Reed Jobs is steering the conversation toward cancer research, not his family name. In a recent interview, the Yosemite founder said he would rather discuss the venture firm’s work in oncology than his identity as Steve Jobs’s son, even as he acknowledged the attention that comes with it.
Jobs launched Yosemite in 2023 to back cancer-focused biotech and to build companies from the ground up using a mix of philanthropy and outside capital. He said the firm has grown to 17 employees and has become more ambitious as artificial intelligence increasingly affects drug discovery and the design of clinical trials. Among the companies he highlighted were Azalea, which emerged from a grant to Jennifer Doudna’s lab and is now in the clinic, and Quarry, which was developed with Craig Crews around an approach called induced proximity.
According to Jobs, Yosemite’s second fund has a target of $350 million. He said roughly a third of that capital is intended for companies the firm creates itself, while the rest is meant for outside deals. He also said 2.5% of assets under management goes to a donor-advised fund, along with $1 million a year from management fees, to support grants with no strings attached.
Jobs also described a more favorable environment for biotech than when Yosemite began. He pointed to improved interest rates, a pharma sector facing a major patent cliff and record cash holdings, all of which he said have helped drive more acquisitions. He cited recent examples including Eli Lilly’s purchase of Kelonia for $7 billion and gains in antibody drug conjugates. He also noted that Revolution Medicines has doubled survival in pancreatic cancer from 12 to 24 months over the past year. Jobs added that pressure on the NIH remains, but he said it is less of a long-term threat than it appeared last year.
Source: techcrunch.com
