BioWorld International Correspondent

MUNICH, Germany - Global Life Science Ventures GmbH raised €143 million for a new fund that will invest in private biotechnology companies in Europe and the U.S.

In a difficult market, GLSV secured investments from both institutional sources, such as banks and insurance companies, and wealthy individuals. It is Munich-based GLSV's second fund.

Hanns-Peter Wiese, a partner in the company's Munich office, told BioWorld International that all seven of the investors from the first fund committed new money to the second, and that nine additional investors chose to join them.

"Given the success of the first fund, we have not made major changes in strategy," Wiese said. "The only thing that is new is our organic growth. We have established sister offices in Switzerland and in the UK, built around existing partners who had previously been commuting to the Munich office."

GLSV has invested in companies such as Apovia AG, of Martinsried; Artemis Pharmaceuticals GmbH, of Cologne; Exelixis Pharmaceuticals Inc., of San Diego; and MBT Munich Biotechnology GmbH, also of Martinsried.

In making new investments, Wiese said that GLSV would be looking for companies that had "a leading edge in science or technology, global markets, the ability to meet medical needs, a good basis for intellectual property protection, and, of course, management, management, management."

He added that GLSV would also "continue to pay great attention to the selection of syndicate partners. We intend to continue investing with the who's who of the industry."

The fund will be based on a 10-year commitment. Geography will play a very limited role in investment selection, Wiese said. "This is important in the sense that we will only lead deals in our home patch. Expanding our ability to be close to firms is a key reason for building our presence in Europe."