As biotech funds sprout around the globe, Sanofi and government bank are setting up a $292M operation in France
The surge of new biotech venture funds we’ve been seeing globally now includes a fresh effort aimed at stoking startups in France.
French Prime Minister Édouard Philippe today unveiled a $117 million venture fund for early-stage biotechs in France. A 50/50 venture with state bank BpiFrance and Paris-based Sanofi, with each seeding the effort with $58.5 million, the organizers say they expect to see the fund swell to $292 million as more investors pitch in.
The news comes as France is also promising to speed the arrival of new drugs on the market, shaving the time it takes to gain market access by 2022, according to a report from Reuters.
France has several prominent biotech ventures in the country, helped by considerable research credits. But the country’s biotech industry has also been hampered by some severe rules governing the workplace, with strong unions that have successfully fought back against a restructuring of Sanofi under ex-CEO Chris Viehbacher.
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