Sofinnova Partners raises 650 million euros, or $750 million, for a new fund supporting life sciences companies, with most of the money going to biotech startups and some to medical device makers. The firm has already invested in five companies, including Actithera and Elevara Medicines.

New life sciences fund formation rebounded in the third quarter, with $6.1 billion raised between July and September, according to investment bank William Blair. Deerfield Management, Omega Funds, Atlas Venture, and Medicxi are among the firms that have closed new investment vehicles this year.

Sofinnova’s raise is part of over 1.2 billion euros in fundraising announced earlier this year. The firm, founded 55 years ago, has over 4 billion euros in assets under management and focuses on being the first investor in young life sciences companies and spinouts from larger pharmaceutical firms.

Sofinnova has made seven investments in young therapeutics makers this year, including Hemab Therapeutics, GlycoEra, and T-Therapeutics. The firm also introduced a new Europe-focused fund called Biovelocita II, supported by Amgen, Bristol Myers Squibb, and Pfizer Ventures.

Investors have shown hesitance towards funding “first-in-class opportunities” due to regulatory and political upheaval, including threats of tariffs on pharmaceuticals and leadership changes at the FDA. This has made it difficult for maturing companies in rare disease treatments to secure funding.

Read more at Yahoo Finance: Sofinnova Partners raises another $750M to back biotech, medtech startups