10 March 2008
Ysios Capital Partners announces the imminent first closing of the largest Spanish venture capital fund in the biotech sector
Ysios has received the approval of the Spanish Securities and Exchange Commission (CNMV) as a venture capital management company specialized in biotechnology.
The company anticipates a first closing of around EUR 60 million in brief.
Barcelona, March 10, 2008 –Ysios Capital Partners has been approved by the Spanish National Securities and Exchange Commission (Comisión Nacional del Mercado de Valores, CNMV) as a venture capital investment firm specialized in biotechnology. Once registration concludes, Ysios will create its first fund, Ysios BioFund I, with a target fund size of EUR 65 to 75 million.
The company anticipates a first closing of around EUR 60 million to constitute its first fund with a solid investor base ranging from banks, savings banks, pension funds and family offices.
Ysios Capital Partners will invest in 10 to 12 biotech firms dedicated to the development of therapeutic and diagnostic products in Spain, although as much as 30% of the fund size may be invested in companies outside Spain. Ysios will participate in start-ups, later-stage companies and pharmaceutical spin-offs.
Ysios Capital Partners arose from the initiative of a team of four experts in venture capital and pharma industries and in the creation of biotech companies: Joël Jean-Mairet, former CEO of GLYCART Biotechnology AG, Julia Salaverría, former fund manager of Talde, and Josep Lluís Sanfeliu, former Corporate Finance and Business Development executive of Almirall, and Cristina Garmendia, CEO of Grupo Genetrix and president of the Spanish Association of Bioenterprises (ASEBIO).
According to Joël Jean-Mairet, partner of the firm, “despite the uncertainty affecting financial markets in recent months, which has put a damper on investment decisions, we are very satisfied with the interest in our project. The fact that we have achieved our goal of launching our first fund, with capital assets that may exceed our initial expectations, is undoubtedly good news for a sector that has the potential of the biotechnology sector”.
The biotechnology sector: an excellent investment opportunity
Spain’s biotechnology industry has grown by 350% in the last four years and the number of biotech firms has doubled since 2001. Seasoned, highly qualified scientific human capital has nurtured this growth. In 2006, Spain was second only to China in new patent applications, with an increase of 30%. As this trend toward developing a robust biotechnology industry continues to mature, biotechnology is expected to significantly enhance economic innovation and overall competitiveness in Spain. Conditions are favorable for nurturing the full cycle of generation, development and consolidation of biotechnology firms over years.