Sofinnova Raises $650 Million Biotech-focused Venture Fund

MENLO PARK, Calif., Oct. 17, 2016 /PRNewswire/ -- Sofinnova, a biotech-focused investment firm, is pleased to announce the closing of Sofinnova Venture Partners X at its hard cap of $650M. The initial fund target was $550M. Sofinnova was founded in 1974 and is headquartered in Menlo Park, California with offices in Menlo Park, Ca. and San Diego, Ca. Since 2007, and the launch of Sofinnova Venture Partners VII, the Firm has focused on biopharmaceuticals and specialized in clinical stage investments. The three General Partners for Fund X have worked together since 2007.  Sofinnova Venture Partners Fund X is the fourth fund to follow the focused strategy of investing primarily in mid and later stage investments.  Over the past decade, Sofinnova has raised roughly $2B to invest in biotechnology companies that are developing drugs that address high unmet medical needs and improve the lives of patients.  The capital for Fund X was raised from existing and a select group of new institutional investors.  "We are grateful for the tremendous support of our investors during this fundraising," said Jim Healy, Sofinnova's General Partner.  "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." Fund X will seek to invest in 20-25 companies typically ranging from $15 to $35M per company. 

Sofinnova partners with entrepreneurs that are developing drugs which target a clear unmet medical need and have the potential to transform the lives of patients.  Since 2007, we have invested in 46 companies in the areas of rare and orphan diseases, oncology, women's health, dermatology, ophthalmology and infectious diseases. We will continue to execute our strategy of building a balanced diversified portfolio of mid to later stage opportunities in the US with selected early stage and European investments. 

The partners of Fund X are Jim Healy, MD, PhD, Mike Powell, PhD, Anand Mehra, MD, Sunil Agarwal, MD, Lars Ekman, MD, PhD, David Kabakoff, PhD and Dan Welch.

About Sofinnova

Founded in 1974, Sofinnova specializes in clinical and late preclinical investments in biopharmaceutical products. Our goal is to actively partner with entrepreneurs across all stages of company formation including securing initial funding, building successful management teams, forming impactful corporate alliances, and navigating the M&A acquisition or IPOs' process. We seek to build world class companies that aspire to dramatically improve the current state of medical care today and ultimately, the lives of patients. For more information, please visit www.sofinnova.com.

Contact:
Charlotte Shropshire
[email protected]

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