Sofinnova Partners said last week that it raised more than $370 million for its ninth fund.
The Paris-based company’s Sofinnova Capital IX fund pulled in $371.1 million (€333 million). Sofinnova has more than $2.2 billion (€2 billion) under management, having raised more than $1.1 billion (€1 billion) over the last four years, according to a news release. The company said the majority of its most recent funding came from Europe, but it also received some commitments from the U.S., Canada and Asia.
Sofinnova Capital IX is earmarked for investment in the biopharmaceutical and medical device spaces. Sofinnova said it plans to invest about two thirds of its funds into European companies, with the rest earmarked for outside of Europe, primarily in North America.
“Our experienced team, stable strategy and exit track record resonated well with investors, hence the success of our fundraising for this latest capital fund,” chairman & managing partner Antoine Papiernik said in prepared remarks. “Over the last three years, we have completed nine remarkable exits in the portfolio for a total enterprise value of almost 4 billion euros.”
In April 2018, Sofinnova launched a $340 million (€275 million), life sciences-focused Sofinnova Crossover I fund for investing in both public and private companies.
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