Tuesday, October 18, 2016

Sofinnova Raises $650M Fund

Menlo Park-based biotech investor Sofinnova says it has raised $650M in its newest fund, Sofinnova Venture Partners X. According to the firm, it closed the fund at its "hard cap" of $650M, after exceeding its initial funding target of $550M. The company said the new fund will invest primarily in mid and later stage investments and will look to invest in 20-25 companies with an investment size of $15 to $35M per company. Sofinnova said partners on the new fund are Jim Healy, MD, PhD, Mike Powell, PhD, Anand Mehra, MD, Sunil Agarwal, MD, Lars Ekman, MD, PhD, David Kabakoff, PhD and Dan Welch. Sofinnova invests in biotechnology companies that are developing drugs that address high unmet medical needs and improve the lives of patients.