European biotech venture funds raise over €1.1 billion
Two European biotech venture funds have raised over €1.1 billion in capital in the last week.
Sofinnova Partners announced the close of Sofinnova Capital XI at €650 million, while Medicxi closed its Medicxi V fund at €500 million.
Sofinnova Capital XI attracted strong support from a global base of blue-chip institutional investors—among them sovereign wealth funds, leading pharmaceutical companies and other corporates, as well as insurance companies, foundations, and family offices.
Antoine Papiernik, Managing Partner and Chairman of Sofinnova Partners, said: “This fundraising marks a pivotal moment for Sofinnova. It gives us the firepower to double down on early-stage opportunities and reinforces our uniquely collaborative, science-driven investment approach. We’re excited to continue backing visionary entrepreneurs and advancing the next wave of breakthroughs in science and medicine to bring them to patients worldwide.
“Achieving this milestone in today’s volatile fundraising environment speaks to the strength of our model and the confidence our investors continue to place in us.”
Meanwhile, Medicxi has realised over $1 billion across its portfolio since its last fundraise, including from investments in Vaxcyte, Merus and Abivax, and the acquisitions of ViceBio (Sanofi), Versanis Bio (Eli Lilly) and ProfoundBio (Genmab).
Medicxi V will continue the firm’s focus on supporting drug hunters and entrepreneurs in creating asset-focused biotechnology companies. The Fund will also invest in existing companies at all stages of development that align with Medicxi’s asset-centric value creation strategy.
“Medicxi’s longstanding success has been founded on its unique ties to leading global pharmaceutical companies and its world-class team of drug hunters and clinicians,” said Francesco De Rubertis, Co-founder and Partner at Medicxi. “The new €500 million fund will enable Medicxi to provide the critical capital, expertise and experience to deliver transformative therapies for patients.”
Diana Turner, Deputy Editor, DDW