The best news in biotech, January 6 - 12

Thank you to everyone who completed the poll regarding which areas you would most like to be covered in this newsletter in 2025. New biotech launches, private raises, collaborations, M&A and clinical trial updates saw the most demand, with licensing agreements, other public raises and expanding manufacturing sites seeing the least. Responses are still being accepted for anyone else who would like to contribute.

Last week saw the lead up to JPM, and what a week it was! 10 new biotech launches, 12 additional private funding rounds, 2 planned IPOs and 2 new VC war chests - the most activity we have seen on the private financing side since launching this newsletter.

Clear trends are apparent: Mega-rounds focused on licensed assets are here to stay and represent the lion's share of money raised, although platform companies developing newer modalities still clearly have opportunities to raise funds.

There were also 2 M&A deals and 11 collaborations announced, which will hopefully set the stage for a positive and productive JPM.

?? New Biotech Launches…

• Verdiva Bio , a biotech based in the UK and led by CEO Khurem Farooq , raised an oversubscribed $410 million Series A funding round - the largest Series A every raised by a UK biotech. The company develops weekly-dosed oral GLP-1 and amylin agonists for obesity and cardiometabolic disorders. Funds will support clinical trials and pipeline growth. Link
• Kardigan , a biotech based in the USA and led by CEO Tassos Gianakakos , launched with $300 million in Series A financing. The company focuses on modernizing cardiovascular drug development with a late-stage portfolio of personalized medicines. The funds will be used to advance treatments for primary and secondary cardiomyopathies leading to heart failure. Link
• Windward Bio , a biotech based in Switzerland and led by CEO Luca Santarelli , launched with $200 million in Series A financing. The company is developing a phase 2-ready, long-acting anti-TSLP antibody for severe asthma and COPD. Funds will support clinical proof of concept and IND-enablement of bispecifics. Link
• Ouro Medicines , a biotech based in CA, USA and led by CEO Jaideep Dudani , launched with $120 million in Series A financing. The company is developing T cell engagers to reset the immune system for chronic immune-mediated diseases. Funds will support clinical-stage assets and discovery pipeline. Link
• Timberlyne Therapeutics , a biotech based in the USA, launched with $180 million in Series A financing. The company is advancing CM313, a potentially best-in-class anti-CD38 monoclonal antibody for autoimmune diseases and cancers. Funds will support clinical and pre-clinical programs.?Link
• Light Horse Therapeutics , a biotech based in the CA, USA and led by CEO Markus Renschler, MD , launched with $62 million in Series A financing and boasting a discovery collaboration with Novartis. The company develops first-in-class small molecule therapeutics for oncology, using a high-throughput platform that identifies hidden functional chemically accessible sites on high value protein targets.?Link
• Tenvie Therapeutics , a biotech based in CA, USA and led by President & CSO Tony Estrada , launched with $200 million in Series A financing. The company develops brain-penetrant small molecules for neurological diseases, focusing on inflammation, metabolic dysfunction, and lysosomal function. Funds will support IND-enabling studies and clinical trials. Link
• RheumaGen , a biotech based in CO, USA and led by CEO Richard Freed , launched with $15 million in Series A financing. The company develops HLA gene-editing therapies for autoimmune diseases, with lead program RG0401 in phase 1 for rheumatoid arthritis. Funds will support clinical trials and pipeline advancement.?Link
• RyboDyn Inc. , a biotech based in CA, USA and led by President & CTO Corey Dambacher raised a $4 million pre-seed funding round. The company focuses on targeting the dark proteome for novel immunotherapies. Funds will advance their RNA sequencing technology, RyboCypher?, and validate cancer-specific druggable peptides. Link
• Kerna Labs , a biotech based in CA, USA and led by CEO Julia P. , launched with $6 million in seed financing. The company, co-founded by ex-Moderna exec Melissa J. Moore , focuses on developing AI models to improve mRNA therapies, enhancing durability, protein output, stability, and tissue specificity. Funds will advance their platform and pipeline. Link

