Sofinnova Partners raises 300 million-euro healthcare fund

Despite the downturn in biotech assets, leading European venture capital firm Sofinnova Partners today announced the close of Sofinnova Capital VIII at 300 million euros ($325 million), above the initial fund target of 250 million euros.

Following the raise of its previous fund at 240 million euros in 2012, this new fund brings the total amount under management at Paris-based Sofinnova Partners to 1.5 billion euros ($1.6 billion). Beating the original target, the fundraising comes despite a downturn on the value of US biotech assets. The Nasdaq biotech index has dropped nearly 17% since its peak in July this year.

As in the past, Sofinnova Capital VIII will invest in the healthcare industry and more specifically in the biopharmaceutical and medical device sectors. Sofinnova Partners will seek to invest as a founding and lead investor in start-ups and corporate spin-offs, and focus on therapeutic “paradigm shifting” technologies and products alongside visionary entrepreneurs.