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Boehringer Ingelheim has committed to continue helping young companies grow by doubling the size of its venture fund to €250M, which will allow it to expand its focus.
Boehringer Ingelheim is a big pharma hoping to drive the development of new and effective medicines. Today, the company announced that it has more than doubled the size of its venture fund, Boehringer Ingelheim Venture Fund (BIVF), from €100M to €250M. The money will be invested in promising startups that focus on areas including regenerative medicine, infectious diseases, and digital health. The fund has also increased its presence in the US, with a second office to be opened this year and the hiring of new investment managers.
The extra money will allow the BIVF to expand its current portfolio of 21 biotechs, which focus on a variety of therapeutic areas of interest, particularly immuno-oncology. The fund already has a track record of guiding young biotechs to success, including Rigontec, which has entered the clinic with its RNA-based cancer therapy, and ViraTherapeutics, which develops oncolytic virus therapies and could be acquired by Boehringer Ingelheim if a Phase I trial is successful.
News of BIVF’s bumper fund is yet more good news for biotechs around Europe in recent weeks, following the announcements that Hadean Ventures has raised €100M and LSP closed the continent’s largest medtech fund worth €280M.
Image – Singkham / shutterstock.com
