Sofinnova Partners said today it launched the $340 million (EU €275 million), life sciences-focused Sofinnova Crossover I fund which aims to invest in both public and private companies.
The Paris-based venture capital firm said that the $340 million raise was above the fund’s first close target of $310 million (EU €250 million). The newly launched fund will look to invest in both biopharmaceutical and medical device companies.
“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,” Sofinnova Partners chair Antoine Papiernik
Sofinnova said the crossover fund will focus on therapeutic and “game-changing” companies with experienced management, seeking to invest in approximately 15 late stage private or public companies. The fund aims to make 80% of its investments in European companies and 20% outside of the EU, primarily in North America.
“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,” Sofinnova crossover team partner Jacques Theurillat said in a press release.
In December 2015, Sofinnova Partners said it raised $325 million (EU €300 million) for a fund focused on the biopharma and medical devices industry