Life sciences investor Sofinnova Ventures is raising fund number 10 in what, as FierceBiotech notes, appears to be its largest fund to date. A previous fund, dating back to 2014, raised $500 million.
The investment firm did not immediately respond to a request for comment about Sofinnova Venture Partners X fund.
The company’s strategy of investing in late-stage private companies has found some receptive buyers for those businesses, demonstrated by acquisitions of its portfolio companies from the likes of Teva, Shire and Pfizer.
And yet, it has also backed early to mid-stage startups such as Iterum Therapeutics, an Ireland-based business developing therapeutics to treat infections produced by drug-resistant bacteria. The team is made up of Durata Therapeutics alumni.
Sofinnova has also invested in a Series C round for gene therapy business Audentes Therapeutics, which has three therapeutics in pre-clinical development to combat rare diseases(as of October last year). The company’s technology is designed to inject disease-correcting genes into a patient’s cells. Audentes went public earlier this summer.
Another gene therapy business Sofinnova backed is Spark Therapeutics, which filed for an initial public offering at the end of 2014.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The investment firm has also supported Dauntless Pharmaceuticals, a company that uses a simplified model to launch biotech startups.
Although it also invested in First Aid Shot Therapy, which is developing an over-the-counter hangover remedy, it was an atypical investment for the business.
Sofinnova Ventures shouldn’t be confused with the European venture firm with a similar name, Sofinnova Partners. The two used to be part of one group but became independent entities in 1997, according to Sofinnova Ventures’ website.
The company has $1.6 billion under management, according to its website.
Image: Getty Images, Hong Li
