Ysios Capital closes its third fund at 216 million euros (260 million dollars)
SAN SEBASTIÁN & BARCELONA, Spain – (BUSINESS WIRE) – Ysios Capital, the largest and European leader in Spanish venture capital specializing in the biotechnology sector, today announces the closing of its third fund, Ysios BioFund 3 (YBF 3) at 216 million euros (260 million of dollars).
YBF 3 – Ysios’ largest fund to date – provides biotech companies with the resources to develop innovative and disruptive therapies for indications where medical needs are unmet, supporting pioneering companies striving to change the lives of patients.
YBF 3 will invest heavily in several therapeutic areas and modalities, targeting early stage / early stage and development stage companies at the forefront of the future of medicine. The total size of the investment per company will generally be a maximum of 20 million euros.
Ysios takes leadership positions and works in close collaboration with the entrepreneurial management teams. The focus will be on building sustainable businesses with business models offering a dual path to liquidity. As with previous funds, around 80% of YBF 3’s investments will target Europe, with a particular focus on Spain, while the rest of the fund will target opportunities in North America.
Over 60% of the portfolio has already been built, with eight investments made in the past 12 months by blue chip European and American investors. YBF 3 participated in the following fundraising events, mainly as a leader or co-leader:
Ona Therapeutics (Oncology, Spain) – € 30m Serie A
SpliceBio (Gene therapy, Spain) – Seed creation / business
VarmX (blood coagulation, Netherlands) – € 32m Serie B
Lava Therapeutics (Oncology, Netherlands) – € 70m Series C / NASDAQ IPO: LVTX $ 103m
SparingVision (Gene therapy, France) – € 44.5 million Round A2 series
Synendos (Neuropsychiatry, Switzerland) – CHF 24M serie A
Adcendo (Oncology, Denmark) – € 51m Serie A
Cytoki (Inflammation, Denmark) – € 38m Serie A
Commenting on the fence, Joël Jean-Mairet, Managing Partner at Ysios Capital, mentionned: “Our last close is testament to the excellent track record we have built up at Ysios over the past ten years, securing investments beyond our initial objective. The quality of this portfolio of companies, illustrated by the recent NASDAQ IPO of Lava Therapeutics shortly after our initial investment, demonstrates the role we play in the future of medicine.
Karen Wagner, Managing Partner at Ysios Capital, added: “We are very proud of the work that Ysios has supported over the past decade. With our latest fund, we have expanded the team and advisory board, which is key to our long-term commitment to bring medical products from the lab to the market. “
A proven experience
Since its creation, Ysios has invested in 33 companies – including several examples of biotechnology success stories in Spain – and has brought 14 innovative medical products to the market. Currently, more than 40 medical products in the portfolio are at the clinical stage for serious illnesses and more than one billion euros has been invested in R&D.
The main liquidity events of recent years include the sale of Tigenix (formerly Cellerix) to Takeda (€ 450m), the purchase of STAT-Diagnostica by Qiagen (up to € 172m), the sale of Endosense to St . Jude Medical ($ 331m)), Pfizer’s investment and purchase option in Vivet (up to € 540m), the sale of Biovex to Amgen (up to $ 1bn), the sale from Prexton to Lundbeck (€ 100m) and three NASDAQ listings including Galecto (GLTO), Kala Pharmaceuticals (KALA) and Lava Therapeutics (LVTX).
YBF 3 receives EU support
Following an initial investment of 30 million euros, the European Investment Fund (EIF), which is part of the European Investment Bank group and a major player in the European venture capital market, has mobilized 30 million euros additional participation in the fund. This brings the total participation linked to the EIF to € 60 million, or 27.7% of the total commitments.
Of this additional investment of 30 million euros, 20 million euros are supported by the European Guarantee Fund (EGF), which is part of the European Union’s € 540 billion response to the economic fallout caused by COVID-19. The remaining investment of 10 million euros is supported by the Health compartment of the Umbrella Sustainable Development Fund (SDUF), which aims to attract the resources of private investors operating in the pharmaceutical and medical industry and to foster collaboration between the latter and venture capital companies through the VCoE program, in particular emerging managers who target markets such as Spain, where the potential for innovation is relatively untapped.
Alain godard, Director General of the FEI, mentionned: “The science, technology and innovation sectors have played a critical role in addressing the immediate health challenges of the COVID-19 crisis. I am delighted to see that thanks to the European Guarantee Fund and the Umbrella Fund for Sustainable Development, we have been able to increase our participation in YBF 3, supporting the investment needs and the growth of innovative life science companies. who develop disruptive therapeutic products.
Jean-Marc Bourez, Managing Director / Head of the Venture Center of Excellence mentionned: “We are really delighted to welcome Ysios BioFund 3 who will have access to the VCoE program, and brings together an exclusive community of selected venture capital funds and private investors to strengthen the flow of co-investment directed towards the European start-up life sciences. and small mid caps. “
About Ysios Capital
Ysios Capital is a leading Spanish venture capital firm that provides equity financing to highly innovative early-stage and mid-stage life science companies that develop disruptive therapeutics and platform technologies for meet clear medical needs. Ysios Capital was founded in 2008 and has 400 million euros in assets under management through its three funds, with a team of 15 investment professionals, 5 venture capital partners, 2 operational partners and offices in San Sebastian and Barcelona. For more information www.ysioscapital.com
About the European Investment Fund (EIF) and the European Guarantee Fund (EGF)
the European Investment Fund is part of the European Investment Bank group. Its central mission is to support European small and medium-sized enterprises (SMEs) by helping them access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF supports the EU’s objectives for innovation, research and development, entrepreneurship, growth and jobs.
the European Guarantee Fund (FEM) was created by the EIB Group with contributions from EU Member States to protect businesses suffering from the COVID-19 crisis. Using almost € 25 billion in guarantees, the EGF enables the EIB and the EIF to rapidly grant loans, guarantees, asset-backed securities, equity and other financial instruments available mostly small and medium-sized enterprises. The EGF is part of the European Union’s stimulus package which aims to provide a total of 540 billion euros to boost the parts of the EU economy that have been most affected.