Sofinnova Partners Closes €445M ($540M) Oversubscribed Late-Stage Healthcare Crossover Fund
02 Marzo 2021 - 11:00PM
Business Wire
The pioneering growth capital fund is the
largest dedicated to biopharma and medtech companies seeking
scale-up financing in Europe
With over €2 billion under management,
Sofinnova Partners continues its expansion across the entire value
chain of life sciences investments, from seed to
later-stage
Sofinnova Partners, a leading European life sciences venture
capital firm based in Paris, London and Milan, announced today the
final close of the Sofinnova Crossover Fund at €445 million ($540
million USD). The fund was oversubscribed and significantly
exceeded its target. This capital raise positions Sofinnova
Partners as the largest crossover investor in Europe dedicated to
late-stage biopharma and medtech investments.
The fund will maintain its focus on European clinical-stage
companies needing scale-up capital and will also support
best-in-class companies in the U.S. and elsewhere. The fund has, to
date, invested in 10 high-profile companies developing unique
products that address major unmet clinical needs. The initial
portfolio has demonstrated outstanding progress since inception,
with the majority of investments reaching positive clinical trial
milestones and raising large financings, including two NASDAQ IPOs
of European companies.
Antoine Papiernik, Chairman and Managing Partner of Sofinnova
Partners, commented: “European biopharma and medtech companies
have matured tremendously in the last decade. Sofinnova Partners
was the first European VC to seize the opportunity to unlock the
potential of these high-growth start-ups by providing late-stage
capital, building on our decades of experience funding innovative
life science companies. With over €2 billion of assets under
management dedicated to life science investing and an outstanding
international team, Sofinnova Partners continues its expansion to
partner with ambitious entrepreneurs across Europe, from company
creation to late-stage developments.”
Cédric Moreau, Partner in the Sofinnova Crossover Fund,
commented: “We are grateful for the continuing support of our
existing and new limited partners from all over the world who have
helped us reach a target significantly beyond our initial
objectives. The Sofinnova Crossover Fund is the largest of its kind
in Europe and the only one with a team solely dedicated to
growth-stage opportunities in healthcare. There has never been more
awareness of the importance of investing in our collective health
and future, and we are honored to contribute to this endeavor
through this fund strategy.”
The Sofinnova Crossover Fund was recognized as a front runner in
this domain in the 2019 “Tibi Report” commissioned by the French
government as an initiative to fuel later-stage companies in
Europe.1 It was subsequently granted the “Tibi” designation, making
it eligible to apply for access to €6 billion in funds earmarked
for this objective, which helped attract key French institutions as
limited partners.
The Sofinnova Crossover Fund has expanded its team recently and,
operating from Paris and London, continues to see an exceptional
flow of new investment opportunities, bolstered by the firm’s
extensive global network, its leading role in Europe, and the
strength of its multi-fund life sciences strategy.
Triago acted as placement agent and Clifford Chance acted as
legal counsel.
About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm in
life sciences, specializing in healthcare and sustainability. Based
in Paris, London and Milan, the firm brings together a team of
professionals from all over the world with strong scientific,
medical and business expertise. Sofinnova Partners is a hands-on
company builder across the entire value chain of life sciences
investments, from seed to later-stage. The firm actively partners
with ambitious entrepreneurs as a lead or cornerstone investor to
develop transformative innovations that have the potential to
positively impact our collective future.
Founded in 1972, Sofinnova Partners is a deeply-established
venture capital firm in Europe, with 50 years of experience backing
over 500 companies and creating market leaders around the globe.
Today, Sofinnova Partners has over €2 billion under management. For
more information, please visit: www.sofinnovapartners.com
______________________ 1 The Tibi Report was written by the
Professor of Economics, Philippe Tibi, who highlighted the crucial
need for scale-up financing for high-growth companies in France and
Europe.
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Bommy Lee Head of Communications, Sofinnova
Partners blee@sofinnovapartners.com +33 (0) 6 47 71 38 11
North America RooneyPartners LLC Kate Barrette
kbarrette@rooneyco.com +1 212 223 0561
France StrategiesImage Anne Rein
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Italy Havas PR Milan Rafaella Casula
rafaella.casula@havaspr.com +39 (0) 345 3780834