TVM Capital Life Science in $201.6m fund close

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.

Investors
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.

Investments
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.

People
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.

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