12:00 AM
Oct 24, 2016
 |  BioCentury  |  Finance

Sofinnova steps up

Why Sofinnova Ventures upped the size of its tenth fund

With fewer crossover investors participating in its private biotech financings, Sofinnova Ventures has raised a new $650 million fund that will allow it to invest more capital per company to see them through key milestones.

Sofinnova Venture Partners Fund X closed on Oct. 17. It is the firm’s third dedicated life sciences fund and its largest to date. Fund IX, previously its biggest, closed at $500 million in 2014.

Sofinnova’s James Healy told BioCentury that in mid-2015 Sofinnova’s syndicates began to shift toward more traditional VCs as the market downturn decreased crossovers’ appetite for private biotech investments.

“In our experience, there’s been a decrease in the number of public...

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