Amidst a strug­gling IPO mar­ket, For­bion drums up half a bil­lion in pri­vate cash for sec­ond late-stage fund

Eu­ro­pean ven­ture cap­i­tal firm For­bion an­nounced Thurs­day morn­ing an ini­tial close of €470 mil­lion ($504 mil­lion) for its sec­ond growth fund meant to boost late clin­i­cal-stage biotechs.

For­bion’s Growth Op­por­tu­ni­ties Fund II comes two years af­ter its first late-stage-spe­cif­ic growth fund, which saw its first close at €250 mil­lion and fi­nal close at €360 mil­lion. The high­light from that fund? Gy­ro­scope Ther­a­peu­tics, which sold to No­var­tis in De­cem­ber for $1.5 bil­lion in a deal that cen­tered around a gene ther­a­py for ad­vanced AMD, a vi­sion loss dis­ease.

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