| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Innovation Last Updated: Mar 15, 2012 - 10:11 AM


Bruton says Enterprise Ireland/ National Pensions Reserve Fund to invest $37.5m in US Sofinnova Ventures funds
By Finfacts Team
Mar 15, 2012 - 10:03 AM

Email this article
 Printer friendly page

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD today made an an announcement on a $37.5m investment under the Innovation Fund Ireland programme in Sofinnova Ventures. Sofinnova Ventures is said to be "one of the premier US healthcare venture capital funds, recently raising their eighth fund, a $440M vehicle focused solely on life sciences," and the fund will be establishing a presence in the Irish Market. Enterprise Ireland has committed $25 million to the Fund, alongside a commitment of $12.5 million by the National Pensions Reserve Fund.

It appears that the US venture capital firm is being paid to open an office in Dublin. 

Making the announcement in Bruton said:  “Developing a dynamic venture capital industry in Ireland is a key part of this Government’s growth strategy. Venture capital funds provide crucial funding, as well as mentoring and advice, to early-stage high-potential companies in key high-growth sectors. That is why the Programme for Government outlines the Government’s determination to support the development of a more dynamic venture capital industry in Ireland by seeking to attract top tier venture capitalists to invest in Ireland, and why the Action Plan for Jobs commits to delivering a number of key measures to step up our performance in this area”. 

“Healthcare and life sciences is a sector which the Government has identified as having potential for high levels of employment growth, and today's announcement will mean that more high-growth Irish companies can meet this leading life sciences fund. 

"I am determined that, with implementation of good Government policies, we will see further development of a dynamic venture capital industry in Ireland. 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". 


"I look forward to welcoming the Sofinnova team to Ireland and connecting them with the best life sciences companies in Ireland.” 

Mike Powell, General Partner of Sofinnova said,
“We are pleased to welcome Enterprise Ireland and the National Pensions Reserve Board as Limited Partners to our next fund, and they nicely complement the global and strong investor base we have in Sofinnova Ventures VIII.  Ireland has produced several outstanding life science companies, including the Sofinnova portfolio company, Amarin Corporation. We look forward to continuing to build industry leading companies for our investors.”

Check out our new subscription service, Finfacts Premium , at a low annual charge of €25 - - if you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to support the service.

It's a simple fact that in the prevailing economic climate, the provision of high quality content cannot be sustained through advertising alone. 

Business executives who put a premium on time and value high quality information, should use our service.

Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

Innovation
Latest Headlines
Google paid little corporate tax in Ireland and UK in 2013
Facebook surges on mobile ad revenues; Irish services exports to rise
Microsoft said Tuesday that its quarterly profit fell 7.1%
Many high growth firms either fail or fade - Part 1
Apple iPhone sales rise with China's help but iPad sales dip
Switzerland, the UK and Sweden top Global Innovation Index 2014
Google's second quarter revenue growth beat market estimates
Almost three quarters of US STEM graduates do not work in STEM occupations
Microsoft to cut 18,000 jobs in next 12 months with 12,500 from ex-Nokia unit
Irish Software Industry Report: Plea for public help but nobody wants to pay
Shire recommends £31.4bn takeover bid - "Irish" drugs firm run from Boston, listed in London
Google Ventures opens European unit to invest in startups
Germany's lessons in football and business
Top 1% of entrepreneurial firms in 10 countries account for 40% of job creation among startups
World’s 14bn online electronic devices waste US$80bn each year
The innovation slowdown at the US tech giants
The boot camp helping Swiss startups break into the US
Irish Digital Technology Index 2014: Superlatives a plenty but...
High-growth UK startups 'debt-shy'; Micro tech firms that do not grow get funding
Europe Entrepreneurship: Micro firms up 370,000 in 2008-2013; No growth in other firm numbers
The Uber app economy and disruptive innovation - Part 4
Half trillion dollars cash offshore as 14 US tech & pharma groups cut foreign tax rate to 10%
European Commission set to open probe of Apple's Irish tax breaks
Entrepreneurship: Are clusters within city-regions needed for innovation?
Killer robots: Coming soon to a battlefield near you?
London's Silicon Roundabout area top location for startups in UK
Slash & burn owner of Bausch + Lomb seeks jobs and pay cuts at Irish plant
Innovation: Today's scheme is a €500,000 startup fund for graduates
Apple agrees to buy Irish tax-linked Beats for $3bn
Innovation Ireland: Knowledge Transfer Ireland. service launched
SAP, Ericsson and Wipro to create almost 500 jobs in Ireland
Struggling Hewlett-Packard to cut up to 16,000 more jobs
Cloud computing hype being challenged by fog
Startups plunge as small number of big firms dominate key global business sectors
Graphene: Discovered in UK - commercialisation gains maybe elsewhere
Ireland: Why not a prize for failed entrepreneur of the year? - Part 3
Corporate Tax: Apple, Google, Dr Dre & Ireland's continuing stateless companies
Carbon trade criticised for inefficiency
Up to 90% of US high tech startups fail; System of failure by design? - Part 2
China's bumpy road to a world-class knowledge economy