Mérieux Développement, the private equity arm of France-based biotechnology holding company Institut Mérieux, closed its second evergreen fund yesterday at €150m ($187m).
Sienna Capital, an affiliate of industrial holding company Groupe Bruxelles Lambert, has committed a total of $93.6m, which Institut Mérieux said would mostly be dedicated to the fund.
The cash will be spent on venture capital and growth equity investments in the healthcare sector. Mérieux Développement recently opened a US office in Cambridge, Massachusetts, signifying an increased focus on North American deals.
François Valencony, General Manager of Mérieux Développement, said: “We have financed 12 companies and committed € 70m between 2010 and 2014, with substantial achievements both industrial and financial.
“This additional financing allows us to ramp-up our operational capabilities in the short term but also represents a very solid basis for our future financial expansion.”
Companies funded by Mérieux Développement over the past year include ImaginAb, Kalila Medical and NeuroPhage Pharmaceuticals.