Ysios reaches first close on EUR67m

Fund

Ysios Capital has reached the first closing of its inaugural vehicle, BioFund I, on EUR67m. Based in Spain, the fund has a 10+2 year lifespan. Minimum subscriptions were set at EUR1m with the GP contributing around 1% of the fund. Management fees, carry and hurdle were set at market standards for a venture biotech fund. The fund has set its hard cap on EUR80m and expects to reach a second and final closing by the years' end. SJ Berwin has been retained as legal adviser.

Investors

The investor base is Spanish and incorporates financial institutions (47%), among them Kutxa, Banco Santander, LA Caixa, Banesto and Caja Murcia; SME development firms (21%) including Sociedad de Desarrollo de Navarra, Institut Catala de Finances and Empresa Nacional de Innovacion; family offices and private investors (16%) like the Bernat family office, Marmara Capital and JV risk Technologies; and collective investment entities and other sources (16%) including Telefonica pension fund Fonditel.

Invesments

BioFund I will carry out 10-12 investments in early-stage companies looking for round A or B, later-stage financing or pharmaceutical spin-off companies. The fund targets companies focused on product development in the biotechnology, emerging pharmaceuticals, healthcare and medical technology sectors. The vehicle is destined to invest primarily in Spain but can invest up to 30% of its capital in opportunities abroad. The investment ticket per company ranges from EUR500,000 to EUR5-6m, or up to 10% of the fund over the entire investment period. BioFund I will typically play the lead or co-lead investor role in structuring the transaction, always syndicating with other venture capital firms.

People

The fund is co-managed by Joel Jean-Mairet, Julia Salaverria, and Josep Sanfeliu. Jean-Mairet oversees all operations at Ysios Capital Partners, including management, strategy and standard operations. He co-founded GLYCART Biotechnology AG (Zurich, Switzerland) in March 2001 and was chief executive since its inception, raising EUR15m in three rounds of financing before the company was sold to F.Hoffmann-La Roche Ltd in July 2005. Salaverria is in charge of financial and legal due diligence activities and negotiation of term sheets and investment agreements. She joined Ysios from Talde where she was fundraising director since 2000, leading the team that closed a EUR40m fund in 2000 and a EUR60m fund in 2006. She was also responsible of biotech investments. Sanfeliu focuses especially on crafting and closing transactions, valuations and licensing deals, reviewing intellectual and industrial property and full due diligence materials. He began his career at Cuatrecasas Abogados as adviser in both M&A and venture capital, as well as in the intellectual property area. He later joined KPMG and Eurohold Corporate Finance with special focus on venture capital in the innovation space. More recently he worked in the healthcare industry from the perspectives of both the pharmaceutical and healthcare services, beginning as corporate finance business development manager at Almirall. They are supported by a team of four professionals.

Name: Ysios BioFund I

First closing: EUR67m

15 September 2008

Focus: Early-stage, biotech

Contact: Joel Jean-Mairet

Address:

Ysios Capital Partners

Carrer Baldiri i reixac 10

08028 Barcelona

Spain

Tel: +34 93 517 35 45

Advisers: SJ Berwin (Legal).

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