Sofinnova bags $650M for a dedicated biotech fund

Jim Healy, Sofinnova

Jim Healy, Sofinnova

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.

Their strategy: Add to the portfolio of 46 companies they’ve backed in the areas of rare and orphan diseases, oncology, women’s health, dermatology, ophthalmology and infectious diseases since 2007. In the US, the focus is on rounds designed to back mid- to late-stage R&D, with some “select” investments in early stage opportunities and European biotechs.

Healy, Sofinnova’s general partner, had this to say:

“We appreciate the significant ongoing commitment of our existing investors and have the privilege to add a small number of new highly esteemed institutional investors.”

Billions of dollars of VC investments have been flowing into the biotech field over the past two years. As we reported on Friday, the third quarter marked another strong performance for the field, with $1.83 billion tagged for new R&D investments.

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