Sofinnova raises $440M life sciences-only fund

Amid the doom and gloom of venture investing in biotech, Sofinnova Ventures said Monday that it has raised a $440 million life sciences-focused fund.
Sofinnova's eighth fund is aimed at late-stage companies — including those spun out of drug-development programs acquired by Menlo Park-based Sofinnova — so it won’t necessarily help cash-hungry startups or other young companies. Yet Sofinnova general partner Mike Powell said the cash is earmarked for life sciences companies only.
“It’s clinically later-stage assets, but we’re the Series A investor in 80 percent of companies,” Powell said.