Sofinnova bags $650M for a dedicated biotech fund
Sofinnova Venture Partners has raised a record $650 million for its 10th fund. The plan now at the Menlo Park, CA-based firm, which has now raised more than $2 billion over the past decade to invest in clinical-stage biotech companies, is to parcel out the investments in $15 million to $35 million packages to some 20 to 25 biotech companies.
That money will be controlled by a small group of VCs with a long track record and plenty of connections in the biotech field: Jim Healy, MD, PhD; Mike Powell, PhD; Anand Mehra, MD; Sunil Agarwal, MD; Lars Ekman, MD, PhD; David Kabakoff, PhD; and Dan Welch.
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