Sofinnova Ventures Raises $312 Million for Life Sciences
Published: Dec 11, 2012
In light of the challenging climate for fundraising, the €240 M sum is a significant achievement. This new fund has attracted major institutional investors, predominantly pension funds, fund of funds and insurance companies. Sofinnova Capital VII's investors include leading institutions among which are the European Investment Fund, Skandia Life Insurance Company, CNP Assurances, and CDC Entreprises. This successful fundraising attests to investors' confidence in the expertise and track record of Sofinnova Partners' team.
This fundraising follows a three-year period in which Sofinnova was able to successfully complete the trade-sale of portfolio companies Corevalve (sold to Medtronic for up to $850 million), Novexel (sold to AstraZeneca for up to $505 million), Movetis (sold to Shire for €428 million), Fovea (sold to Sanofi-Aventis for up to €370 million) and PregLem (sold to Gideon Richter for up to CHF445 million), as well as taking Stentys and DBV public on Paris Euronext. For all these companies, Sofinnova was the initial and largest investor from start to exit. The total enterprise value of these transactions represent $3.6 billion.
Sofinnova Capital VII's investment strategy is focused on funding entrepreneurs who are developing disruptive technologies or products in the biopharmaceutical, medical devices and industrial biotechnology fields. Sofinnova typically invests as a founding and lead investor in corporate spin-offs, start-ups and turnaround situations. Sofinnova Capital VII will invest about two third of its funds in European companies, and one third outside of Europe, most often in the USA.
Denis Lucquin, Managing Partner, said: "Despite the very tough fundraising environment, investors have recognized our team's ability to generate superior returns and our capacity to transform an entrepreneur's vision into a highly successful business. With this new fund, Sofinnova Partners is ideally positioned to invest in, and develop, Life Sciences companies who generate products that will radically improve people's lives".
Within its core strategy, Sofinnova Partners actively deploys a seed policy. Sofinnova Capital VII will therefore continue to make seed investments in biopharmaceutical and medical device companies. In addition, in the emerging field of industrial biotechnology, Sofinnova Partners has launched Sofinnova Green Seed Fund, a seed fund dedicated to this field, which has achieved a first closing at €22.5 M with the participation of corporate investors Solvay, Siclaé, Sofiprotéol, and Unigrains, as well as CDC Entreprises.
On Sofinnova Capital VII, Asante Capital Group acted as placement agent and Jones Day acted as Sofinnova Partners' legal counsel.
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About Sofinnova Partners
Sofinnova Partners is an independent venture capital firm based in Paris, France. For 40 years, the firm has backed nearly 500 companies at different stages of their development – pure creations, spin-offs, as well as turnaround situations – and worked alongside Europe's key entrepreneurs in the Life Sciences industry. With €1.3 billion of funds under management, Sofinnova Partners has created market leaders with its experienced team and hands-on approach in building portfolio companies through to exit. www.sofinnova.fr