MPM Capital, a venture capital firm with offices in Boston, San Francisco and Munich, has completed $900m (€891m) of fundraising on its biotech fund, making it one of the largest early stage funds raised this year.

Investors were mostly US-based for the firm's third fund, BioVentures III, which is dedicated to healthcare start-ups. It will invest $5m to $60m in companies in the US, Europe and Asia.