?? Private Raises…

• XyloCor Therapeutics, Inc. , a biotech based in PA, USA and led by CEO Al Gianchetti , raised an oversubscribed $67.5 million Series B financing. The company focuses on developing novel gene therapies for cardiovascular disease, with the funds to be used for advancing its lead program XC001 for refractory angina into two Phase 2 clinical trials. Link
• Aviceda Therapeutics , a biotech based in MA, USA and led by, raised an oversubscribed $207.5 million Series C financing. The company focuses on developing next-generation immunomodulators with its HALOS nanotechnology platform, and the funds will be used to advance its lead program AVD-104 for geographic atrophy into pivotal Phase 3 trials. Link
• Alesta Therapeutics , a biotech based in the Netherlands, raised an oversubscribed €65 million Series A financing. The company focuses on developing transformative small molecule therapies for rare diseases, with the funds to be used for advancing its programs in hypophosphatasia and Charcot-Marie-Tooth disease, currently in preclinical stages. Link
• Orbis Medicines , a biotech based in Denmark and led by Chairman Morten Graugaard , raised an oversubscribed €90 million Series A financing. The company focuses on developing oral macrocycle drugs using its nGen platform, with the funds to be used for advancing its pipeline of next-generation oral macrocycle drugs, called nCycles, targeting validated blockbuster biologic targets.?Link
• Numab Therapeutics AG , a biotech based in Switzerland and led by CEO David Urech , raised an oversubscribed CHF 50 million Series C extension, totaling CHF 180 million. The company develops multi-specific antibodies for inflammation and oncology. Funds will advance clinical and pre-clinical programs.?Link
• Leyden Labs , a biotech based in the Netherlands and led by CEO Koenraad Wiedhaup , raised a $70 million Series B. The company develops intranasal antibodies for respiratory viruses. Funds will advance its Mucosal Protection Platform and human efficacy studies.?Link
• A2 Biotherapeutics, Inc. , a biotech based in CA, USA and led by CEO Jim Robinson , raised an $80 million Series C funding round. The company develops logic-gated cell therapies for solid tumors using its Tmod? platform. Funds will support three clinical programs and advance preclinical pipeline. Link
• Aspect Biosystems , a biotech based in Canada and led by CEO Tamer Mohamed , raised an oversubscribed $115 million Series B funding round. The company develops bioprinted tissue therapeutics for metabolic and endocrine diseases. Funds will advance clinical programs and expand their tissue therapeutic platform. Link
• Tune Therapeutics , a biotech based in NC, USA and led by interim-CEO Daniel McHugh , raised an oversubscribed $175 million Series B funding round. The company develops epigenome editing therapies for chronic diseases using its TEMPO platform. Funds will support clinical trials for Tune-401 and other pipeline programs. Link
• AnaCardio , a biotech based in Sweden and led by CEO Patrik Str?mberg , raised a $19 million Series A extension funding round. The company develops novel contractile agents for heart failure, including AC01, a selective oral ghrelin receptor agonist. Funds will support phase 1b/2a and phase 2b studies.?Link
• Coave Therapeutics , a biotech based in France and led by CEO Rodolphe Clerval and CSO Lolita Petit , raised an oversubscribed $32 million Series A funding round. The company focuses on next-generation genetic medicines for neurodegenerative and ocular diseases. Funds will advance their AAV-Ligand Conjugate platform and pipeline, including preclinical and clinical programs. Link
• Neumirna Therapeutics , a biotech based in Denmark and led by CEO Janine Erler , raised an oversubscribed $20 million Series A funding round. The company focuses on next-generation RNA therapeutics for epilepsy and other neurological disorders. Funds will advance their platform and pipeline, including preclinical and clinical programs. Link

