Novo Ventures, the ventures arm of Novo Holdings, today announces its participation in the BioGeneration Ventures (BGV) oversubscribed fourth fund, ‘BGV IV’, which has closed at EUR 140M ($170 million).
As one of the most active biotech investors in US and Europe, Novo Ventures’ investment strategy is to identify and invest in life science companies developing innovative products with the potential to significantly advance patient care. This investment in BGV IV Fund enhances Novo Ventures’ reach into BGV’s home market, the Benelux, which is fast becoming one of the leading and most productive life sciences regions in Europe.
BGV, which is based in The Netherlands, aims to build new companies in Europe around either single asset or technology platforms, with the goal of creating transformational new medicines and also creating significant returns for its LPs. The BGV IV fund follows the same successful investment strategy as the firm’s three prior funds and the team has already made four new investments from BGV IV.
Commenting on the investment, Naveed Siddiqi, Senior Partner at Novo Ventures, said:
“Europe continues to be at the forefront of both life science innovation and investment, and Novo Ventures is proud to be one of the most active direct investors in European life sciences. This investment enables us to better access the high-quality science being discovered and developed particularly in the Benelux region, and it is a continuation of our strategy to selectively enhance our reach in life science hotspots around the world through collaborative relationships. We have been impressed with BGV’s strong track record in company creation and efforts to promote pioneering science and entrepreneurs. Our international investment team’s long and diverse experience and deep capital pool enables us to support companies through to key value inflection points. We are excited to have close access into this ecosystem and look forward to working alongside BGV’s talented team in backing the next generation of entrepreneurs and innovation.”
Edward van Wezel, BGV’s Managing Partner, added:
“We are very pleased to welcome Novo Holdings as an investor to our new fund. As one of the largest investors in life sciences globally, the Novo Ventures team shares our passion and focus to support world-class science and management teams. Progressing early-stage projects from discovery to clinical proof-of-concept requires a breadth of experience that founding teams often do not have from the outset. This is where the BGV team’s collective experience is a key differentiator, with their extensive network and experience spanning investment, life sciences, business development and commercial operations. With this closing at €140 million, we are well positioned to support our portfolio companies with both increased financial capacity and our strong, expanding international network.”
To date, BGV’s portfolio successes include Acerta Pharma, which was acquired by AstraZeneca for up to USD 7bn and whose lead product, Calquence®, is now approved and marketed in the US, and Staten Biotechnology, which signed a EUR 430M exclusive option deal with Novo Nordisk. Other companies in the current BGV portfolio include NorthSea Therapeutics, Azafaros, Varmx, and Confo Therapeutics.
Novo Holdings has participated in BGV IV alongside institutional investors Schroder Adveq, Industriens Pension, KfW Capital and the European Investment Fund (with the support of the European Commission’s Investment Plan for Europe and of the Netherlands National Promotional Institution Invest-NL), and global pharma companies, Bristol Myers Squibb and Eli Lilly.
About BioGeneration Ventures (BGV)
BioGeneration Ventures (BGV) is a venture capital company, with a focus on early stage European biotech companies. The Company has a strong track record of significant financial returns through investing in innovations in healthcare and providing the expertise to build world-class teams. The Company manages over €250 million ($300 million) of funds investing in areas where true scientific innovations, the unmet medical need, and the potential to demonstrate a significant proof of concept all come together.
BGV strives to work with founding teams to mature science and build companies. The Company uses its experience to guide progress into clinical trials, ultimately leading to successful drug development and value realisation for its investors. BGV applies its expertise in a rigorous process to select the most compelling opportunities with the best prospects for exit.