BioGeneration Ventures has closed its largest fund to date, drawing in 150 million euros ($168 million) with the help of some returning Big Pharmas.
Eli Lilly, Novo Holdings and Bristol Myers Squibb, which have all invested in the fund in previous years, have come back for the latest fundraise. Netherlands-based BGV is focused on early-stage VC and said the latest haul will “build on the successful investment strategy of previous BGV funds” with the money to be shared among about 12 companies.
At 150 million euros, it marks the largest raise by the firm since it launched in 2006. The total funds under the firm’s management are now over 400 million euros ($447 million).
The oversubscribed round saw “strong demand from both existing and new investors,” according to a July 13 release. More than three quarters of the new investors were based in the U.S., “all of whom are either large financial institutions or global life sciences companies."
“The successful closing of our Fund V demonstrates continued investor confidence in BGV’s strategy of building new companies with the goal of creating transformational treatments and generating superior returns,” BGV Managing Partner Edward van Wezel said in the release. “We are delighted that several leading global pharmaceutical companies share our conviction in the potential of early-stage European biotechs by investing in BGV V.”
The firm singled out a few of its existing portfolio companies in the release, including Netherlands-based Azafaros, which launched a phase 2 study of a lysosomal storage disorders drug last month. BGV also pointed to immunological-disease-focused Dualyx and eye disease gene therapy developer Complement Therapeutics, which raised 40 million euros ($44 million) and 72 million euros ($80 million), respectively, in funding rounds earlier this year.
Despite a tough economic backdrop, BGV isn't the only European biotech-focused firm that's reached new heights this year. In April, European life-sciences-focused growth fund Forbion cited “high demand” from investors after raising 1.35 billion euros ($1.5 billion) across two funds, marking the firm’s largest fundraising to date.