?? New VC funds…

• Aditum Bio , a CA, USA based biotech VC led by co-founders Joe Jimenez and Mark Fishman, closed its third fund at $428M. Aditum Bio constructs individual portfolio companies around experimental medicines on the verge of clinical entry or early-stage trials. So far, it has built more than 10 companies. Link
• Andreessen Horowitz and 礼来 have launched the $500M Biotech Ecosystem Venture Fund, a pioneering initiative aimed at accelerating healthcare innovation. This fund will invest in therapeutic platforms and cutting-edge technology companies, focusing on areas such as gene therapy, cell therapy, and digital health. Link

??Research collaborations…

• City Therapeutics , an RNAi biotech based in MA, USA and led by new CEO Andy Orth, and 博士伦 , a leading eye health company based in Denmark, have entered a collaboration to develop an RNAi-based treatment for geographic atrophy. The deal is worth up to $485M in near term and milestone payments. Link
• Valo Health , an AI drug discovery company based in MA, USA, and 诺和诺德 , a healthcare company based in Denmark, have expanded a collaboration to discover and develop up to 20 novel treatments for cardiometabolic diseases. The deal is worth $190 million upfront plus up to $4.6 billion in milestone payments. Link
• Gilead Sciences , a top pharma company based in CA, USA, and LEO Pharma , a biopharma company based in Denmark, have entered a collaboration to develop and commercialize LEO Pharma's oral STAT6 program for inflammatory diseases. The deal is worth $250 million upfront plus up to $1.7 billion in milestone payments. Link
• Tempus AI , a technology company based in CA, USA with the world's largest library of clinical and molecular data for precision medicine, and Genialis , a computational precision medicine company based in Slovenia have entered a collaboration to develop RNA-based biomarker algorithms for cancer. Link
• NorthStar Medical Radioisotopes, LLC , a radiopharmaceutical company based in WI, USA, and YAP Therapeutics, Inc. , a biotech based in CA, USA, have entered a collaboration to develop and produce radiopharmaceuticals for cancer and chronic diseases. Link
• AI Proteins , a biotech based in MA, USA, and the University of Missouri have entered a collaboration to develop radioligand therapies for cancer. The collaboration aims to create multivalent miniproteins that target multiple tumor-associated antigens, enhancing cancer diagnosis and treatment. Link
• Alloy Therapeutics, Inc. , a biotechnology ecosystem company based in MA, USA, and Sanofi , a global healthcare leader based in France, have entered a collaboration to develop antisense therapeutics for central nervous system (CNS) targets using Alloy's AntiClastic Antisense Platform. The deal is worth $27.5 million upfront plus up to $400 million in milestone payments.?Link
• PostEra , a biotech specializing in AI-driven drug discovery based in MA, USA, and 辉瑞 , a global pharmaceutical company based in NY, USA, have expanded a collaboration to include Antibody-Drug-Conjugates (ADCs) and additional small molecule programs. The deal is worth an additional $12 million upfront. Link
• Variant Bio , a genomics-driven drug discovery company based in WA, USA, and 诺和诺德 , a global pharmaceutical company based in Denmark, have entered a collaboration to discover novel targets for metabolic diseases. The deal is worth $50 million upfront plus potential milestone payments. Link
• Orna Therapeutics , a biotech specializing in RNA medicines based in MA, USA, and Vertex Pharmaceuticals , a global pharmaceutical company based in MA, USA, have entered a collaboration to develop gene editing therapies for sickle cell disease and transfusion-dependent beta thalassemia. The deal is worth $65 million upfront plus up to $635 million in milestone payments. Link
• MENARINI Group , a pharmaceutical and diagnostics company based in Italy, and Insilico Medicine , an AI-driven biotech based in the USA, have entered a collaboration to develop and commercialize a preclinical small molecule targeting high unmet needs in oncology. The deal is worth $20 million upfront plus up to $550 million in milestone payments. Link

