Sofinnova's €165 Million Biovelocita II Fund Launches Three European Biotech Startups

European life sciences investor Sofinnova Partners has closed its latest biotechnology-focused fund, Biovelocita II, raising €165 million (over $180 million) to support early-stage drug development across Europe. The fund, backed by major pharmaceutical companies including Amgen, Bristol Myers Squibb, and Pfizer Ventures, has already launched three new startups targeting fibrosis, cancer, and Alzheimer's disease.

Pan-European Strategy Expands Biotech Ecosystem

Sofinnova's Biovelocita II fund marks a significant expansion of the firm's investment strategy, moving beyond its initial focus on Italian biotechs to encompass a broader European scope. The fund will now extend its reach into France, the United Kingdom, and Denmark, with the potential to back startups from other European countries in the future.

Graziano Seghezzi, a managing partner at Sofinnova, emphasized the firm's evolving approach: "We have now developed a pan-European strategy and assembled a world-class team to create and manage companies across the European biotech ecosystem."

Three Promising Startups Emerge from Biovelocita II

The fund has already spawned three new biotechnology companies, each focusing on different therapeutic areas:

1. Forth Therapeutics: Based in the UK, Forth is developing treatments for fibrosis based on research from the University of Edinburgh. The startup benefits from additional support from the university's venture fund, Old College Capital.

2. Signadori Bio: This French biotech company, emerging from the Gustave Roussy oncology research center, aims to develop cell therapies for cancer. Sofinnova and Gustave Roussy initiated a partnership in 2023 to identify research projects suitable for commercialization, reviewing 50 potential candidates since the collaboration began.

3. BioClec: Located in Milan, Italy, BioClec is focused on developing Alzheimer's therapies. The company was co-founded by Marco Colonna, a researcher from Washington University in St. Louis, whose lab studies innate immune mechanisms in Alzheimer's disease and neurodegeneration.

Sofinnova's Growing Impact on Life Sciences Investment

This latest fund closure is part of a larger €1.2 billion fundraising effort by Sofinnova to support various life sciences and healthcare projects. The firm, founded in 1972, has been actively investing in the biotech sector, with 21 companies backed since 2022 according to BioPharma Dive data.

Antoine Papiernik, Sofinnova's chairman, outlined ambitious plans for the future: "With the new funds, we anticipate supporting 50 to 60 new companies, empowering a new wave of entrepreneurs tackling some of the world's most pressing health and sustainability challenges."

As Sofinnova continues to expand its reach and impact across the European biotech landscape, the Biovelocita II fund represents a significant step towards fostering innovation and advancing drug development in key therapeutic areas.