-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MwRQwvE+7MD3vmrbffrIDaSsvBiPX6T6DUBrx4rK6n9kcqEbVk5TuE7asx6LVr2w
 leSp9pvNNZ7cg3KxLt+2PQ==

<SEC-DOCUMENT>0001288320-10-000003.txt : 20100212
<SEC-HEADER>0001288320-10-000003.hdr.sgml : 20100212
<ACCEPTANCE-DATETIME>20100212151249
ACCESSION NUMBER:		0001288320-10-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20100212
DATE AS OF CHANGE:		20100212
EFFECTIVENESS DATE:		20100212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MPM BIOVENTURES V, L.P.
		CENTRAL INDEX KEY:			0001482716
		IRS NUMBER:				270793842
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-138701
		FILM NUMBER:		10598361

	BUSINESS ADDRESS:	
		STREET 1:		MPM ASSET MANAGEMENT
		STREET 2:		200 CLARENDON STREET, 54TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		(617) 425-9200

	MAIL ADDRESS:	
		STREET 1:		MPM ASSET MANAGEMENT
		STREET 2:		200 CLARENDON STREET, 54TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001482716</cik>
        <entityName>MPM BIOVENTURES V, L.P.</entityName>
        <issuerAddress>
            <street1>MPM ASSET MANAGEMENT</street1>
            <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
            <city>BOSTON</city>
            <stateOrCountry>MA</stateOrCountry>
            <zipCode>02116</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(617) 425-9200</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>MPM BIOVENTURES V GP LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>MPM ASSET MANAGEMENT LLC</street1>
                <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>GENERAL PARTNER OF THE PARTNERSHIP (THE &quot;GENERAL PARTNER&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>MPM BIOVENTURES V LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>MPM ASSET MANAGEMENT LLC</street1>
                <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MANAGING MEMBER OF THE GENERAL PARTNER (THE &quot;MANAGING MEMBER&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>ANSBERT</firstName>
                <lastName>GADICKE</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>MPM ASSET MANAGEMENT LLC</street1>
                <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MEMBER OF THE MANAGING MEMBER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>ASHLEY</firstName>
                <lastName>DOMBKOWSKI</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>MPM ASSET MANAGEMENT LLC</street1>
                <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MEMBER OF THE MANAGING MEMBER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>LUKE</firstName>
                <lastName>EVNIN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>MPM ASSET MANAGEMENT LLC</street1>
                <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MEMBER OF THE MANAGING MEMBER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>WILLIAM</firstName>
                <lastName>GREENE</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>MPM ASSET MANAGEMENT LLC</street1>
                <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MEMBER OF THE MANAGING MEMBER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>VAUGHN</firstName>
                <middleName>M.</middleName>
                <lastName>KAILIAN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>MPM ASSET MANAGEMENT LLC</street1>
                <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MEMBER OF THE MANAGING MEMBER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JAMES</firstName>
                <middleName>S.</middleName>
                <lastName>SCOPA</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>MPM ASSET MANAGEMENT LLC</street1>
                <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MEMBER OF THE MANAGING MEMBER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>STEVEN</firstName>
                <lastName>ST. PETER</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>MPM ASSET MANAGEMENT LLC</street1>
                <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MEMBER OF THE MANAGING MEMBER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JOHN</firstName>
                <middleName>W.</middleName>
                <lastName>VANDER VORT</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>MPM ASSET MANAGEMENT LLC</street1>
                <street2>200 CLARENDON STREET, 54TH FLOOR</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02116</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>MEMBER OF THE MANAGING MEMBER</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Venture Capital Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001482716-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-08-20</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>140048150</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>24</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>A portion of the proceeds will be used to pay various fees and expenses to the General Partner over the life of the partnership, payable to MPM BioVentures V GP LLC, which serves as the sole General Partner of the Issuer.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>MPM BIOVENTURES V, L.P.</issuerName>
                <signatureName>/S/ ANSBERT GADICKE</signatureName>
                <nameOfSigner>ANSBERT GADICKE</nameOfSigner>
                <signatureTitle>MEMBER OF MANAGING MEMBER OF GENERAL PARTNER OF ISSUER</signatureTitle>
                <signatureDate>2010-02-12</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----