Sofinnova closes biotech fund on $650m hard-cap

While it should not be confused with Sofinnova Partners, a now totally separate business based in Paris, the VC said it would also target some European companies with this latest fund.

Sofinnova Venture Partners X, whose original target was fixed at $550m, is the fourth fund of its kind for Sofinnova, investing mostly in mid-to-late-stage US biotechnology companies. Overall, the VC has raised 10 funds.

To date, the fund's different generations have received a total of $2bn in commitments since 2007, and have supported 46 businesses specialised in fields such as rare and orphan diseases, oncology, women's health, dermatology, ophthalmology and infectious diseases.

The team managing the fund includes general partner Jim Healy, managing directors Sunil Agarwal, Lars Ekman and Anand Mehra, and Mike Powell and David Kabakoff.

Recent investments from the ninth fund include a $20m series-A for Checkmate Pharmaceuticals. Two trade sales were completed last year for portfolio companies Hyperion Therapeutics, sold for $1.1bn to Horizon Pharma, and ZS Pharma, sold to AstraZeneca for $2.5bn.

Investors
The GP stated it had benefited from ongoing "significant" commitments from existing investors, alongside a few new institutional investors.

Investments
Sofinnova Venture Partners X will invest mostly in mid- to late-stage US companies, in addition to some early-stage and European companies.

The fund will be deployed in 20-25 companies with typical investment tickets ranging between $15-35m per transaction.

People
Sofinnova Ventures – Jim Healy (general partner).

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