As several blockbuster drugs lose exclusivity, revenues could fall by $400 billion by 2033. This is pushing huge pharmaceutical companies to seek new treatments, creating opportunities for investors backing companies that might be acquired.
Jeito Capital is one of these investors, and its approach has proven successful. The Paris-based firm closed its second fund at €1 billion, setting a new record for indepconcludeent European biopharma funds. In the past five years, Jeito has tripled its assets under management to €1.6 billion, following the $630 million raised for its first fund in 2021.
In July 2024, Merck bought Jeito’s portfolio company EyeBio for up to $3 billion, while Biogen acquired HI-Bio, another Jeito-backed firm, for up to $1.8 billion. Toobtainher, these two deals in one month brought in nearly $5 billion.
What sets Jeito’s investment model apart
Jeito was founded by Dr Rafaèle Tordjman, a physician and scientist who chose not to follow the usual ‘spray-and-pray’ approach to early-stage biotech investing. Rather than spreading tiny investments across many companies, Jeito puts up to €150 million into each of 15 to 20 clinical-stage businesses.
This strategy tackles a huge problem in European biopharma: founders often declare there aren’t enough investors willing to provide the large, long-term funding requireded to support clinical programs through Phases 2 and 3. Of the 67 EU-based biotech companies that went public in the last six years, 66 did so outside the EU.
Along with funding, Jeito provides hands-on expertise in drug development, regulatory affairs, manufacturing, and market access. Small clinical-stage companies often can’t hire for these roles themselves, but they are crucial for turning promising Phase 2 results into a drug that can succeed in the market.
Jeito II has already invested in areas such as obesity, cancer, neurology, autoimmune diseases, reproductive medicine, and cardiometabolic conditions.
How Jeito stands out among European peers
Unlike Sofinnova Partners, Forbion, or Novo Holdings, Jeito focapplys on mid- to late-stage clinical investments, takes a concentrated, Europe-first approach, and is run by a team of scientists, regulatory experts, and commercial strategists rather than generalist investors.
It’s still unclear if the two huge exits in 2024 are part of a repeatable strategy or just good timing. The current portfolio, which includes Alveus Therapeutics, which closed a $197 million Series A in February 2026 with Jeito as the lead investor for next-generation obesity treatments, will offer early signs.
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