October 7, 2014
By Krystle Vermes, BioSpace.com Breaking News Staff
TVM Capital Life Science announced today that it has ended its latest round of funding for TVM Life Science Ventures VlI, surpassing its target of $200 million with a total of $201.6 million. The money came from a wide range of investors including Teralys Capital, Business Development Bank of Canada, the Minnesota Life Insurance Company, CD Venture, and Eli Lilly and Company .
“The high-quality of the investors in TVM Life Science Ventures VII is a testament to TVM Capital’s strong 30-year track record of identifying promising life sciences projects and companies and supplying them with access to the scientific, capital and management resources critical for success,” said Hubert Birner, a managing partner of TVM Capital’s Life Science practice. “The fund invests mainly in Canada, the United States, Germany and Western Europe, and is advised by a dedicated team of investment professionals based in Montreal and Munich.”
TVM Life Science Ventures VII is geared toward financing innovation. The fund is designed to acquire early-stage molecules from pharmaceutical or biotechnology companies around the world, then finance a virtual project-focused company for each molecule.
“We are excited by the potential for this novel venture fund, working with a diversified group of project-focused-companies, to help address significant unmet medical needs,” said Darren Carroll, vice president of corporate business development at Lilly. “Lilly has pioneered the use of independent external financing sources and innovative business models, such as the collaboration with TVM Life Science Ventures VII, to supplement our core R&D investment strategy, leverage research investments, and to help reduce the risks of research.”
The overall goal of the fund is to develop each molecule through proof-of-concept, and then offer development rights to biopharmaceutical companies if it shows efficacy.
“TVM Life Science Ventures VII plays a significant role with entrepreneurs and inventors by providing them access to a global network of strategic partners, technologies and co-investors,” said Jacques Bernier, managing partner of Teralys Capital. “We are proud to have played a pivotal role in the formation of this fund.”
Since this round of funding, the group has attracted the attention of a number of pharmaceutical companies including Bukwang Pharma of South Korea.
TVM Capital has an operating track record extending back as far as 30 years. Over the last 25 years, it has focused on healthcare markets, as well as innovative products in the biopharmaceutical and medical device industries.
