Malmö/Copenhagen-based life sciences VC firm Sound Bioventures has announced the first close of its inaugural fund at €110 million. The new fund is targeting European and US-based biotech companies that are working on medicines to treat orphan and rare diseases, and looking to invest at the “about-to-be clinical or clinical stage where the investment will result in a clinical readout” stage. Sound Bioventures expects to invest one third of the funds in Scandinavian companies, one third in US and UK-based companies, and one third in companies from across Europe.
Sound Bioventures’ founders Casper Breum (former Novo Nordisk, Lundbeck and Lundbeckfonden Ventures), Johan Kördel (former Pharmacia, Biovitrum and Lundbeckfonden Ventures), and Bibhash Mukhopadhyay (former Johnson&Johnson, Astra-Zeneca and NEA) have made some 30+ investments in clinical-stage companies working on rare/orphan disease treatments.
The fund is anchored by Novo Holdings, Saminvest, Vækstfonden, the European Investment Fund (EIF) via the European Guarantee Fund, and Ramsbury Invest as well as the founders' own personal capital.
While financing innovative companies is at the top of Sound Bioventures’ list of priorities, the firm is also aiming to leverage their own backgrounds to build companies as well as foster a deeper exchange of innovation, sector knowledge, and capital on both sides of the Atlantic.
"Our bridgehead in the US makes us different from many other European-based life science venture investors. Apart from giving us access to a high-quality deal flow from the US, it also positions us to bring relevant US-based investors into our European portfolio companies," commented Breum.
“In addition to making a profitable fund investment, we look forward to working with the very experienced transatlantic team to translate more Scandinavian innovation into companies with global footprint developing drugs for critical unmet medical needs,” commented Novo Seeds’ managing partner Søren Møller.
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