The private equity firm Clave Capital announces the successful divestment of the animal health biotechnology company Aquilón CyL S.L., following its acquisition by Ceva Animal Health, the fifth-largest animal health company in the world. Aquilón, a spin-off founded in 2012 based on knowledge generated at the University of León, has since its inception been supported by the Seguranza Technological Fund, FCR, promoted by the Regional Government of Castilla y León through the Institute for Business Competitiveness of Castilla y León (ICECYL) and managed by Clave Capital. This support has enabled the transformation of scientific knowledge into high-value solutions for the livestock industry.
A success story of innovation and public-private collaboration
Aquilón’s trajectory is a clear example of the potential of technology transfer in Spain. Over more than a decade, the company has developed innovative biological solutions to improve swine digestive health, including the first commercial vaccine against swine dysentery caused by Brachyspira hyodysenteriae, representing one of the most significant examples of the transfer of research results from academia to the market.
“The sale of Aquilón is a clear example of how collaboration between universities, the public sector, and private capital can create globally competitive technology companies,” said Francisco Armero, Director of Funds at Clave Capital. “This success demonstrates that Castilla and León has scientific talent capable of creating companies with disruptive innovations and international impact,” he concluded. Since its early stages, the private equity firm has supported Aquilón in its growth, providing financing and strategic guidance in a highly complex scientific and regulatory environment.
Economic return and regional impact
This transaction not only represents a financial return for investors but also validates the role of investment instruments promoted by public administrations in the development of an innovative business ecosystem. The Seguranza Fund, promoted by the Regional Government of Castilla and León, has contributed to the creation and consolidation of a deep tech biotechnology company; the generation of skilled employment in the region; and the positioning of Castilla and León as a hub for innovation in animal health. “This milestone further reinforces our commitment to continue investing in science-based projects that originate in universities and research centers,” added Armero. “Cases like Aquilón demonstrate that venture capital is a key tool to bridge the gap between research and the market.”
The participation of the University of León in the project has enabled the valorization of a scientific line developed within its research environment and has contributed to strengthening the biotechnology and animal health ecosystem in Castilla and León, allowing an innovation born in León to now achieve international reach.
International expansion of innovation generated in Castilla and León
The integration of Aquilón into Ceva Animal Health will enable its developments to scale globally, accelerating the adoption of solutions that contribute to more sustainable livestock production and the reduction of antibiotic use.
Aquilón’s scientific team will join Ceva, strengthening its R&D capabilities and ensuring continuity of the knowledge generated in León.
About Clave Capital
Clave Capital is an independent venture capital firm with extensive experience investing in innovative technology-based companies. Headquartered in Pamplona, the firm manages several investment vehicles in collaboration with public and private institutions, fostering the growth of high-potential companies.
It currently manages funds totaling more than €100 million, having already delivered initial returns to investors in 2025. Last year, the funds divested from four portfolio companies with an average multiple of 4x, and in the first months of this year it has already exited three investments. In parallel, it continues its investment activity in deep tech sectors, especially health and industrial technologies.
About the University of León
The University of León is a public higher education and research institution committed to the generation, protection, and transfer of knowledge to society. Through its research groups, scientific services, and technology transfer structures, it promotes collaboration with companies and institutions, the valorization of research results, and the creation of knowledge-based enterprises.
The trajectory of Aquilón CyL S.L., born as a spin-off from the University of León, is a clear example of how university research can contribute to the development of innovative solutions, the strengthening of the business fabric, and the consolidation of a biotechnology and animal health ecosystem with international projection from Castilla and León.
About Ceva Animal Health
Ceva Animal Health (Ceva) is the fifth-largest animal health company in the world, led by experienced veterinarians. Its mission is to provide innovative health solutions for all animals and ensure the highest level of care and welfare. Its portfolio includes preventive medicine such as vaccines and animal welfare products, pharmaceutical solutions for farm and companion animals, as well as equipment and services designed to deliver the best experience to its customers.
With more than 7,200 employees across 47 countries and revenue of €1.92 billion in 2025, Ceva works every day to realize its vision as a One Health company: “Together, beyond animal health.”
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