A minority equity interest in Sofinnova Partners, a European venture capital firm that invests in life sciences companies, is being acquired by Bloomberg Global Management Inc.
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According to a statement obtained by Bloomberg News, the alternative asset manager will commit up to 1 billion euros $1.04 billion in managed capital to Sofinnova's investment funds.
As part of the deal, Sofinnova will have access to Apollo's global investment platform, including the firm's expertise in credit, equity, real estate networks and capital markets.
Scott Kleinman, co-president of Apollo, believes that the firm will get a stronger foothold in life sciences.
Kleinman said in an interview that having the Sofinnova expertise to help us do better diligence is really powerful. He said there was potential for the two firms to develop products together.
Apollo has identified several areas, including financial technology and software, where it can find opportunities to partner with other funds. It invested last year in a Fintech specialist, Motive Partners, under a similar model.
In April, Carlyle Group Inc. said it would buy Abingworth, a life sciences investment firm, and EQT AB in November that it was buying LSP, a life sciences venture capital firm.
In an interview, Antoine Papiernik, chairman and managing partner of Sofinnova, said that everyone in the pharma industry, on one end, and the big asset managers, on the other end, want to massively increase their exposure to life sciences.
Neil Mehta, an Apollo partner and global head of strategy, will get a board seat at Sofinnova.
Sofinnova, founded in 1972, has offices in Paris, London and Milan. Sanofi SA acquired the company in 2020 and invested in Principia BioPharma Inc.
Papiernik said that the firm had been looking for a partner that could help it grow and add resources while still leaving it independent.
Triago advised Sofinnova on the deal, while Guggenheim Partners worked with Apollo.
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