With $340M crossover fund, Sofinnova Partners pivots to late-stage biotech investments while maintaining European focus
After years backing early-stage life science companies, Sofinnova Partners now has a crossover fund flush with $340.5 million (€275 million) to invest in both public and private players.
The Paris-based venture capital firm is deploying four partners to manage the fund, dubbed Sofinnova Crossover I, which will dedicate 80% of its capital to Europe. The remaining 20% is earmarked primarily for the US. All told, the investments will be split between around 15 late-stage companies, with contributions between $18.6 million to $49.5 million (€15-€40 million).
Sofinnova expects to leverage its local status and connections to attract US and Asian investors into syndicates, chairman and managing partner Antoine Papiernik told BioCentury. That outlook is evident in the lineup of international investors in the fund, ranging from the Danish State Investment Fund and France’s CNP Assurances to “a major Chinese biopharmaceutical company.”
“The European healthcare market has matured with hundreds of late stage private and public companies looking for growth capital,” added Jacques Theurillat, a partner on the crossover team, “and Sofinnova Partners, with its name, track record and experience, is particularly well positioned to identify the best European deals and transform them into global leaders.”
European-focused life science VCs with track record in early-stage investments have increasingly signaled interest in expanding their scope. Medicxi unveiled a $300 million late-stage biotech fund last June, while Rothschild said it would consider backing public companies with its $430 million BioDiscovery 5 fund.