Netherlands-based venture capital firm Forbion has reached the €185m ($210m) first close of its latest fund with backing from limited partners including pharmaceutical companies Eli Lilly and Horizon Therapeutics.
Forbion Growth Opportunities Fund’s other LPs include KfW Capital, a subsidiary of development bank KfW, as well as Pantheon, European Investment Fund (EIF), Belgian Growth Fund and New Waves Investments.
Founded in 2006, Forbion invests in life sciences technology developers based in Europe. Its latest vehicle will provide late-stage funding for undervalued public companies as well as those with mature developmental assets and those planning an initial public offering in the short term.
The fund has a €250m target for its final close, which Forbion expects to reach by the end of 2020. It will back between eight and 12 portfolio companies through the vehicle, investing up to €30m per deal.
Sander Slootweg, Forbion’s co-founder and managing partner, said: “The market for late-stage, private European life sciences investments is already sizable at €2bn per annum and rapidly growing. Despite the de-risked nature of the late-stage clinical assets in these companies, this market segment is still underserved.
“As a result, many companies and assets stall in late-stage development, due to a lack of specific funding. With our dedicated growth fund and specialised team, we are well-positioned to optimally exploit this opportunity and ensure that new, impactful treatments and therapies will make their way to patients and doctors.”
EIF and KfW also backed the firm’s last fund, Forbion IV, which closed at $415m in late 2018 with commitments from insurers ASR Insurances and KLP in addition to TNO Pension Fund.
