Sofinnova, With Offices In San Diego, Lands $650M For Biotech Investments

Biotech venture capital investor Sofinnova, which has offices in San Diego, announced that it has raised $650M in its newest fund, Sofinnova Venture Partners X. The firm said it closed the fund at its hard cap of $650M, after exceeding its initial funding target of $550M. Sofinnova says it invests in biotechnology companies that are developing drugs that address high unmet medical needs and improve the lives of patients. The new fund will invest primarily in mid and later stage investments, with a target of investments in 20-25 companies with an investment size of $15 to $35M per company.