Paris‑based Sofinnova Partners closed €650 million ($750 million) for its Capital XI fund to back preclinical biotech and a slice of medtech. The firm has already deployed capital into five portfolio companies, including radiopharmaceutical startup Actithera and Elevara Medicines, and continues to support spinouts and single‑asset plays. Sofinnova’s fundraising follows a broader late‑year rebound in life‑science fund formation. Investors cited Sofinnova’s track record and the enduring pharma appetite for M&A as drivers of oversubscribed LP interest. The new fund reinforces continued VC flow into early therapeutic platforms despite selective investor caution around “first‑in‑class” novelty.