BioGeneration Ventures closes fund on €82m

BGV operates as a joint venture with Netherlands-based Forbion Capital Partners, and specialises in venture capital investments in life sciences. It focuses on early-stage European biotechnology, medical technology and diagnostics companies.

BGV III held a third close on €66m in June 2017, at which point its initial €50m target was raised to €75m.

The GP is based in Naarden, the Netherlands.

Investors
BGV III received commitments from both existing BioGeneration Ventures investors and from new LPs.

The fund received support from the European Investment Bank’s InnovFin, a funding programme created by the European Commission to support and foster research in Europe. The European Investment Fund also contributed to the fundraise, investing from the InnovFin Equity Facility and Dutch Venture Initiative II.

BGV III received new commitments from biopharmaceutical company Bristol-Myers Squibb, healthcare company Johnson & Johnson Innovation – JJDC, as well as private equity investor Schroder Adveq, and the MAN Pension Trust.

Investments
BGV III will follow a strategy similar to the fund's previous generations, focusing on businesses offering innovation in the fields of therapeutics, medical devices and diagnostics in Europe. Benelux and Germany will be two regions of particular interest.

The fund has already invested in German company Catalym, and Dutch companies Escalier Biosciences, Scenic Biotech, Varmx and Mellon Medical.

Around 15 investments should be completed from the fund in total.

People
BioGeneration Ventures – Edward van Wezel (managing partner).
Bristol-Myers Squibb – Paul Biondi (senior vice-president).

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