Biovance Capital Fund I receives investment from BIAL, an international pharmaceutical company based in Portugal.
This investment, along with others secured since the fund’s launch in 2024, elevates its total size to € 57 million.
Lisbon, Portugal – 25 June 2025 – Biovance Capital, Portugal’s leading life sciences venture capital firm, announced today that BIAL, the largest Portuguese pharmaceutical company, has invested in its biotech fund, Biovance Capital Fund I. This fund invests in disruptive drug development companies across Europe, with a special focus on Portugal and Southern Europe. The fund provides crucial capital and support for the development of novel transformational therapies addressing unmet medical needs across all disease areas, with ticket sizes ranging from € 1.5 to 6 million.
The fund launched in 2024 with a first close of € 51 million, and has subsequently received additional investment from private investors in Portugal and abroad. Together with BIAL’s investment, the fund’s size is now at € 57 million, rapidly approaching its maximum size of € 60 million. Other key investors in the fund include the European Investment Fund, the national promotional bank Banco Português de Fomento, and the European Commission, through the Portugal Tech and InvestEU programmes. Additional investors include Caixa Capital from Caixa Geral de Depósitos Group, Ageas Pensions, and other private investors.
BIAL is an R&D-driven pharmaceutical company that has developed two proprietary drugs for epilepsy and Parkinson’s disease, which are currently being commercialized worldwide. BIAL’s expertise and market position complement the fund’s investment strategy, bringing industry and scientific connections, technical expertise, and potential future acquisition opportunities for the fund’s portfolio companies.
“We welcome and are delighted to have BIAL as one of our key investors. Our partnership with BIAL brings valuable industry perspective while maintaining our investment process independent and confidential. This strategic investment represents a compelling validation of our investment strategy”, said Ricardo Perdigão Henriques, PhD, Managing Partner of Biovance Capital. “As a recognized global leader at the forefront of pharmaceutical innovation especially in neurosciences and rare diseases, BIAL’s investment strengthens our ability to attract both exceptional scientific founders and specialized institutional capital, creating a virtuous cycle that can ultimately accelerate the development of life-changing treatments for patients. We look forward to collaborating with BIAL in the many years to come.”
António Portela, CEO of BIAL, said: “Our investment in Biovance Capital Fund I represents a strategic commitment to expanding our innovation ecosystem beyond internal R&D. This partnership gives us valuable visibility into emerging therapeutic modalities and breakthrough platforms that complement our internal pipeline priorities, aligning with our strategic focus in neuroscience and rare diseases. While respecting the fund’s independence and confidentiality requirements, we gain early insights into broader scientific trends that inform our long-term strategic planning. We believe this balanced approach strengthens the entire biotech ecosystem in Europe by providing both capital and industry expertise to accelerate the development of transformative medicines for patients.”
About Biovance Capital
Biovance Capital is Portugal’s leading life sciences venture capital firm. The company manages Biovance Capital Fund I, a new venture capital fund with a total of € 57 million from the European Investment Fund, the national promotional bank Banco Português de Fomento, the European Commission through the Portugal Tech and InvestEU programmes, and private investors from Portugal and abroad. The fund invests in early-stage drug development companies across Europe, with a special focus on Southern Europe.
About BIAL
BIAL is a 100-year-old, innovation-driven pharmaceutical company dedicated to improving the health and lives of people worldwide. With a strong commitment to therapeutic innovation, BIAL has established an ambitious R&D programme, consistently investing over 20% of its annual revenue in this area. The company focuses on two key areas with high unmet medical need: neurosciences and rare diseases.
In Europe, BIAL operates manufacturing facilities and an R&D centre at its headquarters in Portugal, and maintains subsidiaries in Spain, Germany, the United Kingdom, Italy, and Switzerland. In addition, BIAL is present in the United States and selected emerging markets. As part of its international growth strategy, the company collaborates with established partners through strategic alliances and licensing agreements to expand access to its healthcare solutions.
Today, BIAL’s products are available in more than 50 countries, advancing its mission to make a meaningful difference in the lives of people living with severe illnesses.
For more information, please visit: www.bial.com
