Donate to Science & Enterprise

S&E on Mastodon

S&E on LinkedIn

S&E on Flipboard

Please share Science & Enterprise

Irish Govt to Fund U.S. Life Sciences VC Presence in Ireland

Richard Bruton in Silicon Valley (Enterprise Ireland)

Richard Bruton in Silicon Valley (Enterprise Ireland)

The government of Ireland plans to invest $37.5 million in Sofinnova Ventures, a venture capital firm in Menlo Park, California that supports start-ups in the health care field, for the company to establish a presence in Ireland. Ireland’s Minister for Jobs, Enterprise and Innovation, Richard Bruton (pictured right) made the announcement today during a visit to California’s Silicon Valley.

Enterprise Ireland, that supports Irish companies in world markets, will supply $25 million of the investment. Ireland’s National Pensions Reserve Fund is expected to fund the remaining $12.5 million.

Sofinnova Ventures invests in new companies offering biopharmaceutical products, usually in clinical and late preclinical stages of development. The company says it looks to invest in spin-off or technology-based products with a strong research base that meet previously unmet medical needs.

In October 2011, Sofinnova announced its latest fund, Sofinnova Venture Partners VIII, that raised $440 million for life sciences investments. One company in the Sofinnova portfolio is Amarin Corporation in Dublin, a clinical stage company developing treatments for hypertriglyceridemia, a condition of elevated fats related to cholesterol in the blood.

“I am determined that, with implementation of good government policies, we will see further development of a dynamic venture capital industry in Ireland,” says Bruton. “In this way, high-growth Irish companies will have access to the funding they need and we can help achieve the levels of growth we so badly need.”

Read more: Venture Firm Raises $440 Million for Life Sciences

*     *     *

1 comment to Irish Govt to Fund U.S. Life Sciences VC Presence in Ireland