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BioGeneration Ventures closes on €82m

The European biotech fund exceeds target size by €32m.

BioGeneration Ventures held a final close on its third institutional fund, BioGeneration Ventures III, after raising €82 million.

The fund, which surpassed its initial target of €50 million, will continue the firm’s strategy of making seed investments in European biotechnology companies. BGV III will specifically focus on therapeutics, medical devices and diagnostics, according to the firm’s press release.

Investors in BGV III include Bristol-Myers Squibb, the European Investment Fund, Johnson & Johnson Innovation, the MAN Pension Trust and Schroder Adveq.