Edmond de Rothschild closes €150m life science fund

The BioDiscovery 3 Fund will invest in therapeutic drug companies across Europe.

Paris-based Edmond de Rothschild Investment Partners has raised €150 million ($236 million) for a new venture capital fund focused on investing in young European drug companies.

The fund, called BioDiscovery 3, has held a final closing but the firm is keeping a 10 percent greenshoe option open to additional investors. The fund will invest €15 million each in 15 to 20 life science companies across all stages of development, according to the firm. The investments will be made both in therapeutic drug development companies and a combination of medical technology and molecular diagnostic companies. Though the fund is focused mainly on Europe, the firm is open to investing elsewhere.

This is the third life science fund for Edmond de Rothschild Investment Partners, and many investors are returning from previous funds, including La Compagnie Financière Edmond de Rothschild, La Caisse des Dépôts and Amgen.

The firm has invested in about 30 life science companies over the past eight years, and has now raised a total of €300 million for life sciences investment. Its exits have included five trade sales, such as Spine Next and U3 Pharma. It has seen seven of its portfolio companies achieve public listings, including OncoMethylome Sciences, Cellectis and ExonHit.

Edmond de Rothschild Investment Partners is an independently managed affiliate of La Compagnie Financière Edmond de Rothschild Banque, the French family banking group founded in 1812.