BPI France launches InnoBio 2

The fund launch was announced a week ago by French prime minister Edouard Philippe.

InnoBio 2 aims to surpass the €173m raised by predecessor Innobio, launched in 2009. Innobio completed 18 investments in French biotech companies.

Innobio was managed by CDC Entreprises, now BPI France, and received commitments from FSI (also now BPI France) as well as international pharmaceutical companies based in France, such as Sanofi-Aventis, GSK, Roche, Novartis, Pfizer, Lilly, Ipsen, Takeda and Boehringer Ingelheim.

Investors
InnoBio 2 expects to receive investment from the the same LP base as its predecessor. BPI France will cornerstone the fund with a 49% stake and Sanofi will make a €50m commitment.  

Corporates Boehringer Ingelheim, Takeda and Ipsen, all subscribers of the first fund, and new investor Servier will also make commitments.

Investments
Like Innobio, Innobio 2 will target startups operating in the biopharmaceutical sectors, though Innobio 2 will also back digital health companies related to prescription tasks. The fund will mainly target companies located in France or companies with a significant part of their activities in the region.  

Portfolio companies will need to be close to, or implementing, early clinical development, as the vehicle aims to provide support in generating capital gains. Innobio 2 is expected to lead first and second rounds and acquire minority stakes.

People
BPI France – Nicolas Dufourcq (CEO).

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