The British Business Bank has announced a €30m commitment to Sofinnova Partners new €650m ($750m) fund, Sofinnova Capital XI.
The new fund will back a new generation of biopharmaceutical and medical technology companies addressing unmet medical needs, participating in both initial and follow-on rounds.
The commitment supports the UK’s Life Sciences Sector Plan and is the latest in the British Business Bank’s work to support UK life sciences companies.
Sofinnova Capital XI attracted support from a global range of institutional investors across Europe, north America, Asia, and the Middle East – among them leading pharmaceutical companies and other corporates, as well as insurance companies, foundations, and family offices.
Established in 1972, Sofinnova is a pan-European venture capital firm with a track record of translating life sciences discoveries into new treatments for patients.
The British Business Bank has a relationship with Sofinnova through coinvesting alongside them into UK companies, including Tenpoint Therapeutics, Myricx Bio and Purespring Therapeutics.
“This fundraising marks a pivotal moment for Sofinnova,” said Antoine Papiernik, managing partner and chairman of Sofinnova Partners. “It gives us the firepower to double down on early-stage opportunities and reinforces our uniquely collaborative, science-driven investment approach.”
Mark Andrews, investment director of funds life sciences at British Business Bank, added: “We are pleased to formally welcome Sofinnova to the bank’s portfolio and look forward to seeing the breakthroughs that come from this fund.”
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