09:07 AM EDT, 06/13/2024 (MT Newswires) -- JPMorgan Chase & Co.'s ( JPM ) asset management arm has raised more than $500 million for a biotech venture-capital fund focused on weight-loss drugs, Bloomberg reported on Thursday.

The fund closed this month and Steve Squinto, chief investment officer of the life-sciences team, told Bloomberg that obesity is the top investment priority, as it is a pivotal moment in the pharmaceutical industry.

JPMorgan ( JPM ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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