BNP Paribas Asset Management Alts (BNPP AM Alts) has made an equity investment into ILiAD Biotechnologies, contributing to the company’s $115 million financing round to support the clinical development of its lead whooping cough vaccine, BPZE1.

BPZE1 is a live-attenuated intranasal vaccine designed to provide longer-lasting protection and reduce nasal colonization and transmission, addressing key limitations of current whooping cough vaccines. The investment is intended to facilitate continued clinical trials and advance the candidate toward broader commercial availability.

Curt Labelle, head of healthcare private equity at BNP Paribas Asset Management Alts, said: “We are pleased to support ILiAD Biotechnologies in the continued clinical development of its BPZE1 vaccine, aiming to address the growing global resurgence of whooping cough. We believe its cost-effective profile enables broad access through existing vaccine channels across global markets, including low- and middle-income countries. This transaction reflects BNPP AM Alts’ commitment to investments that aim to deliver both positive healthcare outcomes and attractive long-term financial returns.”

The financing round is part of BNPP AM Alts’ Global Healthcare Private Equity strategy, which seeks to invest in companies developing innovative and affordable solutions to global health challenges. The strategy focuses on high-volume markets with potential for rapid growth driven by healthcare spending and population expansion.

BNPP AM Alts was created following BNP Paribas Cardif’s acquisition of AXA Investment Managers and consolidates the asset management activities of AXA IM, BNPP REIM, and BNPP AM. The platform manages approximately €300 billion in assets across real estate, infrastructure, alternative credit, and private equity, and is Europe’s largest alternative investment platform.

Capital at risk. The value of investments may fall as well as rise and there is no guarantee that the investment will be profitable. Developments of the past offer no guarantee or indication of future returns.