??? M&A…

• 荷商葛蘭素史克藥廠 is to acquire IDRx , a biotech based in Boston developing precision therapeutics for the treatment of gastrointestinal stromal tumours (GIST) and its lead program IDRX-42 currently in phase I/Ib trials. The deal is worth $1 billion upfront plus an additional $150 million in milestone payments.?Link
• Vividion Therapeutics, Inc. , a clinical-stage biopharmaceutical company headquartered in CA, USA, is to acquire Tavros Therapeutics , a biotech based in NC, USA developing precision oncology therapies for with its lead programs currently in preclinical stage. The addition of Tavros greatly expands Vividion’s functional genomics expertise and capabilities. The deal is worth $190 million upfront plus an additional $4.6 billion in milestone payments.?Link

?? IPO News…

• Maze Therapeutics , a biotech based in CA, USA developing novel, small molecule precision medicines for patients living with renal, cardiovascular and related metabolic diseases is the first company announcing plans to go public in 2025, fling an initial prospectus to the SEC. Link
• Metsera , an obesity-focused biotech based in NY, USA, filed for an IPO nine months after launching. The funds will support a phase 3 trial of its lead asset, MET-097i, a GLP-1 receptor agonist. The company aims to improve dosing frequency, tolerability, and efficacy of obesity treatments. Link

?? Positive clinical development updates…

• 辉瑞 announced positive topline data from the Phase 3 trial of its anti-PD-1 monoclonal antibody (mAb) non-muscle invasive bladder cancer (NMIBC) drug sasanlimab. The study met its primary endpoint of event-free survival (EFS).?Link
• Sanofi announced positive topline data from the Phase 3 trial of its monoclonal antibody (mAb) chronic obstructive pulmonary disease (COPD) drug Dupixent. The trial met its primary endpoint. Link
• 拜耳 announced positive topline data from the Phase 3 trial of its gadolinium-based contrast agent (GBCA) MRI drug gadoquatrane. The trial met its primary and main secondary endpoints.?Link
• 拜耳 announced positive topline data from the Phase 3 trial of its non-hormonal vasomotor symptoms (VMS) drug elinzanetant. The trial met all primary and secondary endpoints. Link
• 强生公司 announced positive topline data from the Phase 3 trial of its bispecific antibody non-small cell lung cancer (NSCLC) drug Rybrevant (amivantamab-vmjw) plus Lazcluze (lazertinib). The trial met its primary and secondary endpoints.?Link
• Tenpoint Therapeutics, Ltd. announced positive topline data from the phase 3 trial of its eye drop treatment for presbyopia, BRIMOCHOL? PF. The trial met primary endpoints, showing statistically significant improvements in near vision. Link
• Nuvie Bio announced positive topline data from the phase 1 trial of its peptide antagonist migraine drug, NVI-100. The trial met primary endpoints, showing that NVI-100 is well-tolerated and achieves rapid, high, and consistent plasma levels. Link
• MaaT Pharma announced positive topline data from the pivotal Phase 3 trial of its microbiome therapy acute graft-versus-host disease drug MaaT013. The study met its primary endpoint with a significant gastrointestinal overall response rate at Day 28 of 62%. Link
• Sana Biotechnology, Inc. announced positive topline data from the Phase 1 trial of its allogeneic islet cell therapy type 1 diabetes drug UP421. The study met its primary endpoint, demonstrating survival and function of transplanted cells without immunosuppression. Link
• Vir Biotechnology, Inc. announced positive interim data from the Phase 1 trial of its dual-masked T-cell engagers for solid tumors and mCRPC drugs VIR-5818 and VIR-5500. The study met its primary endpoints, showing promising safety and efficacy profiles with no dose-limiting cytokine release syndrome observed. Link
• Metsera announced positive topline data from the Phase 2a trial of its GLP-1 receptor agonist obesity drug MET-097i. Link

That's all for this week, thanks for tuning in. Subscribe for weekly alerts covering the latest positive news in the biotech industry delivered to your inbox every Monday ????

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About the author:

Max Robinson is an ex-scientist turned talent leader and executive recruiter in the biotechnology industry, and currently Global Head of Discovery, Preclinical & Translational Research at Proclinical Group .

If you are seeking a new role in the biotechnology field or to learn more about how we can help attract the best biotech talent to you organization, I am always excited to connect.