Spero strikes $125M royalty deal for cUTI drug; French firm launches $100M early biotech fund

French investment firm Advent France Biotechnology (AFB) announced today the first closing of its second fund for a total of $102 million.

Investors and participants in AFB’s fund included the European Investment Fund (EIF) and the Fonds national d’amorçage 2 (the French Seed Fund 2), which is managed on behalf of the French State by Bpifrance. Other participants included corporate venture funds such as Boehringer Ingelheim’s venture fund.

This new fund will be dedicated to early-stage investments in European life sciences companies with a focus on France.

AFB will continue to work closely with European research institutions and with European venture capital partners to select and back entrepreneurs and early-stage companies with the potential to deliver first- or best-in-class therapeutics, the company said in a prepared statement.

The fund plans to select and finance two startups before the end of this year.

“We firmly believe that…
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