By Gwendolyn Wu
Published October 6, 2026
In a move that promises to recalibrate the investment landscape for European life sciences, Forbion, the Netherlands-based venture capital powerhouse, announced on Tuesday that it has successfully secured €2.3 billion ($2.6 billion) across two new funds. The capital injection arrives at a critical juncture, serving as a rare beacon of optimism for a European biotech ecosystem that has struggled to keep pace with the aggressive growth seen in the United States and China.
The new capital—raised through Forbion Growth Opportunities IV and Forbion Ventures Fund VIII—marks the firm’s largest fundraising achievement to date. This infusion of “dry powder” is poised to support up to 30 emerging biotech companies, providing them with the runway necessary to navigate the high-risk, high-reward landscape of drug discovery and clinical development.
The Anatomy of the Deal: Expanding the Horizon
Forbion’s latest milestone reflects a strategic expansion of its influence in the pharmaceutical sector. With the addition of these funds, the firm now oversees a total of €7.5 billion in assets under management. The dual-fund structure is designed to address different stages of the corporate lifecycle: one fund targeting early-stage innovation and the other focused on growth-stage enterprises capable of scaling rapidly.
According to the firm, the fundraising effort surpassed initial projections, underscoring continued investor appetite for high-conviction life sciences assets despite a broader market volatility. The list of institutional backers is both diverse and formidable, featuring major Dutch pension managers MN and PGGM, the Kauffman Foundation, Germany’s KfW Capital, and the pharmaceutical giant Eli Lilly.
The firm has already begun to deploy capital, with recent investments in high-potential startups such as Sling Therapeutics, a firm focused on thyroid eye disease, and the oncology-focused Solstice Oncology. These selections are consistent with Forbion’s long-standing preference for companies developing transformative, late-stage, or high-potential early-stage assets.
A Legacy of Clinical and Commercial Success
Founded on the principle of bridging the gap between scientific breakthrough and patient access, Forbion has established itself as the preeminent life sciences investor in Europe. Since its inception, the firm has supported 142 distinct companies, facilitating the path to market for 21 medical products and therapies.
The firm’s track record is bolstered by a string of high-profile exits. In recent years, Forbion-backed ventures have become prime acquisition targets for Big Pharma. Notable successes include:
- Capstan Therapeutics: Acquired by AbbVie for its pioneering work in in-vivo cell therapy.
- Mariana Oncology: A radiopharmaceutical specialist snapped up by Novartis.
- Aiolos Bio: Acquired by GSK, centered on innovative asthma treatments.
- MapLight Therapeutics: Successfully executed an IPO, navigating a complex public market environment.
Data from BioPharma Dive indicates that Forbion has announced at least 55 investments since the beginning of 2022, cementing its status as one of the most prolific and active participants in the global biopharmaceutical venture market.
Chronology: The Evolution of a Biotech Titan
Forbion’s trajectory has been one of consistent, compounding growth.
- Early Years: The firm established its reputation by focusing on high-science, early-stage European ventures that were often overlooked by traditional venture capital.
- 2024 Inflection Point: A previous fundraising cycle yielded $2.2 billion, which served as a crucial buffer during a period of rising interest rates and tightening capital markets.
- 2026 Milestone: The $2.6 billion raise signifies not just an increase in capital, but a shift in the firm’s capacity to lead large-scale, late-stage financing rounds, potentially reducing the reliance of European companies on U.S.-based venture firms.
Official Perspectives: The "Dry Powder" Strategy
Sander Slootweg, co-founder and managing partner at Forbion, highlighted the strategic importance of this raise in a statement released on Tuesday.
"Our successful fundraising gives us significant dry powder in a market characterized by a general shortage of capital," Slootweg stated. By securing this liquidity, Forbion aims to protect its portfolio companies from the "valuation trap"—a situation where high-quality startups are forced to accept unfavorable terms or settle for lower valuations due to a lack of competing capital sources.
The institutional support from entities like Eli Lilly and various pension funds suggests that major market players are betting on a recovery in the European biotech space. These investors are not merely seeking financial returns; they are attempting to ensure the structural health of the European R&D ecosystem, which serves as a vital pipeline for global drug discovery.
The Broader Context: Alarm Bells in Europe
Despite the celebratory tone surrounding Forbion’s announcement, the backdrop of the European biotech industry remains sobering. The sector is currently grappling with a systemic decline in competitiveness that has caused significant friction between the industry and European regulators.
Last month, a collective of nine prominent board chairs of European biotech firms issued an open letter, sounding an urgent alarm. The group argued that European governments have historically viewed medical innovation as "a cost to suppress rather than one of the best investments a government can make."
The "Cost vs. Investment" Debate
The executives noted that Europe is steadily losing its grip on global pharmaceutical leadership. Key metrics identified in their critique include:
- Clinical Trial Decline: A measurable decrease in the number of early-to-mid-stage clinical trials conducted on European soil compared to historical benchmarks.
- R&D Flight: A shift in research and development operations toward China, where government support and regulatory agility have made the environment more attractive for rapid prototyping and drug validation.
- Capital Asymmetry: While the U.S. continues to dominate in terms of absolute venture dollars, European firms often find themselves with insufficient late-stage capital, forcing them to move their headquarters to the U.S. to access deeper funding pools (a phenomenon known as the "brain drain" of the biotech sector).
The nine executives did not mince words: "Europe’s alarm bells are ringing." Their plea for policy reform—ranging from tax incentives for R&D to more streamlined regulatory pathways—is a direct response to the reality that European biotech companies, despite possessing world-class scientific talent, are being outmaneuvered by better-funded international competitors.
Implications: Can Forbion Turn the Tide?
Forbion’s $2.6 billion represents a massive vote of confidence, but industry analysts caution that one firm, regardless of size, cannot single-handedly reverse a macro-economic trend. However, the firm’s ability to successfully pool capital from pension funds and pharmaceutical giants provides a blueprint for others to follow.
The implications of this fundraising are twofold:
- Retention: Forbion’s deep pockets may allow more European biotech firms to stay independent for longer, delaying or altogether avoiding the necessity of early-stage acquisition by American or Asian entities.
- Systemic Confidence: By demonstrating that large-scale institutional money can still be raised for European biotech, Forbion is providing a signal to the broader venture market that the region remains a viable place to deploy capital.
As the industry looks toward 2027, the focus will shift from the sheer volume of capital raised to the success of the companies within Forbion’s portfolio. The ultimate test will be whether these startups can overcome the regulatory and operational hurdles currently plaguing the European landscape to deliver the next generation of life-saving therapeutics.
Forbion has provided the fuel; the question now remains whether the European regulatory and political environment will provide the runway necessary for these companies to take flight.
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