AFM-Téléthon and FNA launch biotherapy-focused fund

The FCPR vehicle's name and manager are yet to be determined. FNA committed €20m to the fund, while AFM-Téléthon provided €30m. This is believed to be a first close for the vehicle, with other investors targeted in order to reach a target of €120m.

Investors
Initially launched with €400m, state-backed FNA now holds commitments of €600m to be deployed in French seed and venture funds. The FCPR vehicle is managed by CDC Entreprises.

AFM-Téléthon is a French charity active in the prevention and treatment of neuromuscular diseases.

Investments
The fund will provide seed financing to French start-ups developing innovative therapeutic solutions to rare diseases. The fund's investments will include a clause forcing the companies it backs to market their treatments at a fair price.

A first investment is expected to take place in early Q3 this year.

People
Pascal Werner is a director in the French state's Commissariat Général à l'Investissement. Laurence Tiennot-Herment is president of AFM-Téléthon.

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