- Attracted by the strong performance of BioGeneration Ventures (BGV), new investors joined BGV III including the European Investment Fund, whose contribution comes from InnovFin Equity Facility and the Dutch Venture Initiative II
- BioGeneration Ventures focuses on entrepreneurship and innovation in therapeutics, medical devices and diagnostics in Europe
- BGV III already made 4 investments and expects to make 15 investments in total
BioGeneration Ventures (BGV), the early stage life sciences venture capital firm with funds focussed on European biotechnology companies, announces today an investment by the European Investment Fund (EIF) and other new investors in BGV III, taking the total capital commitments to EUR 66m, out of a maximum EUR 75m. The Fund is supported by the "InnovFin – EU Finance for Innovators" initiative under Horizon 2020 and the European Fund for Strategic Investments.
The new fund will build on the track record of the first two BGV funds which yielded major successes including Dezima Pharma and Acerta Pharma. BGV was founding investor in both companies which were sold within three years at multi-billion dollar valuations. At USD 7 billion Acerta was the largest private exit in Europe in the biotech sector to date. These companies are typical examples of the biotech sector’s ability to generate so-called "unicorns" delivering outsized returns for investors.
The firm’s third fund will focus on therapeutics, medical devices and diagnostics, within Europe, in particular in Benelux and Germany. Four investments have already been made from the fund into German immuno-oncology company Catalym, and Dutch companies Escalier Biosciences, Scenic Biotech and Varmx, working on autoimmune diseases, target discovery, and haematology respectively.
Edward van Wezel, Managing Partner said: "Our third fund makes BGV amongst the largest life sciences funds dedicated to seed investments in Europe. Over the last decade we have made over twenty investments in the European life sciences ecosystem. We’ve observed an ever-increasing interest from pharma in acquiring innovations earlier. With this third closing we are significantly exceeding our target fund size and are delighted with the commitment of EIF and other new and existing investors in BGV III. We expect to reach the maximum fund size of EUR 75m before the end of 2017."
Pier Luigi Gilibert, Chief Executive of the European Investment Fund, said: "The EIF enhances SMEs access to finance. By investing in BGV’s new fund, the EIF is continuing its long-standing support for entrepreneurship and innovation in early stages of company development."
BGV operates as a joint venture with Forbion Capital Partners, providing access to the later stage perspective on early innovation and a global network of experts and pharma companies. The BGV team has broad experience in investment, life sciences, business development, and commercial operations. The team includes experienced biotech entrepreneurs as venture partners and advisors.
About BioGeneration Ventures (BGV)
BioGeneration Ventures (BGV) is a specialist life sciences venture capital firm, with a focus on early stage European biotech, medtech, and diagnostics companies. BGV has a strong track record of significant financial returns through investing in innovations in healthcare and providing the expertise to build world-class teams. BGV manages funds investing in areas where the science, the unmet medical need, and the potential to promptly demonstrate a significant proof of concept all come together.
Successful investments include divestment of Dezima Pharma to Amgen for up to USD 1.55 billion in total deal value and in Acerta Pharma for up to USD 7 billion with a guaranteed payment of USD 4 billion. In both companies BGV was founding investor. The Acerta Pharma sale was the largest exit ever of a privately held European biotech company. Over the last decade BGV has made over 20 investments.
About EIF
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops v...
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