Sofinnova Ventures targets $425 mln for Fund IX

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Sofinnova Ventures is back in the market targeting $425 million for its ninth fund, according to documents from the Massachusetts Pension Reserves Investment Management Board.

The firm targets investments primarily in late-stage clinical drug development companies in the U.S. and Europe.

MassPRIM committed $35 million to Sofinnova Venture Partners IX. The Illinois Teachers’ Retirement System also reportedly approved a commitment of $50 million to the fund in June, according to Pensions & Investments.

Sofinnova closed its eighth fund in 2011 on $440 million. Fund VII closed on $375 million in 2006.

Fund VII was generating a 1.65x multiple and a 16.9 percent internal rate of return as of March 31, 2014, according to information from the Oregon Public Employees Retirement Fund. Fund VIII was producing a 1.33x multiple, according to Oregon’s information, though the system did not provide an IRR.

Jennifer James, a spokesperson for Sofinnova, declined to comment.

In April, Sofinnova Ventures led a $57 million funding in UK- based biopharmaceutical company NuCana BioMed, which focuses on anti-cancer therapies.

Photo courtesy of Shutterstock.

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