InnovationQuarter investment in BioGeneration Ventures IV fund
Early stage life sciences investor BioGeneration Ventures (BGV), a leading early-stage VC in European biopharma, announces the closing of its fourth fund, BGV IV, at €105 million, with an investment focus on entrepreneurial innovation in therapeutics in Europe. Strong market interest expediated the fund raise, with the commitments to date exceeding the fund’s original target.
The BGV IV fund has attracted notable institutions as investors such as, Bristol Myers Squibb, Schroder Adveq and the European Investment Fund, and 3 Dutch regional development organisations (OostNL, BOM and InnovationQuarter). New investors to BGV IV include Industriens Pension and KfW Capital.
BGV is one of the largest VC funds in Europe focused on early investments in new bio-technology companies, with over € 220 million assets under management. Its team has broad experience in investment, life sciences, business development, and commercial operations. It also draws on experienced biotech entrepreneurs as venture partners and advisors, to the benefit of its portfolio companies.
The company’s approach is to partner with scientists from major European institutions and entrepreneurs. The aim is to build new companies, around either single assets or technology platforms with the goal of creating transformational new medicines. This strategy is supported by the strong collaboration between BGV and Forbion, providing a platform across early- to late-stage companies.
The investment strategy for the BGV IV fund will follow the same successful path as BGV’s other funds, which have resulted in innovative new medicines reaching patients and yielded significant returns for investors.
Portfolio successes of earlier BGV funds include Acerta Pharma, which was acquired by AstraZeneca for up to $7bn and whose lead product Calquence® is now approved and marketed in the US, and Staten Biotechnology, which signed a €430 million exclusive option deal with Novo Nordisk. Other companies in the current BGV portfolio include NorthSea Therapeutics, Azafaros, Varmx, and Confo Therapeutics.
Edward van Wezel, BGV’s Managing Partner said:
“Over the last few years, BGV has demonstrated that investing in early-stage companies in Europe can bring innovative science to meet patients’ needs worldwide as well as financial value to investors. With this new fund, we are pleased to have the backing of some of our long-standing investors; we also welcome our new investors, Industriens Pension and KfW Capital. The early-stage science coming out of European Institutions is second to none and we are working with those at the forefront of their fields. We believe we can make a significant difference to companies in helping them translate promising science into transformational new medicines.”
Frederik Fischer Hjerl, Investment Manager at Industriens Pension, added: “As a new investor to the BGV fund, we have had a lot of focus at the BGV team’s strong track record and their approach towards early innovation. There is an urgent demand for new medicines which might accelerate the level of innovation coming out of research institutions across Europe. Having an experienced team like BGV, which in multiple occasions has proven capable of identifying and nurturing the potential future stars, is crucial to bringing new ideas forward. We look forward to working with BGV to help bring new medicines through.”
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