How a Sofinnova Partner's thesis became a $165M biotech

Not every company begins with an inbound pitch from a founder. Some begin with a question we have been mulling for years and the decision to not wait for someone else to answer it. Bionyra is the perfect example of this.

Anta Gkelou, a partner in our early-stage fund, Sofinnova Capital, had been thinking about chronic conditions like inflammatory bowel disease (IBD) and Atopic dermatitis (AD) and was convinced there had to be a better way to manage these diseases. She finally found the answer, with the right assets, the right leader and the right strategy all coming together.

Anta Gkelou joined Sofinnova Partners in 2017 with a scientific background and an appetite for meaningful, beneficial work. She did not fully anticipate landing at a firm where her perspective counted from the start. That culture of genuine empowerment gave her the space to develop a serious and independent view of where medicine was falling short.

Immune-mediated inflammatory diseases became one of those areas. Treatments for conditions like IBD and atopic dermatitis have improved considerably over the past two decades, yet a meaningful proportion of patients still do not achieve lasting remission. Anta saw an opportunity to change that.

The question she kept returning to was not whether better treatments were possible, but where the next genuine advances might come from. The field needed a new direction -- one with the potential to expand what remission could mean for more patients.

By the time Anta was promoted to Partner in 2024, her thinking had evolved from observation to conviction. She decided Sofinnova would build a company to tackle the problem, not wait for one to appear on the radar. Sofinnova began developing a thesis around a best-in-class pipeline anchored on emerging biology in inflammatory diseases with high unmet medical need. Sofinnova co-founded Bionyra in 2025 inside the firm's Paris office, taking on the work that precedes any investment: sourcing assets, shaping strategy, and finding the right leader to bring it to life.

It is a model the firm has applied before. Noema Pharma was created in 2019 after Sofinnova Partners identified an opportunity in rare neurological diseases, secured clinical-stage assets from Roche, and recruited the leadership team. Thesis first, company second. This is the approach Sofinnova takes when the convergence of science, strategy, and people makes building the most compelling path forward.

Frederic Marrache was tapped to take Bionyra from idea to reality. Sofinnova had known Frederic for several years during his time at Sanofi, where he spent a decade leading clinical development in immunology and inflammation. His expertise and disciplined understanding of how to move a treatment from scientific concept to patient had made a strong impression. When the thesis began to take shape, Sofinnova asked Frederic to be co-founder.

An intensive period of collaboration began reviewing hundreds of programs across large indications, stress-testing approaches, and narrowing focus onto a pipeline that combined next generation half-life extended mono and multispecific antibodies with emerging biological and clinically validated pathways in type 2 inflammation and IBD. Frederic’s decision to step into a co-founding role -- and take on the CEO title for the first time -- reflected the same conviction that had driven the opportunity in the first place.

A core pillar of the sourcing strategy was to secure assets with high probability of success regardless the geography of original development and bring globally proven science into a European development framework. That is Bionyra’s pipeline, programs with existing momentum from both US and China-based Biotechs now in the hands of European entrepreneurs equipped to efficiently generate clinical validation in patients.

The pipeline Bionyra assembled reflects that ambition. At its core are two antibodies targeting TL1A, both in Phase 1 clinical development in Australia. The first is designed to block the protein more durably than earlier approaches -- meaning patients would need to dose less frequently while maintaining strong results. The second targets TL1A and a second inflammation driver simultaneously, with the aim of achieving higher rates of remission in IBD by addressing more of the underlying biology at once, with efficacy readouts expected in patients by 2028. A third program entering the clinic this year targets atopic dermatitis through a different pathway. Bionyra's IL-25 antibody has the potential to act simultaneously on multiple drivers of inflammation while also addressing the skin barrier directly, a combination that no approved therapy for atopic dermatitis currently achieves. In addition, the company is developing a preclinical pipeline of bi and tri-specifics combining its leading targets with clinically validated ones that have optimized disease positioning.

Sofinnova seeded the company before leading the Series A alongside Jeito Capital, with participation from Arkin Bio, Sanofi Ventures, Sixty Degree Capital, Vives Partners, Tencent and Apollo Health Ventures. The round closed oversubscribed at $165 million. The syndicate reflects both European depth and international reach, with each investor bringing substantive expertise in addition to capital. For Sofinnova, Bionyra is a strong example of Sofinnova's growing commitment to company creation in Europe, building businesses from the ground up alongside exceptional scientific and clinical talent.That distinction shapes everything about how it is built and what it aims to achieve.

The conviction that brought Bionyra into existence, in the science, the strategy, and the people, has not wavered. The focus now is on advancing the pipeline with the rigour it was built on, and on delivering, in the clinic, what was promised on the page: meaningful new options for patients who need them.

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APPENDIX

Understanding the science behind Bionyra: a short glossary

• Antibody A protein naturally produced by the immune system to identify and neutralize harmful substances. In medicine, antibodies can be engineered to target specific proteins involved in disease. Bionyra's pipeline is built around antibody-based treatments designed to block proteins that drive inflammation.
• Bispecific antibody An engineered antibody designed to bind to two different targets at the same time, with the potential for greater effect than either could achieve alone. Bionyra is developing a bispecific that targets both TL1A and a second inflammation driver in IBD.
• Clinical trial A structured study conducted in humans to evaluate whether a treatment is safe and effective. Trials progress through phases: Phase 1 focuses on safety and dosing in a small group; Phase 2 tests effectiveness in a larger group; Phase 3 confirms results at scale before approval. Bionyra's lead TL1A antibody is currently in Phase 1.
• Half-life extension A technique that makes a drug remain active in the body for longer, reducing how frequently patients need to take it.
• Protein target Proteins perform most of the functions in the body's cells. In disease, certain proteins become overactive or dysregulated. Treatments are designed to block or modify their activity. TL1A is the key protein target in Bionyra's pipeline.
• TL1A A protein that plays a significant role in driving the inflammation underlying IBD. Blocking TL1A has emerged as a promising therapeutic approach, with early clinical data suggesting meaningful benefit beyond what currently approved treatments provide.
• Inflammatory bowel disease (IBD) A chronic condition in which the immune system attacks the lining of the digestive tract, causing persistent inflammation. The two main forms are Crohn's disease and ulcerative colitis. Symptoms include abdominal pain, severe diarrhea, fatigue, and weight loss, typically following a pattern of flares and periods of remission. A substantial proportion of patients do not achieve sustained remission on current therapies. There is no cure.
• Atopic dermatitis Commonly known as eczema, a chronic inflammatory skin condition driven by an overactive immune response, characterized by dry, itchy, and inflamed skin. It typically follows a relapsing pattern and can significantly affect quality of life. Bionyra is developing an early-stage treatment targeting IL-25, a protein involved in the immune pathway underlying the condition.