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Venture capital firm Ysios Capital, which specializes in investment in the biotechnology sector, has just closed its second investment vehicle, Ysios BioFund II Innvierte, with a total of €126.4 millions, far surpassing their initial goal of €100 millions.

The fund has already invested in five companies and hopes to close up to 15 operations with early-stage or developing companies in the life sciences sector that are disruptive and cover unmet medical needs. As a result, the firm will focus on companies in the areas of new drugs, diagnostic systems and medical technology.

The new investment vehicle includes all of the family offices that invested in the first fund (Ysios BioFund I, currently in the divestment phase), including Bernat (ex-Chupa Chups) and Vila Casas (ex Prodesfarma), plus Gallés (Europastry) and Rodés (MPG). Additionally, the fund will receive resources from two pharmaceutical companies for the first time: Chemo and Gebro Pharma.

This part makes up 42% of the capital invested. The firm has also attracted public funds, with €20 millions from the CDTI through its Innvierte program and an additional €20 millions from the European Investment Fund through InnovFin SME Venture Capital with support from the European Union Horizon 2020 program. The rest is from pension funds like Orza, Lagun Aro and Banc Sabadell (through BIDSA); financial institutions like CaixaBank and Bankinter (which also invested in the first fund) and individuals.

Ysios BioFund II Innvierte, which hopes to announce new investments before the end of the year, has participated in rounds of funding with Spanish companies Sanifit, Minoryx Therapeutics and Aelix Therapeutics, Swiss firm Prexton Therapeutics and American company Aura Biosciences. They expect to invest mainly in Europe, particularly in Spain.

Ysios Capital calculates the fund will have a 10-year lifespan: five to invest and five to divest. Together with the first fund, with €65 millions, the firm now manages €191 millions. “We have exceeded our initial closing target of becoming the biggest specialized biotechnology fund in Spain,” says partner at Ysios Capital Partners Júlia Salaverria. Joël Jean-Mairet, also a partner in the firm, adds that this is a turning point for the biotech sector in this country. “In 2015 alone, Ysios Capital portfolio companies in Spain have been capitalized with €100 millions,” he says.


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