BioGeneration Ventures closes Fund V on EUR 150m

BGV V was oversubscribed and is EUR 10m larger than its predecessor, which closed in January 2021. 

It brings the Dutch early-stage biotech investor to more than EUR 400m under management. BGV is the early stage-focused platform partner of investor Forbion, which itself raised a combined EUR 1.35bn across its venture and growth funds earlier this year. 

LPs have, in the past year of otherwise difficult fundraising for sponsors, been drawn to the healthcare sector. Alongside BGV and Forbion, Gilde Healthcare, EQT Life Sciences and Panakers Partners have held closes on vehicles this year.

Investors
The fund is backed by existing and new investors, including Eli Lilly, Novo Holdings and Bristol Myers Squibb. Around 78% of the LPs are based in the US, comprising either large financial institutions or global life sciences companies. 

It also received backing from the European Investment Fund, as part of the Venture Centre of Excellence supported by the Health Compartment of the Sustainable Developed Umbrella Fund. 

Investments
BGV V will make around 12 platform investments focused on drug discovery and development.

It will narrow down on early-stage ventures and company creation, via therapeutic innovations backed by convincing data. 

The sponsor said that its successes include Acerta Pharma, developing therapies for blood cancers including Calquence, which was sold to AstraZeneca for USD 7bn in 2015. 

It also recently exited Synaffix, a Dutch platform technology for antibody-drug conjugates, after the company sold to Lonza for EUR 160m including a EUR 100m upfront cash payment. 

People
BioGeneration Ventures - Edward van Wezel (managing partner).

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