ABN AMRO spins out life sciences group

ABN AMRO Capital has spun out its life sciences venture arm, which operates a €200m life sciences fund, focused on the US and Europe.

ABN AMRO Capital has spun out its life sciences venture arm to form an independent venture capital group, Forbion Capital Partners.

The team is headed by managing partner Bart Bergstein, who was previously executive director at ABN AMRO Capital.

Forbion raised a €200 million ($260 million) fund with ABN AMRO and Coller Capital, an investor in private equity secondaries, as founding investors. ABN AMRO has a 25 percent shareholding in the fund, while Coller Capital has underwritten the remainder.

The fund, which incorporates the existing life sciences portfolio of ABN AMRO Capital valued at €90 million, has substantial capacity for investments, in addition to follow-on capabilities for existing investments, ABN AMRO said in a statement.

Forbion is made up of the original ABN AMRO Capital Life Sciences team.

In November ABN AMRO Capital Life Sciences participated in a $25 million Series B financing of Pathway Medical, a manufacturer of medical devices for arterial disease treatment.

In October the team invested €4 million investment in Cytheris a biopharmaceutical company focused on immuno-modulation. The cash is being used to complete Phase II trials of the firm’s IL-7 HIV programme as well as the pre-clinical development of a new drug candidate.