TVM Capital Life Science has held a final close for TVM Life Science Ventures VII fund on $201.6m.
The fund is managed by TVM Capital Life Science, which has teams based in Munich and Montreal.
According to unquote" data, TVM's predecessor vehicle, TVM Life Science Ventures VI, closed in October 2005 on €240.3m. European Investment Fund (EIF) and AlpInvest were lead investors in the vehicle.
The fund attracted commitments from cornerstone investors Teralys Capital and US pharma company Eli Lilly, as well as Business Development Bank of Canada, Minnesota Life Insurance Company, CD Venture and Fondaction. Investments were also received from pharmaceutical companies including Bukwang Pharma of South Korea.
The newly raised fund will look to acquire early-stage molecules from pharmaceutical or biotechnology companies and will then finance a virtual project-focused company for each molecule. The aim is to develop each molecule through proof-of-concept, by running one or more clinical studies, which will determine if a molecule has the potential to work on patients. If the molecule proves workable, the molecule and development rights will be offered for sale to biopharmaceutical companies.
The fund will look to invest in Canada, the US, Germany and western Europe, ideally acquiring 12-15 project-focused companies and four or five traditional syndicated venture investments.
The vehicle has already made investments in Kaneq Bioscience, GLWL Research, Ixchelsis, PRCL Research and FAAH Pharma.
Hubert Birner and Luc Marengere are managing partners of TVM Capital's life science practice. Darren Carroll is vice president of corporate business development at Lilly.
Charcoal and natural additives company saw final bids from two banks and one direct lender
VCs including the Swiss Entrepreneurs Fund, BtoV and Ringier Digital Ventures also participated
Around 40 existing and new LPs, including British Patient Capital and the EIF, participated
Fund will invest in buyouts, recapitalisations and carve-outs of both profitable and underperforming businesses