BioGeneration Ventures Fund III reaches EUR 82 million in final close
Investments from Bristol-Myers Squibb and Johnson & Johnson Innovation - JJDC
Naarden, The Netherlands, 31 October 2017 – BioGeneration Ventures (BGV) announces the final closing of its third fund, BGV III at EUR 82 million. Due to strong market interest, the fund has exceeded its original target of EUR 50 million. New investors include biopharmaceutical company Bristol-Myers Squibb, healthcare company Johnson & Johnson Innovation - JJDC, Inc. (JJDC) as well as private equity investor Schroder Adveq, and the MAN Pension Trust. BGV III is now one of the largest funds focused on seed investments in European biotechnology companies.
The new fund will build on the track record of the first two BGV funds which have yielded major successes. These include Dezima Pharma sold to Amgen for USD 1.5 billion and Acerta Pharma which at USD 7 billion was the largest private exit in Europe in the biotech sector to date. BGV was founding investor in both companies, which are typical examples of the biotech sector’s ability to generate so-called “unicorns” delivering outsized returns for investors.
The firm’s third fund will focus on therapeutics, medical devices and diagnostics, within Europe, in particular in the Benelux and Germany. Five investments have already been made from the fund into German immuno-oncology company Catalym, and Dutch companies Escalier Biosciences, Scenic Biotech, Varmx, and Mellon Medical working on autoimmune diseases, target discovery, haematology, and vascular suturing respectively.
Edward van Wezel, BGV’s Managing Partner said: “Over the last years, BGV has proven that investing in early stage companies is critical in developing innovative science to meet patients’ needs; it can be financially very attractive as well. We believe that support and close collaboration from Bristol-Myers Squibb and JJDC illustrate the increasing interest in early stage innovation. This also demonstrates the unique position that BGV has reached in this arena.”
Paul Biondi, Senior Vice President, Head of Business Development Bristol-Myers Squibbcommented: “Bristol-Myers Squibb recognises the potential of early stage innovations emerging from leading scientific groups in the European biotech scene. We are committed to working with VC investors such as BGV who can identify the investment opportunities with the most potential to deliver transformational medicines.”
BGV operates as a joint venture with Forbion Capital Partners, providing access to the later stage perspective on early innovation and a global network of experts and pharma companies. The BGV team has broad experience in investment, life sciences, business development, and commercial operations. The team includes experienced biotech entrepreneurs as venture partners and advisors.
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Notes to Editors
About BioGeneration Ventures (BGV)
BioGeneration Ventures (BGV) is a venture capital company, with a focus on early stage European biotech, medtech, and diagnostics companies. BGV has a strong track record of significant financial returns through investing in innovations in healthcare and providing the expertise to build world-class teams. The Company manages over €100 million of funds investing in areas where true scientific innovations, the unmet medical need, and the potential to demonstrate a significant proof of concept all come together.
BGV strives to work with founding teams to mature science and build companies. The Company uses its experience to guide progress into clinical trials, ultimately leading to successful drug development and value realisation for its investors. BGV applies its expertise in a rigorous process to select the most compelling opportunities with the best prospects for exit.
Historical successful investments include divestment of Dezima Pharma to Amgen for up to USD 1.55 billion in total deal value and in Acerta Pharma for up to USD 7 billion with a guaranteed payment of USD 4 billion. Both companies were co-founded by BGV in 2012 and 2013 respectively. The Acerta Pharma sale was the largest exit ever of a privately held European biotech company.
BGV is based in Naarden, The Netherlands, and closely collaborates with Forbion Capital Partners.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol-Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube and Facebook.
About Johnson & Johnson Innovation - JJDC (JJDC)
Johnson & Johnson Innovation - JJDC, Inc. is the strategic venture capital arm of Johnson & Johnson and a long-term investment partner to global healthcare entrepreneurs. Founded in 1973, JJDC continues a legacy of customizing deals for data-driven companies across the continuum of healthcare, with the goal of turning great ideas into transformative new pharmaceutical, medical device and consumer healthcare products.