LETI Pharma

LETI Pharma

Founded in 1919, LETI Pharma began as a family-owned pharmacy in Barcelona and evolved into one of Spain's few independent, research-driven biopharmaceutical companies still held by the founding family. President and CEO Jaime Grego Sabaté represents the third generation of the Grego family to control the firm. The family's influence extends beyond the lab — Sabaté is a former president of the Catalan Family Business Association (ASCEF), and the extended family includes former UNESCO Director-General Federico Mayor Zaragoza. This deep institutional lineage has insulated LETI from the exit pressures that consolidated most European specialty pharma peers. The firm allocates its corporate balance sheet across three primary vectors: internal pipeline development in allergy immunotherapy and dermatology, direct equity stakes in pre-clinical and clinical-stage biotechnology companies, and an allergy production and R&D plant in Tres Cantos, Madrid that serves as both a manufacturing asset and a scientific due-diligence facility. Its therapeutic focus spans respiratory allergies, venom allergies, and atopic dermatitis. Asebio, the Spanish biotechnology industry association, counts LETI as a founding member — reflecting an early institutional commitment to the country's innovation ecosystem. The firm has maintained membership in Farmaindustria's General Assembly and Executive Board, signaling active participation in Spanish pharmaceutical policy. LETI's governance reflects a tight family structure: Sabaté's children Federico Grego Mayor and María del Mar Grego Mayor both serve on the Board of Directors, while his son Jaime Grego-Mayor previously served as CEO before transitioning to Managing Partner at Advisory Board Architects and a YPO board role. The family's real estate holdings — including the La Campana headquarters on Gran Via in Barcelona and the Portal de l'Àngel Business Center — provide an additional, uncorrelated asset base underneath the pharmaceutical operations. The Fundación LETI, the family's philanthropic vehicle, operates alongside the corporate entity. LETI's structural differentiator is its fully integrated model — a pharmaceutical manufacturer that also functions as a corporate venture investor, using its own labs to de-risk the science it backs. Unlike a conventional family office that allocates to external funds, LETI invests directly from its operating balance sheet and can provide portfolio companies with manufacturing-scale infrastructure. This vertical integration gives the firm a sourcing advantage in Spanish and Southern European biotechnology, where academic spinouts often lack the cleanroom capacity LETI owns outright.