Sofinnova Partners seeks growth, independence in minority stake sale to Apollo

Sofinnova Partners is rolling with the tide of large private equity interest in life sciences, but maintaining its independence through its sale of a minority stake to Apollo. The deal comes with up to €1 billion in capital commitments.

Sofinnova announced Monday that Apollo Global Management Inc. (NYSE:APO) acquired a 20% stake in the European VC firm through the issue of new shares at an undisclosed valuation. The deal includes commitments from Apollo to invest up to €1 billion ($1.04 billion) in future Sofinnova funds. Apollo is a major player in credit and real estate investments, with over $500 billion in assets under management...