A Russian-born billionaire has stepped up to finance early-stage therapeutics companies at a time when many traditional VCs are limiting their exposure in life sciences and some are moving out of the sector altogether. Dubbed Access BridgeGap Ventures, the new firm will fund early-stage therapeutics startups and also create new companies around disruptive technologies including technology still in academic labs.

The new venture group is being set up by Access Industries, a privately held, U.S.-based international industrial group focused on three sectors: natural resources and chemicals; telecommunications and media; and real estate. Len Blavatnik, its founder and chairman, was born in Russia and came with his family to the United States when he was a young man. He made his first fortune in U.S. real estate and was part of a wave of opportunistic entrepreneurs who made a fortune in Russia buying up assets after the fall of communism. In May, Access Industries was the highest bidder in an auction for the Warner Music Group, offering a reported $3.3 billion.

Daniel Behr and Ben Bronstein, both well-known serial entrepreneurs and technology developers, will lead the venture firm. Funding activities will focus on scientists, entrepreneurs, and companies that are developing novel and clinically relevant therapeutic approaches and platforms that can become must-have solutions for patients, physicians, and payers.

“With Access’ support, we have the resources and flexibility to span all investment stages and build fully independent companies, either alone or with other investors,” says Daniel Behr, founder and SVP. He says Access BridgeGap expects to fund three to five companies per year and to deploy $75 million over the first few years.

Such early-stage funding tends to be one of the riskiest investments, but it can also lead to greater financial rewards.

“Commercially promising innovations being developed in research institutions and in young startups are often deemed too early for partnering by industry or for investment by traditional venture capital,” says Ben Bronstein, co-founder and SVP. “Our focus is to translate early-stage science into commercially relevant products and companies.”

Like many other industrial groups such as GE, Samsung, and LG, Access is looking to diversify its holdings. Blavatnik sees Access BridgeGap as an important part of his firm’s growing interest in life sciences, and specifically therapeutics. “Access BridgeGap will pursue the commercialization of academic and entrepreneurial innovations that possess the potential to make a major impact on disease treatment and prevention,” he says.