BioGeneration Ventures closes $95m medtech fund

BioGeneration Ventures said today its BGV III fund raised $95.4 million (EU €82 million) in its final closing, looking to focus on therapeutics, medical devices and diagnostics within the European Union. Investors joining the funding, which surpassed its $58.3 million (EU €50 million) including Bristol-Myers Squibb, Johnson & Johnson Innovation, the incubation arm of healthcare giant Johnson & Johnson (NYSE:JNJ), and private equity investors Schroder Adveq and the MAN Pension Trust, BGV 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,” BGV managing partner Edward van Wezel said in a prepared statement. The fund has already made five investments in related companies including German immuno-oncology group Catalym, and Dutch companies Escalier Biosciences, Scenic Biotech, Varmx and Mellon Medical. “Bristol-Myers Squibb recognizes 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 delive...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News biogenerationventures Source Type: news