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The whole point of a biotech venture capital firm is to make money for itself and its investors. But one fund is doing something counterintuitive: giving away some of its money.

On Tuesday, Boston-based venture firm MPM Capital and the American Association for Cancer Research announced the first grants from the AACR-MPM Transformative Cancer Research Grants Program. The program is entirely funded with money MPM Capital collects for managing the $471 million UBS Oncology Impact Fund.

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