Sofinnova, a Menlo Park, CA-based biotech-focused investment firm, closed its latest fund, at $650M.
Sofinnova Venture Partners X, whose initial target was $550M, is the fourth fund to follow the firm’s strategy of investing in mid and later stage biotech companies that are developing drugs addressing unmet medical needs improving the lives of patients.
It will seek to invest in 20-25 companies typically ranging from $15 to $35M per company.
The partners of Fund X are Jim Healy, MD, PhD, Mike Powell, PhD, Anand Mehra, MD, Sunil Agarwal, MD, Lars Ekman, MD, PhD, David Kabakoff, PhD and Dan Welch.
Founded in 1974, Sofinnova specializes in clinical and late preclinical investments in biopharmaceutical products actively partnering with entrepreneurs across all stages of company formation including securing initial funding, building management teams, forming corporate alliances, and navigating the M&A acquisition or IPOs’ process.
Over the past decade, the firm has raised roughly $2B investing in 46 companies in the areas of rare and orphan diseases, oncology, women’s health, dermatology, ophthalmology and infectious diseases.
It also has offices in Menlo Park, Ca. and San Diego, Ca.