BioGeneration Ventures closes 4th fund, with $170M in tow for early European biotechs

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BioGeneration Ventures has closed its BGV IV fund with help from some major pharma VC players as it becomes one of the largest biotech investors in early-stage ventures and company creation in Europe.

These big names include Eli Lilly and Novo Holdings, both new investors, and returning funder Bristol Myers Squibb, all helping fill that €140 million ($170 million) pot alongside European Investment Fund, Industriens Pension, KfW Capital and Schroder Adveq.

The Netherlands-based fund will be seeking out innovations “that have a truly differentiated scientific foundation, supported by convincing experimental data,” it said in a statement.

“These innovations must be compelling and stand out in the global scientific arena, and have the potential to have a substantial healthcare impact,” it added.

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The BGV IV fund has already made four investments, though the VC is not saying where. Its focus remains building out new companies around either single assets or tech platforms.

“Progressing early-stage projects from discovery to clinical proof-of-concept requires a breadth of experience that founding teams often do not have from the outset,” said Edward van Wezel, BGV’s managing partner.

“This is where BGV’s team collective experience is a key differentiator, with its extensive network and experience spanning investment, life sciences, business development, and commercial operations. With this fund closing at €140 million, we are well positioned to support our portfolio companies with both increased financial capacity and our strong, expanding international network.”

One of the portfolio successes from previous funds is Acerta Pharma, which was snapped up by AstraZeneca for up to $7 billion, bringing with it the now FDA-approved blood cancer med Calquence.