The Ireland Strategic Investment Fund (ISIF) has today announced a €30m commitment to European life sciences investment firm, Sofinnova Partners, through its Capital XI fund, which has announced its close.
The commitment is the first step as part of a strategic partnership in which ISIF intends to commit €100m to multiple Sofinnova Partners fund strategies, over a 5-year period.
Sofinnova Partners invests across seven independent investment strategies covering medtech, biotech, digital health and industrial biotech. As part of the partnership agreement, Sofinnova Partners will make Ireland a key market for investment and will aim to originate investments in the State, matching ISIF’s commitment amount. The firm has now opened an Irish office to source opportunities here.
The Capital XI fund is Sofinnova’s 11th fund within its flagship strategy. It will target investment in early-stage biopharmaceutical and medical device companies addressing urgent unmet clinical needs and is already actively deploying capital.
ISIF invests under four key investment themes which include Climate, Housing and Enabling Investments and Food and Agriculture. Investments in life sciences and healthcare is a key area of focus under its fourth Scaling Indigenous Businesses theme, with over €605m committed to life sciences funds to date, supporting early stage, innovative companies across medical device biotech, diagnostics and life sciences tools.
The partnership with Sofinnova will assist in unlocking funding for Irish life sciences businesses from seed to late-stage enterprises, driving investment across the State in line with ISIF’s double bottom line mandate – to invest on a commercial basis, in a manner designed to support economic activity and employment in Ireland.
Brian O’Connor, Senior Investment Director, Scaling Indigenous Business, ISIF said:
“We look forward to working with Sofinnova Partners over the coming years and seeing the benefits of this partnership to support Irish companies. Technology innovation at the level of venture-backed enterprises is important for maintaining Ireland’s reputation as a destination of choice for life sciences activity and supporting its competitiveness on a global scale in this sector. Through its fund partnerships and direct investment activity, ISIF plays an important role in supporting that competitiveness.”
Antoine Papiernik, Managing Partner and Chairman of Sofinnova Partners, said:
“This fundraising marks a pivotal moment for Sofinnova. It gives us the firepower to double down on early-stage opportunities and reinforces our uniquely collaborative, science-driven investment approach. We’re excited to continue backing visionary entrepreneurs and advancing the next wave of breakthroughs in science and medicine to bring them to patients worldwide.
Achieving this milestone in today’s volatile fundraising environment speaks to the strength of our model and the confidence our investors continue to place in us.”