FRENCH FUND ANNOUNCES ITS ENTRY IN DANISH BIOTECH
Jun. 9, 2008 | Topic: FinanceThe billion requirements in Danish biotech are now assisted by a French venture fund which is turning towards the Nordic countries with a new fund of EUR 150 million.
The billion requirements in Danish biotech are now assisted by a French venture fund which is turning towards the Nordic countries with a new fund of EUR 150 million.
The French venture fund Edmond de Rotschild Investment Partners is starting to look for suitable Danish biotech investments as a consequent of the fact that the venture company has raised capital for a new fund of EUR 150 million in just four months, writes Børsen Business Daily.
It was recently estimated that Danish biotech companies require up to EUR 400 million in new capital within the next few years and therefore the interest is welcomed in Denmark. Among the companies are for example 7TM Pharma, Egalet, Symphogen, Astion Pharma, NS Gene, ACE Biosciences, Nuevolution, NatImmune, Liplasome and Sanos Biosciences.
"Many funds have been standing still in Denmark so taking that into account it is needed and good news. Moreover, it is a recognition of Denmark’s good position in European biotech,” says Søren Carlsen who is chairman of Danish Association of Biotechnology Industries and partner in Novo Ventures.
The fund’s name is Biodiscovery 3 and as its name indicates is the third in a number of venture capital funds. Until now, the French fund has concentrated its investments on the French and German speaking nations in Europe whereas the money flow to the northern European countries and Great Britain has been closed.
So far, the venture company knows too few people in Denmark and is therefore encouraging local venture firms and biotech managers to contact the French fund with possible investment ideas.