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Private equity giant Apollo Global Management is acquiring a minority stake in the Paris-based VC Sofinnova Partners and will invest up to $1 billion in Sofinnova’s investment funds, the firms announced Monday.

Sofinnova, founded in 1972 and one of the biotech industry’s oldest venture capital firms, will continue to operate as an independent organization. But it will get access to Apollo’s credit, equities, and real estate networks and may work with Apollo to develop future investment opportunities or vehicles.

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