Biotech and digital health: 150 million fund for EU start-ups

innovative drugs against tumours or for the central nervous system to robotics and digital health. The hunt is on in Europe for the most innovative start-ups, and two major players are in the running: the EIB, the European Investment Bank, and Angelini Ventures, Angelini Industries' corporate venture capital, which yesterday signed an agreement to co-finance European start-ups in the areas of biotechnology and digital health with 150 million euros. This is the first agreement that the EIB has signed with a corporate venture capital firm in Europe in the healthcare area and it envisages that Angelini Ventures and the EIB will each invest EUR 75 million over the next six years. The aim is to co-invest in a total of seven to ten European start-ups that develop innovative solutions particularly suited to market launch and then arrive at an exit with a return within 12 to 14 years. And this new alliance immediately produced an initial investment, namely that in the second round of funding in Adcytherix, a French biopharmaceutical company developing ADCs (Antibody-Drug Conjugates), innovative cancer drugs. These targeted therapies combine antibodies with next-generation cytotoxic agents to increase precision, reduce toxicity and address resistance to existing treatments. The first round, closed in October this year, was led by Bpifrance through its Large Venture and InnoBio investment strategies, and co-led by Kurma Partners, Andera Partners and Angelini Ventures.

"This important agreement with the EIB puts the commitment to innovation that our Group is pursuing through venture capital into a strategic European context. Having been chosen by an institution such as the EIB for an ambitious project, which aims to consolidate Europe's role in innovation in healthcare, is an opportunity to work towards the common goal of translating researchers' excellent ideas into products and services that can have a positive impact on people's lives and on the economic development of European countries," warns Sergio Marullo di Condojanni, CEO of Angelini Industries, an Italian multinational active in the healthcare, industrial technology and consumer goods sectors. Which through Angelini Ventures, founded in 2022 and endowed with €300 million by Angelini Industries, has already invested €125 million in 22 startups. "With initiatives such as this, we strengthen our continent's ability to drive technological innovation and generate concrete benefits for citizens, patients and businesses," added Gelsomina Vigliotti, EIB Vice-President, recalling how the initiative is part of the TechEu investment programme aims to invest 70 billion euros in equity, quasi-equity, loans and guarantees over the three-year period 2025-2027, with the goal of mobilising 250 billion euros of investment in the real economy.

But how will this instrument work? The EIB selected Angelini Ventures through a due diligence process that assessed technical, scientific and financial preparation requirements. And under the agreement, Angelini Ventures, acting on behalf of the EIB, will select the most promising and innovative European start-ups. These will be proposed by Angelini's corporate venture capital fund to the EIB, which will check their compliance with the criteria of the European strategic plan. In the event of a positive opinion from the EIB, co-financing will take place: for example, an investment totalling EUR 15m would involve EUR 7.5m from the EIB Group and the same amount from Angelini Ventures. The execution and management of the co-investments will be delegated to Angelini Ventures, which also plans to have its representatives on the boards of the newly financed companies.

"For us, this commitment is a strategic choice because this instrument gives us access to innovation in the world of healthcare," emphasises Paolo Di Giorgio, CEO of Angelini Ventures, for whom the agreement with the EIB "constitutes a key step in the process of strengthening our international presence and our global vision. It is an essential line of development for accelerating market access for talent and innovative projects, facilitating strategic collaborations in the healthcare field and offering scaling opportunities for investments and partners".