VCs sell Fovea

Fovea Pharmaceuticals, a French research and development biopharmaceutical company focused on ocular diseases, has been sold by its venture capital backers.

French VC Sofinnova Partners, alongside UK life sciences firm Abingworth, the Wellcome Trust, GIMV, Forbion Capital Partners and Crédit Agricole Private Equity, have all sold their stakes to pharmaceutical giant Sanofi-Aventis in a €370m deal.

It raised €20.5m of venture capital money in November the same year in a series A round led by Sofinnova, before raising a €30m series B round in December 2007 led by Forbion, the former ABN AMRO Capital Life Sciences team.