France-based life sciences investment firm Advent France Biotechnology (AFB) has held the €86m ($102m) first close of its second fund with commitments from pharmaceutical firms Boehringer Ingelheim and Pierre Fabre.
Boehringer Ingelheim invested through corporate venture capital vehicle Boehringer Ingelheim Venture Fund and the limited partners included an undisclosed Asia-based pharmaceutical company, BPIfrance’s Fonds National d’amorçage 2 vehicle, European Investment Fund, unnamed family offices and members of AFB’s management team.
AFB will use Fund II to build and invest in early-stage life sciences companies in Europe with a focus on France, Spain and Belgium. It plans to complete two investments before the end of this year.
Alain Huriez, chairman and managing partner of AFB, said: “This second fund shows the relevance of our positioning as entrepreneur-investors in life sciences, confirmed by the renewed support of our limited partners.”
The firm had previously raised $80m for the close of its debut investment vehicle in 2017. It has backed 15 startups to date including regenerative therapy developer AgomAb Therapeutics and cancer drug developer Aglaia Therapeutics.