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The market for biotechnology stocks is ghastly, but ARCH Venture Partners, one of the largest and most prolific investors in early-stage biotech startups, is doubling down, raising $2.975 billion to invest in high-risk, high-reward startups developing new therapies and diagnostics.

Robert Nelsen, ARCH’s co-founder and managing director, said the goal was to take advantage of a “massive and accelerating wave of innovation that is really going to change health care for the better.”

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