A Paris-based venture capital firm focused on early-stage life sciences is setting up shop in Montreal, marking its first expansion outside Europe and bringing fresh capital to a Canadian biotech sector that has faced a prolonged funding slowdown.
AdBio Partners, which is backed by the French government and the European Investment Fund, announced this week that it is opening an office in Montreal alongside its existing bases in Paris and Barcelona. The move coincides with the launch of the firm’s third fund, which has a target size of 120 million euros, or roughly $193 million CAD.
Quebec’s labour-sponsored investment fund, Fonds de solidarité FTQ, has committed 7 million euros, about $11 million CAD, to the new fund. Other backers include the European Investment Fund and the National Seed Fund 3, which is managed by Bpifrance on behalf of the French government as part of its France 2030 program.
A Bridge Between Quebec and Europe
AdBio partner Mounia Azzi said she expects roughly 20 percent of the new fund to be invested outside Europe, with a particular focus on Quebec. Azzi will lead the firm’s Canadian activities from Montreal alongside venture partner Didier Leconte.
Founded in Paris in 2016, AdBio specializes in seeding early-stage biotechnology companies developing therapeutics in oncology, immunology, and rare diseases. The firm says it takes a hands-on approach, providing not just capital but help with building companies from the earliest stages, working closely with researchers, entrepreneurs, and academic institutions. Its first two funds built a portfolio of 30 companies across Europe, according to the firm, which said those companies went on to attract follow-on investment and partnerships from other venture investors and pharmaceutical companies.
AdBio founder and chairman Alain Huriez said Quebec was a natural choice for the firm’s first expansion beyond Europe, pointing to the province’s academic science, experienced drug development talent, and established life sciences sector as a strong match for AdBio’s investment model.
Maxime Pesant, vice-president of private equity and impact investing in life sciences at Fonds de solidarité FTQ, said the fund’s commitment reflects confidence in AdBio’s track record of building and supporting biotechnology companies, and that the Montreal office opening should create more opportunities for collaboration between researchers, entrepreneurs, and investors on both sides of the Atlantic.
Canadian Life Sciences Sector Has Faced a Funding Crunch
AdBio’s arrival comes as Canada’s life sciences venture capital sector has been contending with a multi-year pullback in funding. According to the Canadian Venture Capital & Private Equity Association’s annual report, the sector saw $837 million invested in 2025, the lowest annual total since 2018. Deal activity in the first half of 2026 dropped 39 percent compared with the same period the previous year.
AdBio's Expansion by the Numbers
The expansion also lands amid the Canadian government’s broader push to attract foreign investment and diversify beyond reliance on the United States. AdBio’s move into Montreal, along with the prospect of the firm securing associate member status tied to European Union investment programs, is being framed as part of that wider effort to strengthen investment ties between Canada and Europe.
This article references reporting from:
