€70m fund for EU biotechs
20.09.2012 - The European VC firm Wellington Partners has announced the first closing of a fund exclusively dedicated to investments in EU life sciences companies.
Money for life science companies is coming back to Europe. After Edmond de Rothschild Investment Partners scored €125m for its fourth life sciences fund and Index Ventures announced to put €150m into life sciences companies, now, Wellington Partners (London, Zurich, Munich) has attracted commitments of over €70m for its new Wellington Partners IV Life Science Fund. With a target size of €120m, the venture capitalists expect it to be significantly larger than the previous Wellington Partners III Life Science Fund, which raised €78m. Investments will focus on European companies developing innovative medical devices, diagostics and biotechnology.
According to Wellington’s investment team, the new fund attracted investors from Germany, Switzerland, Austria, Benelux, France, the UK, the US and the Middle East, among them the European Investment Fund (EIF), LfA Förderbank Bayern, Austria Wirtschaftsservice GmbH and certain large family offices.
Dr. Rainer Strohmenger, General Partner at Wellington Partners, said that the closing was a "big success in a challenging financial environment". For investors who are willing to act anti-cyclically, the sector would „provide the opportunity to generate outstanding returns.“
Wellington Partners’ portfolio already comprises some successful European life sciences players, amongst them Swiss Actelion or German mtm laboratories, which was swallowed by Roche last year for up to €190m. Other players include: Cancer vaccine developer immatics, medtech company Invendo Medical, diagnostics specialist Oxford Immunotec, and heart valve developer Symetis.