Techno Venture Management (TVM) has overcome difficult fund raising circumstances to raise EURO336 million for its TVM V Life Science Ventures fund, some EURO86 million above its initial target. The investor, based in Germany and the US, held an initial closing in May when it announced that it had raised EURO70 million.
This fund is TVM’s first to be devoted exclusively to life science investments, as opposed to previous funds that also invested in information and communications technology. Dr Helmut Schuhsler, managing partner of TVMs life science activities, said: “We believe that life science investing will continue to be very profitable for investors who have a strong franchise in the sector, a deep understanding of the industry, patience and a clear commitment to creating value for shareholders. Successful biotech companies are not built overnight, but will in the future require strong industrial and financial partnerships, a focus on external growth and a clear route to building sustainable businesses.”
The fund will invest in Germany, the US, Switzerland, Austria, and the UK. It will invest mainly in early stage companies in sectors such as drug discovery enhancing platform technologies, integrated drug discovery, drug delivery and drug development. The fund has already made several commitments including Axxima Pharmaceuticals (Germany), DeveloGen (Germany), Genicon Sciences (US), Jerini (Germany), Merix Bioscience (US and Germany), Novirio Pharmaceuticals (US, France and Italy) and Precision Therapeutics (US).