Sofinnova closes Fund XIII on €300m

The lifescience investor topped its €250 million target tapping investors primarily in Europe and some in North America.

Life sciences firm Sofinnova Partners has closed its eighth fund on €300 million, exceeding its target of €250 million and raising €60 million more than its previous, 2012 vehicle.

Sofinnova Capital VIII will follow its predecessors and focus on investing in companies in the biopharmaceutical and medical device industries as a founder or lead investor, the firm said.

The firm targets start-ups, spin-offs, early-stage companies and those developing “paradigm shifting” new technologies. Its current investments include Asceneuron that researches and develops neurodegenerative medication, Comet Biorefining, which makes cellulosic glucose technology, and RefleXion Medical that manufactures radiotherapy systems, according to its website.

Two-thirds of fund capital will be focused on Europe with a third targeted at North America, it said.

Investors in the new fund included mainly pension funds, funds of funds, family offices and insurance companies with commitments predominately from Europe with some US and Canadian investors.

The Paris-based firm, which has a team of 12 investment professionals, has a solid track record. The firm has realised exits from 10 portfolio companies over the past three years with a total enterprise value of almost €3 billion, Sofinnova Partners managing partner Antoine Papiernik said in a statement.

The firm has more than €1.5 billion in assets under management.