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.