Vesalius Biocapital, a Luxembourg-based life sciences venture capital investor, has announced the first close of its fourth fund, Vesalius Biocapital IV, securing more than €95 million ($103.7 million) of commitments.
The fund has attracted investors including the European Investment Fund (EIF). Starting immediately Vesalius Biocapital IV is to invest in first and best-in-class European life science companies in drug development and digital health. The goal is to build a portfolio of 10 to 15 companies.
Now in its 16th year, Vesalius Biocapital said it has a successful track record of backing innovative companies and has raised more than €270 million ($294.8 million) for its three previous funds. It has completed more than 30 investments with lead or co-lead positions and achieved numerous exits through trade sales and IPOs. These include: Forendo, acquired by Organon; Sword Health, sold to a group of private equity investors; Apitope, acquired by Chinese company Worg Pharma; and Ogeda, acquired by Astellas Pharma.
Stéphane Verdood, managing partner at Vesalius Biocapital IV, said: “Our successful track record placed us in a strong position to attract high quality investors such as the EIF to Vesalius Biocapital IV. Furthermore, it is fantastic validation of our investment approach and strategy that a significant number of investors in our previous funds are backing us in Vesalius Biocapital IV. This is an exciting time in healthcare; the industry is at a key inflection point between science, technology and medicine, and our investors support our strategy to invest in companies developing innovative first in class products and technologies.”
Marjut Falkstedt, chief executive officer at the European Investment Fund, added: “The development of new therapies and digital health solutions are revolutionizing the healthcare sector, but these innovations need targeted, dedicated investment. The EIF is glad to partner with Vesalius for its fourth fund, building on a strong track record in the sector, which also aims to channel investment towards underserved areas in the innovation landscape, particularly in southern Europe.”
Vesalius Biocapital IV is targeting €150 million ($163.7 million) and will accept new investors on a “rolling closing” basis until the final closing in 2024.