Ahead of the 8th Global Alternative Investment Conference (GAIC) in Seoul on May 21, BCC Global Media sat down with Dr. Kinam Hong, Partner at Sofinnova Partners, one of Europe’s leading biotechnology, healthcare, and sustainability-focused investment firms.
Founded in 1972, Sofinnova Partners is regarded as one of the largest and most established life sciences investment firms in Europe, managing approximately USD 5 billion in assets under management (AUM) — roughly KRW 5.8 trillion. Headquartered in Paris, with offices in London and Milan, the firm invests across biotechnology, healthcare, medical devices, and digital health throughout Europe and the United States, and has backed more than 500 companies globally. Sofinnova is particularly well known for its ability to invest across both early-stage venture and later-stage crossover opportunities, making it one of the most influential healthcare-focused investors in the global biotech ecosystem.
Dr. Hong noted during the interview that artificial intelligence could fundamentally reshape the structure of biotechnology investing, while also expressing strong interest in Korea and the broader Asian market.
Dr. Hong leads Sofinnova’s crossover investment strategy and joined the firm in 2017. Prior to Sofinnova, he co-managed the Exane Equinox Fund, a global healthcare investment fund focused on later-stage biotechnology companies. Before that, he worked as a biotechnology analyst and investor at Citigroup, specializing in small- and mid-cap biotech companies.
Before entering the investment industry, he held roles in product development, business development, and strategic marketing at global pharmaceutical company Sanofi. His experience included infectious disease and oncology licensing transactions, as well as China-related strategic initiatives.
A physician-scientist by training, Dr. Hong studied molecular biology, biochemistry, and medicine at the University of Florida. He later earned an MBA from INSEAD, in Paris, and obtained the CFA designation from the CFA Institute, building expertise that bridges medicine and finance. Today, he is regarded as one of the leading crossover investors in the global biotechnology and healthcare investment industry. His background reflects Sofinnova’s approach of combining scientific expertise with financial discipline.
The following is an edited excerpt from the interview with Dr. Kinam Hong.
— Global investors are increasingly paying attention to the convergence of AI and biotechnology. How significant could AI become for biotech investing over the next decade?
▲ AI has the potential to fundamentally transform biotechnology investing. Traditionally, biotech has been viewed as a high-risk sector because of scientific uncertainty and the complexity of clinical development. But as AI becomes more deeply integrated into solving biological problems, it could significantly reduce scientific risk itself.
Sofinnova is already actively incorporating AI into its investment strategy. Over time, investors may begin viewing biotechnology through an entirely different lens. The opportunity extends beyond financial returns — there is also substantial potential for patient impact, social value creation, and long-term innovation.
— Sofinnova Partners is often described as one of Europe’s leading biotech investment firms. How would you describe the firm’s investment philosophy today?
▲ Sofinnova was founded in 1972 and has more than five decades of history in healthcare investing. Historically, the firm focused heavily on early-stage biotechnology investing, which naturally involved significant scientific risk.
Over the past decade, the firm has expanded to include its crossover strategy, focusing on later-stage companies where research and development is already substantially advanced. In these situations, the focus shifts away from pure scientific risk toward execution and operational risk management.
In many ways, the crossover strategy sits between traditional venture capital and private equity — combining PE-style risk management with VC-style growth potential. Across all of Sofinnova’s investment strategies, the approach is consistent: combining deep scientific analysis with active, hands-on company building.
— Sofinnova appears to be expanding its focus toward Asia. How do you view the Korean market specifically?
▲ Historically, approximately 70% to 80% of the firm’s investments were concentrated in Europe, with most of the remainder in the United States. More recently, however, Sofinnova has been actively evaluating opportunities across Asia, including China and Korea.
China has already built a highly developed biotechnology ecosystem. Korea, meanwhile, presents a different type of opportunity — strong innovation capabilities combined with an ecosystem that is still evolving. In many ways, that creates significant upside potential.
Korea has talented scientists, advanced manufacturing infrastructure, and increasingly competitive healthcare companies. Over time, Korea could become one of the most important markets in Sofinnova’s broader Asia strategy.
— What areas within healthcare and biotechnology are currently the most attractive from an investment perspective?
▲ The primary focus today remains therapeutics-driven biotechnology companies. That includes firms developing innovative drugs, medical devices, and treatment solutions.
Healthcare continues to benefit from powerful long-term structural growth drivers. Aging populations are increasing medical demand globally, while the importance of healthcare innovation continues to rise.
This is not a short-term trend or speculative bubble. It is fundamentally a long-duration structural growth story.
— Could AI ultimately change the return structure of biotech investing itself?
▲ Traditionally, Sofinnova’s growth fund targets returns of three to five times over a three- to five-year period. But if AI becomes deeply integrated into research, operations, and eventually biology itself, development timelines and cost of R&D could decrease dramatically.
The key issue is not simply cost reduction or operational efficiency. If AI can improve the probability of scientific success, then the economics of biotech investing itself could change significantly.
Over the next decade, it may become possible to achieve substantially higher returns within much shorter investment periods than today.
— Finally, what differentiates Sofinnova from many other healthcare-focused investment firms globally?
▲ One of Sofinnova’s key differentiators is that the firm is not simply as a financial investor, but also as a long-term strategic partner to entrepreneurs. The approach goes beyond capital deployment and exit timing; the firm actively participates in company building, strategic planning, and long-term value creation.
Delivering strong returns for LPs is obviously critical. But ultimately, the larger mission is helping innovative companies develop technologies and therapies that can improve — and in many cases save — human lives.
That long-term mindset, combined with deep scientific expertise and active engagement, remains deeply embedded in Sofinnova’s DNA.