French VC Sofinnova expanding start-up ecosystem in Italy with new local fund’s first investments

With the first three investments from a new fund launched in partnership with Italian charity Fondazione Telethon to invest in therapies for rare genetic diseases, Sofinnova Partners is aiming to build and expand the country’s ecosystem for biotechs.

Closed early this year, the firm’s €108 million ($117.4 million) Sofinnova Telethon Fund expects to make early-stage investments in about 15 start-ups, all in Italy. Sofinnova’s Graziano Seghezzi told BioCentury that Fondazione Telethon will be the fund’s primary source of deal flow; the fund expects to back three or four companies each year...