Karen Wagner (L) and Joël Jean-Mairet (Ysios)

Eight bets in, Spain's Ys­ios of­fi­cial­ly ties a bow around €216M fund

Hav­ing played a part in pi­o­neer­ing biotech ven­ture in­vest­ing in Spain, Ys­ios Bio­Fund has closed its third and largest fund to keep push­ing the en­ve­lope in Eu­rope — and al­so the US.

The €216 mil­lion ($264 mil­lion) fund ex­ceed­ed their ini­tial tar­get, said man­ag­ing part­ner Joël Jean-Mairet, thanks to en­thu­si­as­tic back­ers such as the Eu­ro­pean In­vest­ment Fund.

As much as 60% of the port­fo­lio of Ys­ios Bio­Fund III is al­ready in place, with eight in­vest­ments made over the past year out of the planned 15 — each of which could get up to €20 mil­lion de­pend­ing on the stage.

If their re­cent bets are any in­di­ca­tion, the firm’s keen to get in ear­ly, even as Eu­ro­pean fi­nanc­ing rounds — tra­di­tion­al­ly known for their con­ser­v­a­tive fig­ures — are swelling to match their Amer­i­can coun­ter­parts. Its in­ter­ests span mul­ti­ple ther­a­peu­tic ar­eas, from on­col­o­gy (Ona Ther­a­peu­tics, La­va Ther­a­peu­tics and Ad­cen­do) and gene ther­a­py (Splice­Bio and Spar­ingVi­sion) to blood clot­ting (Var­mX), neu­ropsy­chi­a­try (Synen­dos) and in­flam­ma­tion (Cy­to­Ki).

You can ex­pect 80% of the in­vest­ments to stay in Eu­rope, while the rest goes in search of (of­ten lat­er-stage) op­por­tu­ni­ties in North Amer­i­ca.

“Ys­ios takes lead po­si­tions and works close­ly with en­tre­pre­neur­ial man­age­ment teams,” it wrote in a state­ment. “Em­pha­sis will be placed on build­ing sus­tain­able com­pa­nies with busi­ness mod­els of­fer­ing dual paths to liq­uid­i­ty.”

Liq­uid­i­ty can take the form of M&A, such as the €450 mil­lion sale of stem cell play­er TiGenix to Take­da and Am­gen’s ac­qui­si­tion of Biovex, or IPOs as with Galec­to, Kala and La­va. The lat­ter, Jean-Mairet would note, went pub­lic short­ly af­ter Ys­ios first put its mon­ey in.

The new fund has al­lowed Ys­ios to ex­pand the team and ad­vi­so­ry board, added Karen Wag­n­er, an­oth­er man­ag­ing part­ner.

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