Forbion

What they fund

• Pre-clinical to Early Clinical — Forbion Ventures builds and supports pre-clinical and early clinical companies in the Human Health sector [1].
• Clinical Stage Growth — Forbion Growth provides capital for clinical-stage drug development, primarily as private growth capital, and selectively as crossover and public investments [1].
• BioEconomy Series A+ — Forbion BioEconomy targets innovative companies across Food, Agriculture, Materials, and Environmental Technologies, typically in Series A+ rounds [1].
• Company Formation — Forbion runs a joint venture with BioGeneration Ventures (BGV) for pre-creation and pre-seed company creation, scaling from the ground up [1].

Investment thesis

Forbion is a global venture capital firm dedicated to advancing groundbreaking biotech innovations and sustainable solutions that improve the health of people and our planet [1]. The firm operates across a multi-stage platform, targeting both Human Health and Planetary Health (BioEconomy) sectors [1]. Forbion Ventures builds and supports pre-clinical and early clinical companies, while Forbion Growth provides private growth capital for clinical-stage drug development [1]. The firm integrates ESG principles into its investments, focusing on patient impact, societal benefits, and sustainability to achieve positive change [1].

Credibility: Homepage [1] and Tracxn profile [2].

Value add

Forbion provides company building and support for breakthrough innovations, leveraging a team of over 50 people across three offices [1]. The firm integrates ESG principles into its investments, focusing on patient impact and societal benefits [1].

Fit verdict: Forbion is a strong fit for biotech founders seeking patient-centric, ESG-aligned capital across the entire lifecycle, from pre-seed formation to clinical growth.

Founder diligence script:

• How does Forbion's ESG integration specifically impact board reporting and milestone tracking for clinical-stage companies?
• What is the typical follow-on posture and reserve deployment timeline for Forbion Growth in Series B/C rounds?
• How does the joint venture with BioGeneration Ventures (BGV) facilitate early-stage company formation and IP transfer?
• What specific value-add services does Forbion provide to portfolio companies in the BioEconomy sector to scale commercial operations?
• How does Forbion coordinate co-investments with partners like RA Capital Management to ensure alignment on governance?

Portfolio focus

• Human Health — Early-stage gene therapy and rare diseases (Azafaros, VectorY), and clinical-stage therapeutics (Expedition Therapeutics, Replimune) [1].
• Planetary Health — Innovative biotechnology companies leveraging biotech to clean and feed the planet across Food, Agriculture, Materials, and Environmental Technologies (Genomines) [1].
• BioEconomy — Companies focused on sustainable solutions, including plant-based metal farming and climate-resilient crops (Tropic Biosciences) [2].
• Notable Exits — A portfolio that has seen 17 IPOs and 35 acquisitions, including key companies like argenx, Abiomed, and Bluebird Bio [2].

Notable investments & exits

• argenx — An IPO that occurred in March 2022, with the company achieving a market cap of over €1B [2].
• Abiomed — Acquired by Johnson & Johnson in 2022 for approximately $16.6 billion [2].
• Bluebird Bio — Acquired by Gilead Sciences in 2023 for approximately $11.2 billion [2].
• HOOKIPA Pharma — An IPO that occurred in December 2023, with the company trading on the NASDAQ [2].

Strategic implications

Forbion's multi-stage platform allows it to capture value across the entire biotech lifecycle, from pre-seed formation to clinical growth and exits. This reduces dependency on any single market cycle and provides a steady pipeline of deals. The firm's strong focus on ESG and patient impact aligns with growing investor demand for sustainable and socially responsible investments, potentially attracting LPs and portfolio companies that prioritize these values. The firm's active co-investment with partners like RA Capital Management suggests a collaborative approach to deal sourcing and governance, which can enhance deal quality and reduce risk.

Where they could go further

Forbion could expand its BioEconomy focus to include more companies in the Environmental Technologies sector, which is currently underrepresented in its portfolio. The firm could enhance its value-add by providing more structured support for commercialization and market access for clinical-stage companies, particularly in the US and Europe. Forbion could improve its transparency by publishing more detailed ESG impact reports for its portfolio companies, which would strengthen its brand as a responsible investor. The firm could explore more co-investment opportunities with non-traditional LPs, such as family offices and sovereign wealth funds, to diversify its capital base.