The British Business Bank has committed €30m to Sofinnova Partners’ €650m life sciences fund, Sofinnova Capital XI.
The fund will support early-stage biopharmaceutical and medical technology companies developing treatments for unmet medical needs, with initial and follow-on investments as firms grow.
The commitment supports the UK’s Life Sciences Sector Plan and builds on the bank’s work with UK life sciences companies.
The bank, the UK government’s economic development institution, has co-invested with Sofinnova in UK companies including Tenpoint Therapeutics, Myricx Bio and Purespring Therapeutics.
Mark Andrews, investment director for funds and life sciences at the British Business Bank, said: “Sofinnova is a key player in life sciences venture. Our commitment to them will create further investment into UK life sciences and help solidify the manager’s connection to the UK.
“We are pleased to formally welcome Sofinnova to the Bank’s portfolio and look forward to seeing the breakthroughs that come from this fund.”
Sofinnova Capital XI, a €650m (US$750m) fund, will focus on translating scientific discoveries into new patient treatments.
The fund has attracted backing from institutional investors across Europe, North America, Asia and the Middle East.
The investor base includes pharmaceutical companies, other corporates, insurance companies, foundations and family offices.
The British Business Bank’s participation aims to increase investment into UK life sciences while strengthening Sofinnova’s presence in the UK market.
Sofinnova Partners, established in 1972, is a pan-European venture capital firm specialising in life sciences.
It focuses on companies developing biopharmaceuticals and medical technologies, typically investing from early stages through to commercialisation.
Antoine Papiernik, managing partner and chairman of Sofinnova Partners, said: “This fundraising marks a pivotal moment for Sofinnova. It gives us the firepower to double down on early-stage opportunities and reinforces our uniquely collaborative, science-driven investment approach.
“We’re excited to continue backing visionary entrepreneurs and advancing the next wave of breakthroughs in science and medicine to bring them to patients worldwide.
“Achieving this milestone in today’s volatile fundraising environment speaks to the strength of our model and the confidence our investors continue to place in us.”
The British Business Bank was established in November 2014 to improve access to finance for smaller businesses across the UK.
It designs and manages government-backed finance programmes while supporting the transition to a net zero economy.
