Sofinnova Partners Launches Healthcare Crossover Fund With €275 Million ($340 Million)
Sofinnova Partners, a leading European venture capital firm specialized in Life Sciences, announced today the launch of Sofinnova Crossover I with €275 million ($340 million), above the original first close target of €250 million. With this new fund, Sofinnova Partners goes one step further in the execution of its growth plan, aimed at expanding its coverage across the Life Sciences space with dedicated sector teams.
Pursuing a strategy Sofinnova Partners has successfully applied for decades with its early-stage focused Capital Funds, Sofinnova Crossover I will invest in the biopharmaceutical and medical device sectors. The fund will focus primarily on therapeutic and game-changing companies driven by experienced management. As a lead or cornerstone investor, the fund will seek to invest in about15 late stage private and public companies. About 80% of the investments will be made in European companies, with the remaining 20% outside of Europe primarily in North America. A dedicated, highly experienced team of four partners will invest Sofinnova Crossover I, leveraging on Sofinnova Partners’ wider experience, track record and organizational support. This new fund attracted premier international investors, predominantly sovereign funds, insurance companies, corporations and family offices. Commitments came from Europe, including France, Italy, Denmark, Ireland, and Switzerland but also from Asian investors in China and Singapore. In addition to Bpifrance* and CNP Assurances, investors include a major Chinese biopharmaceutical company, the Danish State Investment fund, and family offices like Fidim or KCK representing leading industrial families in Europe and Asia.
Antoine Papiernik, Chairman of Sofinnova Partners, said “With the launch of this new crossover activity, Sofinnova builds upon its unique early stage track record. Many of the companies we initially funded have become over the years large, billion-euro companies, and we have gained invaluable experience in helping them to the next level. This fund will complete our investment platform across the life-sciences value-chain, allowing us to fund companies from the seed stage to the late-stage.”
Jacques Theurillat, Partner in the crossover team at Sofinnova Partners, added: “The European healthcare market has matured with hundreds of late stage private and public companies looking for growth capital, and Sofinnova Partners, with its name, track record and experience, is particularly well positioned to identify the best European deals and transform them into global leaders.”
Triago acted as placement agent and Clifford Chance acted as legal counsel on Sofinnova Crossover I.
* Bpifrance directly and with the “Investment for the Future” Program, managed by the SGPI and operated by Bpifrance
Press contact for SOFINNOVA PARTNERS
Anne REIN, Tel: +33 (0)6 03 35 92 05
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
NJ-CELGENE19.7.2019 20:01:04 CEST | Press release
FDA Approves OTEZLA® (apremilast) for the Treatment of Oral Ulcers Associated with Behçet’s Disease
JANSSEN19.7.2019 15:07:11 CEST | Press release
Abiraterone Acetate Included in World Health Organisation’s Essential Medicines List for the Treatment of Metastatic Castration-Resistant Prostate Cancer
CA-GILEAD-SCIENCES19.7.2019 14:32:09 CEST | Press release
Gilead Sciences Licenses Respiratory and Herpes Antiviral Research Programs From Novartis
SCHLUMBERGER-LIMITED19.7.2019 13:02:04 CEST | Press release
Schlumberger Announces Second-Quarter 2019 Results
TX-SCHLUMBERGER-LIMITED19.7.2019 12:48:04 CEST | Press release
Schlumberger Appoints Olivier Le Peuch as CEO
WA-FLUKE-CORPORATION19.7.2019 12:02:10 CEST | Press release
Fluke Corporation Acquires Industrial Reliability Leader PRÜFTECHNIK
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom