Ysios Capital Launches €100M InceptionBio Fund to Catalyze Spanish Biotech Spinouts
核心洞察
Ysios Capital (搜索) has launched InceptionBio, a €100 million fund dedicated to creating biotech spinouts from Spanish universities and research centers.
The fund aims to establish at least three new biotech companies in 2026, prioritizing technology transfer from academic and scientific institutions.
A first closing secured backing from Spain's CDTI through its SICC Innvierte program, which co-invests alongside private capital in high-potential ventures.
Spain's emergence as a European biotech powerhouse has gained fresh momentum with the launch of InceptionBio, a €100 million fund from transatlantic life sciences investor Ysios Capital (搜索) that will focus exclusively on transforming academic research into viable biotech companies.
The fund, announced by Ysios Capital (搜索)—which maintains offices in San Sebastián and Barcelona—will prioritize technology transfer from universities and research centers across Spain. InceptionBio has set an ambitious target of creating at least three new biotech companies in 2026, signaling confidence in the depth and quality of Spain's scientific pipeline.
A first closing has already been secured with backing from Spain's CDTI (Centro para el Desarrollo Tecnológico y la Innovación) (搜索), the government agency responsible for driving technological development and innovation. The CDTI's participation comes through its SICC Innvierte program, a public co-investment vehicle designed to support high-potential ventures alongside private capital, specifically fostering technology transfer and startup growth in strategic sectors such as biotechnology.
Leadership and Strategic Vision
Managing Partner Joan Perelló and Partner Arturo Urrios are leading the InceptionBio initiative. Perelló articulated the fund's core thesis: "Spain has world-class science and a unique opportunity to translate that science into globally impactful biotech companies. With InceptionBio, we aim to further strengthen our ability to engage at the earliest stages of innovation, working closely with the scientific ecosystem to build companies that can deliver meaningful solutions for patients."
The fund will also scout international assets for development within Spain, positioning the country as a biotech hub while complementing Ysios Capital (搜索)'s advisory role for the Telescope Biotech Fund.
Spain's Growing Biotech Ecosystem
The launch of InceptionBio arrives amid a period of robust growth for Spanish biotechnology. More than 4,400 companies now operate across the sector, with over 1,000 specialized in biotech and biopharma, employing nearly 40,000 people and representing more than 1.1% of Spain's GDP. Biotech companies generated combined revenues exceeding €13 billion in 2023, a 9.4% increase year-on-year, supported by €1.2 billion in R&D investment.
Spain now ranks third in scientific production within the European Union and ninth globally, with particular strengths in biochemistry and genetics. The country leads Europe in the number of clinical trials approved annually, with more than 1,000 trials authorized by the Spanish Medicine and Healthcare Products Agency (AEMPS), and collaborates in nearly 20% of all international clinical trials—the highest participation rate of any EU member state.
Investor appetite for Spanish biopharma continues to strengthen, with €181 million in new funding flowing into biotechs in 2024. More than one-third of that capital originated from outside Spain, including venture firms from Canada, Chile, the Netherlands, Japan, Denmark, and the United States, reflecting growing international confidence in the country's innovation ecosystem.
Government Support and Infrastructure
Spain's attractiveness as a biotech destination is reinforced by strategic government incentives, including a 42% tax deduction for R&D investment and a 12% deduction for technological innovation. Companies can also deduct up to 40% of mandatory social security contributions for R&D workers. The State Plan for Scientific and Technical Research (PEICTI 2024-2027) further provides loans, grants, and special funding mechanisms for hiring PhDs and specialized technicians.
The country's research infrastructure includes world-renowned centers such as the National Oncology Research Center (CNIO), the National Cardiovascular Research Center (CNIC), and the Severo Ochoa Molecular Biology Center (CBM), with more than 70% of industry research alliances involving public centers of reference.
With InceptionBio's launch, Ysios Capital (搜索) is betting that Spain's combination of scientific excellence, government backing, and growing investor interest can produce a new generation of globally competitive biotech companies born from academic laboratories.