About This Fund
Bpifrance InnoBio 2 is a €203 million corporate venture capital fund co-managed by Bpifrance Life Sciences Venture, the dedicated life sciences investment arm of Bpifrance, France's national public investment bank. The fund achieved its final close in 2020, following a first close at €135 million in 2019. InnoBio 2 is the second in a series of co-investment vehicles co-sponsored by Bpifrance and leading global pharmaceutical companies; its predecessor, InnoBio (2009, €173 million), established the model of pooling corporate venture commitments alongside public capital to de-risk early biotech innovation in France. The LP syndicate for InnoBio 2 includes Bpifrance, Sanofi, Boehringer Ingelheim, Takeda, Ipsen, Servier, Bristol-Myers Squibb, and the European Investment Fund.
InnoBio 2 focuses on companies in early clinical development or approaching clinical proof of concept, primarily at the Series A and Series B stages, with individual commitments up to €14 million per deal. The fund targets therapies in oncology, rare diseases, cardiovascular, diabetes, neurology and ophthalmology, and inflammatory and infectious disease indications. While France-centric, the fund can deploy up to 25% of its capital in other European biotech clusters. The corporate LP structure provides the dual benefit of patient capital plus direct access to commercial partners capable of in-licensing portfolio compounds, entering Phase III co-development agreements, or ultimately acquiring portfolio companies outright.
The InnoBio franchise has been a cornerstone of Bpifrance's life sciences venture strategy for more than a decade, financing dozens of French biotech and medtech innovators. Bpifrance Life Sciences Venture is led by Laurent Arthaud and has built the InnoBio platform into one of the most active corporate CVC programs in continental Europe. Bpifrance manages approximately €30 billion in private equity and venture assets overall, with direct investments in more than 200 life sciences companies. InnoBio 2's nine-member pharmaceutical LP syndicate distinguishes the fund from purely financial CVC vehicles, providing portfolio companies with accelerated pathways to licensing deals, Phase III partnerships, and strategic exits with established global pharma counterparts.