DURHAM — BioVista has been reborn with a new name and partner. As a result, the Golden Leaf Foundation is making its long-promised commitment of $30 million in venture capital for biotech deals.

The deals are not limited to North Carolina, even though the Foundation is managing funds awarded to North Carolina as part of the federal tobacco industry settlement.

BioVista is now known as Hatteras BioCapital. Its partner is HBM BioCapital, an international firm which has more than $750 million under investment.

“This is an extremely important development for North Carolina’s rapidly growing bioscience industry,” said North Carolina Bioscience
Organization Executive Vice President Samuel Taylor in a statement. “HBM Partners is an internationally recognized leader in bioscience venture investment. HBM’s decision sends a strong signal to the world venture community that North Carolina is a premier location for development and commercialization of bioscience technologies.

“For nearly a decade now, North Carolina’s bioscience community has been working with our state’s leaders to attract national venture capital companies to North Carolina. Today, Golden Leaf has exceeded that mark; they have brought one of the top bioscience venture funds in the world to our State.”

HBM is raising a new fund of $200 million called HBM BioCapital. So far, $95 million has been raised — including the $30 million in state tobacco settlement funds as provided through Golden Leaf.

In a statement, the companies and Golden Leaf said HBM plans to invest “over $300 million in private equity in the United States including in North Carolina over the next five years.”

The fund is described as “later stage.”

HBM retained Hatteras as an investment advisor and will work with Hatteras to open an office in Durham.

BioVista had missed a deadline for raising funds to match what Golden Leaf would contribute to a new fund. Golden Leaf selected BioVista, a new venture firm, as opposed to more established firms in North Carolina with strong biotech connections such as A.M. Pappas, Intersouth Partners and Aurora Funds.

HBM has invested in North Carolina companies in the past, including Inspire, Pozen, Icagen, and Adherex.

Hatteras will be managed by Dana Fowlkes, Kenneth Lee, Clay Thorp, and John Crumpler. All have experience in the North Carolina biotech industry.

The companies said the Hatteras office “will be supported financially by HBM.”

“When we first announced our plan to invest in biotechnology, we wanted to leverage our dollars, provide ready access to later stage capital for North Carolina companies and create an opportunity to achieve a strong return on investment,” said Billy Clarke, chairman of the Golden Leaf Foundation, in a statement. “We are confident that the relationship with HBM and Hatteras will achieve our goals.”