expands its growth ecosystem by acquiring a minority stake in
pioneering life sciences venture capital firm and providing up to
€1 billion of capital commitments
Partners poised to accelerate growth with additional capital and
global strategic partner
Apollo (NYSE: APO) and Sofinnova Partners (“Sofinnova"), a
leading European life sciences venture capital firm based in Paris,
London, and Milan, today announced a long-term strategic and
financial partnership. Under the agreement, Apollo will take a
minority equity interest in Sofinnova and commit up to €1 billion
of managed capital to its investment funds. This strategic
partnership is poised to significantly accelerate Sofinnova’s
growth. For Apollo, the investment will meaningfully increase its
presence in life sciences and contribute to its growth ecosystem of
partners that bring specialized knowledge and networks to its
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Together, Sofinnova and Apollo will offer entrepreneurs a more
comprehensive range of capital solutions to help bring new
therapeutic and biotechnology-based solutions to the market. The
commitment to invest up to €1 billion in Sofinnova vehicles,
including future strategies the two firms may co-develop, will
support companies at the forefront of life sciences innovation.
Sofinnova will also gain access to Apollo’s global investment
platform spanning credit, equities, real estate and other asset
classes, as well as its far-reaching networks and capital markets
expertise. Sofinnova will continue to operate from its Paris
headquarters as an independent organization.
Sofinnova adds to Apollo’s ecosystem of investment managers
focused on deep tech, fintech, digital assets and other
specialized, higher growth categories where the firm does not have
a historic footprint. By bringing together the broader Apollo
platform with best-in-class partners, Apollo can maintain its
disciplined investment approach while leveraging new sector
expertise across its equity, hybrid and yield businesses, including
in accretive new product development.
Antoine Papiernik, Chairman and Managing Partner of Sofinnova
Partners, commented: “This strategic partnership will enable
Sofinnova to double down on what it does best: support innovation
and build companies through long-term relationships with visionary
entrepreneurs. We are poised to accelerate our strategy, solidify
our position as a leading global player, and enhance our product
offering to our investors – setting the stage for new levels of
growth and expansion.”
Mr. Papiernik noted that Sofinnova’s portfolio companies and the
entire life sciences ecosystem stand to benefit from the greater
scope and scale of capital solutions, deepened expertise and
broader international footprint this partnership will enable. “We
look forward to working with Apollo to build the next generation of
game-changing startups, while positively impacting the future
through investments in healthcare and sustainability,” he said.
Scott Kleinman, Co-President of Apollo, said, “The life
sciences industry continues to grow and innovate, creating
significant opportunities to fund and advance new therapeutics and
technologies in pursuit of better health outcomes. Today, Apollo
and its affiliates manage more than $5 billion across the
healthcare and life sciences industries, and we view this space as
a significant growth area for the firm. Sofinnova is a clear
partner of choice, with specialized knowledge and a vast industry
network that is accretive to our broader investing platform.
Together we can leverage our complementary strengths and cultures
to form a long-term, mutually beneficial relationship.”
The transaction is subject to customary closing conditions,
including prior authorization by the French Autorité des Marchés
Financiers, and is expected to close in the second half of 2022.
Upon close, Neil Mehta, Partner and Global Head of Strategy at
Apollo, will join Sofinnova’s Board of Directors.
Triago acted as a strategic advisor, and Dechert LLP as legal
advisor to Sofinnova. Paul, Weiss, Rifkind, Wharton & Garrison
LLP and Gide Loyrette Nouel are serving as legal counsel to Apollo,
and Guggenheim Partners as its financial advisor.
About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm in
life sciences, specializing in healthcare and sustainability. Based
in Paris, London and Milan, the firm brings together a team of
professionals from all over the world with strong scientific,
medical and business expertise. Sofinnova Partners is a hands-on
company builder across the entire value chain of life sciences
investments, from seed to later-stage. The firm actively partners
with ambitious entrepreneurs as a lead or cornerstone investor to
develop transformative innovations that have the potential to
positively impact our collective future.
Founded in 1972, Sofinnova Partners is a deeply established
venture capital firm in Europe, with 50 years of experience backing
over 500 companies and creating market leaders around the globe.
Today, Sofinnova Partners has over €2.5 billion under management.
For more information, please visit: sofinnovapartners.com.
Apollo is a high-growth, global alternative asset manager. In
our asset management business, we seek to provide our clients
excess return at every point along the risk-reward spectrum from
investment grade to private equity with a focus on three investing
strategies: yield, hybrid, and equity. For more than three decades,
our investing expertise across our fully integrated platform has
served the financial return needs of our clients and provided
businesses with innovative capital solutions for growth. Through
Athene, our retirement services business, we specialize in helping
clients achieve financial security by providing a suite of
retirement savings products and acting as a solutions provider to
institutions. Our patient, creative, and knowledgeable approach to
investing aligns our clients, businesses we invest in, our
employees, and the communities we impact, to expand opportunity and
achieve positive outcomes. As of March 31, 2022, Apollo had
approximately $513 billion of assets under management. To learn
more, please visit www.apollo.com.
version on businesswire.com: https://www.businesswire.com/news/home/20220516005254/en/
Bommy Lee Head of Communications Sofinnova Partners
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