr
    Cullinan TherapeuticsUS$280MWith 4 others
  37. Mar
    Akero TherapeuticsUS$367MWith 4 others
  38. Feb
    Applied TherapeuticsUS$100MWith 4 others
  39. Jan
    Beckley PsytechVenture · GB$40MWith 2 others
  40. 2023

    5 rounds

  41. Nov
    ArcellxUS$200MWith 4 others
  42. Oct
    Cerevel TherapeuticsUS$450MWith 2 others
  43. Aug
    Poseida TherapeuticsUS$50MWith 4 others
  44. May
    connectRNUS$750KWith 1 other

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

The team

Named by the firm itself, on a filing, its Form ADV or its company registration6 named

DJDaniel Joseph LehanChief Operating Officer and Chief Compliance Officer, Limited PartneriForm ADV
JAJames Anthony BardinelliChief Financial Officer, Limited PartneriForm ADV
KJKurt Jay HilerEquity Analyst, Limited PartneriForm ADV
MJMichael Joseph GrealishEquity Analyst, Limited PartneriForm ADV
PTPhillip Thomas GrossManaging Director, Limited PartneriForm ADV
RGRobert George AtchinsonManaging Director, Limited PartneriForm ADV

We also hold 6 people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

What the register says

From the firm's own filings with the SEC, which it must file accurately by law

$70Bassets it managesOct 2026
Registeredinvestment adviserfull reporting to the SEC
Legal name
Adage Capital Management, L.P.
SEC number
CRD 160679

Funds on its Form ADV

1 private fund, $52B in gross assets · filed Sept 2024

  1. Adage Capital Partners, L.P.Hedge300 investors$52B

Exits from the portfolio

Companies it backed that were later bought or listed5 in all

ZS PharmaBought by AstraZeneca$2.7BNov 2015
Civitas TherapeuticsBought by Acorda Therapeutics$525MSept 2014
Lumena PharmaceuticalsBought by Shire$260MMay 2014
PTC TherapeuticsListed$125MJun 2013
Portola PharmaceuticalsListed$100MMay 2013

An exit counts when it came after the firm's first round in the company. From historical deal records.

Who they invest alongside

The investors most often in the same rounds as Adage Capital Management. A count of rooms they were both in, not a relationship either has claimed.

Recently backed

The latest companies Adage Capital Management put money into.

Quick answers about Adage Capital Management

What does Adage Capital Management invest in?

Adage Capital Management invests most often at Series B and Series C (63% of the rounds on record), in sectors such as AI & Machine Learning, Artificial Intelligence & Machine Learning (AI/ML) and BioTech.

How active is Adage Capital Management?

75 investments on record, 16 of them in the last 12 months. The most recent was in Sept 2026.

What has Adage Capital Management invested in recently?

Its most recent investments on record: Helus Pharma (Undisclosed round, Sept 2026), Energy Vault (Debt, Sept 2026) and LB Pharmaceuticals (Undisclosed round, Jul 2026).

How big are Adage Capital Management's cheques?

The median round it joins is $113M.

Does Adage Capital Management lead rounds?

Rarely, if at all: none of its 75 investments on record names it as the lead.

Where does Adage Capital Management invest?

Most of the companies it backs are in the United States (90%) and the United Kingdom (5%).

Is Adage Capital Management investing now?

Yes: it is actively investing, with 16 investments in the last 12 months.

Who does Adage Capital Management invest alongside?

Most often RA Capital Management (24 rounds together), Janus Henderson Investors (18 rounds together) and Perceptive Advisors (11 rounds together).

Raising now?

Find the investors who back rounds like yours, and keep every conversation on one fundraising board.

Built from the rounds we watched, its filings and its own website, refreshed every night. How we count · Report a correction · Is this your firm? Claim it