Sofinnova Partners, a leading European life sciences investment firm based in Paris, London and Milan, announced the final close of the Sofinnova Crossover Fund at $540 million.The fund was oversubscribed and significantly exceeded its target.
This capital raise positions Sofinnova Partners as the largest crossover investor in Europe dedicated to late-stage biopharma and medtech investments. Sofinnova Partners, a leading European life sciences investment firm based in Paris, London and Milan, announced today the final close of the Sofinnova Crossover Fund at $540 million. The fund was oversubscribed and significantly exceeded its target. This capital raise positions Sofinnova Partners as the largest crossover investor in Europe dedicated to late-stage biopharma and medtech investments.
The fund will maintain its focus on European clinical-stage companies needing scale-up capital and will also support best-in-class companies in the U.S. and elsewhere. The fund has, to date, invested in 10 high-profile companies developing unique products that address major unmet clinical needs. The initial portfolio has demonstrated outstanding progress since inception, with the majority of investments reaching positive clinical trial milestones and raising large financings, including two NASDAQ IPOs of European companies.
Antoine Papiernik, Chairman and Managing Partner of Sofinnova Partners, commented: “European biopharma and medtech companies have matured tremendously in the last decade.
Sofinnova Partners was the first European VC to seize the opportunity to unlock the potential of these high-growth start-ups by providing late-stage capital, building on our decades of experience funding innovative life science companies. With over €2 billion of assets under management dedicated to life science investing and an outstanding international team, Sofinnova Partners continues its expansion to partner with ambitious entrepreneurs across Europe, from company creation to late-stage developments.”
Cédric Moreau, Partner in the Sofinnova Crossover Fund, commented: “We are grateful for the continuing support of our existing and new limited partners from all over the world who have helped us reach a target significantly beyond our initial objectives. The Sofinnova Crossover Fund is the largest of its kind in Europe and the only one with a team solely dedicated to growth-stage opportunities in healthcare. There has never been more awareness of the importance of investing in our collective health and future, and we are honored to contribute to this endeavor through this fund strategy.”
The Sofinnova Crossover Fund was recognized as a front runner in this domain in the 2019 “Tibi Report” commissioned by the French government as an initiative to fuel later-stage companies in Europe. 1 It was subsequently granted the “Tibi” designation, making it eligible to apply for access to €6 billion in funds earmarked for this objective, which helped attract key French institutions as limited partners.
The Sofinnova Crossover Fund has expanded its team recently and, operating from Paris and London, continues to see an exceptional flow of new investment opportunities, bolstered by the firm’s extensive global network, its leading role in Europe, and the strength of its multi-fund life sciences strategy.