BORNHEIM, Germany ¿ Techno Venture Management, of Munich, Germany, closed its V Life Science Ventures fund at EUR336 million, (US$151.8 million), significantly above the original EUR250 million target.
From this fund, TVM plans to make investments throughout Europe, with a focus on Germany, Switzerland, Austria and the United Kingdom, as well as in the United States.
The fund has a major focus on platform technologies that enhance drug discovery, integrated drug discovery, drug delivery and drug development companies, TVM said. The fund is primarily planned for early stage investments. TVM considers late-stage deals selectively, and its investment activity is expected to support further creation and growth of transatlantic businesses.
Economic downturn, a general slowdown in the venture capital markets, collapsing public markets, and finally the terrorist attacks and the resulting political uncertainties were extremely challenging for fund raising in 2001, TVM said.
¿We are all very proud that we have been able to raise [the new TVM V Life Science Ventures] fund in a challenging environment,¿ Helmut Sch|hsler, managing partner of TVM¿s life science activities, said in a prepared statement.
¿We believe that life science investing will continue to be very profitable for investors who have a strong franchise in the sector, a deep understanding of the industry, patience and a clear commitment to creating value for shareholders,¿ he added.
TVM funds have made investments into more than 190 companies in eight countries, more than 40 of which have gone public on Nasdaq, Germany¿s Neuer Markt and all other major European stock cxchanges, TVM said. Initial public offerings in the TVM Portfolio include Qiagen BV, of Venlo, The Netherlands; Actelion Ltd., of Allschwil, Switzerland; the Martinsried, Germany-based companies GPC Biotech AG and MediGene AG; Pain Therapeutics Inc., of South San Francisco; and Evotec BioSystems AG, of Hamburg.