After decades in biotech, Gimv draws a line under new life sciences deals

“Gimv will not be making any further new investments in the Life Sciences platform,” the company said in its statement. The decision comes after 45 years of involvement in the European life sciences ecosystem, a period marked by the creation, scaling and exit of numerous biotech companies. The timing raised eyebrows across the sector. Just days earlier, Gimv had taken a leading role in a €51m financing round for Exciva, a German biotech developing a therapy for agitation in Alzheimer’s disease.

One possible explanation lies in the structural differences between life sciences venture capital and Gimv’s broader private equity model. Biotech development typically involves long timelines, higher uncertainty and the need for sizeable portfolios to balance risk, while private equity strategies tend to favour predictability, operational leverage and faster value creation. For a listed investment company, such differences can weigh on focus, efficiency and how the portfolio is perceived by the market, making a strategic refocus a pragmatic choice rather than a verdict on performance.

Whether this move is a sudden strategic pivot or the outcome of a long-running internal debate remains open. Over the past decade, however, Gimv has gradually narrowed its venture capital exposure, first integrating life sciences into its healthcare activities and later spinning it out as a standalone platform. This suggests the decision may have been taking shape for some time.

A portfolio that remains alive

Despite the halt to new deals, Gimv is not exiting life sciences overnight. Its existing portfolio, “11 companies representing around 5% of total portfolio value,” according to the firm, will remain under active management. Gimv said it will continue working with portfolio companies and co-investors “with a view to further maximising value.”

Beyond Exciva, the life science portfolio includes companies developing inhaled therapies for respiratory disease (Kinaset Therapeutics), fibrosis treatments (Mediar Therapeutics), immuno-oncology approaches (Topas Therapeutics), remote sleep diagnostics (Onera), implantable monitoring systems for heart failure (FIRE1) or antibody-drug conjugates (Kivu Bioscience).

Recent financings underline that these assets are not legacy holdings in decline. In January 2026, portfolio companies have closed funding rounds (e.g. Kinaset Therapeutics closing of a $103 million Series B financing), advanced clinical programs (e.g. Mediar Therapeutics announcing clinical advancement of first-in-class first-in-class fibrosis therapies) or secured regulatory momentum (e.g. FDA fast track designation for Complement Therapeutics), suggesting that value creation is ongoing even as the platform stops expanding.

From life sciences to healthcare, and beyond

Gimv’s leadership argues that the shift is not a withdrawal from health-related innovation. Healthcare remains one of the firm’s core platforms, albeit with a broader definition that places less emphasis on drug development and more on scalable, technology-enabled services and solutions.

From this move, it appears that Gimv sees strong growth potential in sectors shaped by digitalisation, including smart manufacturing, sustainable urban infrastructure and consumer-facing platforms. According to the firm, these areas offer clearer paths to scale and value creation under current market conditions.

As part of the transition, “the composition of the executive committee of Gimv will be reviewed accordingly [and] Gimv will initiate conversations with the members of the Life Sciences team“, the company said in the press release. Those conversations are likely to be closely watched, given the expertise built up over decades.

An unexpected signal to the market

For Europe’s life sciences community, the announcement sends a mixed signal. On one hand, Gimv remains committed to nurturing its existing companies to maturity or exit. On the other hand, the loss of a long-standing, locally rooted investor reduces the pool of experienced capital at a time when fundraising is already challenging.

Gimv will provide more details when it publishes results for its shortened 2025 financial year in February. Until then, the message is clear: life sciences have delivered successes for Gimv, but the firm now believes its future growth lies elsewhere.