TVM closes life science fund

TVM, the German life science and IT venture firm, has closed its sixth fund on €240.3m.

Over 20 LPs have invested in TVM Life Science Venture VI, including European Investment Fund’s ERP-FIF Fund of funds (a cornerstone investor), AlpInvest, KfWBankengruppe, Skandia Liv Asset Management, Temasek Holdings, the Taiwanese government’s Development Fund, pharmaceutical services giant Quintiles Transnational, and US biotech companies Genzyme and Biogen Idec.

The fund will focus on early and late stage companies specialising in drug discovery and development in Europe and the US as the firm looks to increase its presence in the biotech industry on the other side of the Atlantic.

Two investments have already been made: the first in Newron Pharmaceuticals, an Italian late stage company, and elbion, a German company which has just raised €35m.