Week In Review: Seattle-suzhou Adc Biotech Profoundbio Acquired By Genmab For $1.8B | Seeking Alpha
ProfoundBio, a Seattle ADC company with an R&D facility in Suzhou, will be acquired by Copenhagen’s Genmab A/S (GMAB) in a $1.8 billion all-cash deal (see story). The acquisition will expand Genmab’s drug portfolio, including three ProfoundBio clinical-stage ADC candidates for solid tumors. The company’s three clinical-stage assets target ovarian cancer and other FRα-expressing solid tumors. A privately owned company, ProfoundBio raised $112 million in a B Round financing earlier this year. ProfoundBio is led by CEO Baiteng Zhao, a former associate director at Seagen, a Seattle ADC company that was acquired by Pfizer for $43 billion in 2023.
3 Potential Biotech Buyout Targets In 2024
The biotech sector saw a surge of M&A activity at the end of 2023. Major deals to acquire ImmunoGen, Inc. (IMGN), Cerevel Therapeutics Holdings, Inc. (CERE) and Karuna Therapeutics, Inc. (KRTX) all took place in the final five weeks of last year. Each purchase contained a substantial buyout premium as well for shareholders. The uptick in deal volume was one of key drivers of the 50% rally that took place from the SPDR® S&P Biotech ETF (XBI) off its late October lows. That rally has ebbed in recent weeks as has new deal flow.
Alumis Raises $259M In 2024's Largest Biotech Round So Far
Alumis closes $259M series C in year's largest private biotech fundraise yet
gmasson
Tue, 03/05/2024 - 17:22.:
Alumis has reeled in an eye-watering $259 million series C financing that will support a pipeline of oral therapies designed to tackle immune dysfunction and help launch a phase 3 psoriasis trial for lead asset ESK-001. It marks the biggest haul for a private biotech so far in 2024, according to Fierce Biotech’s Fundraising Tracker.
Vc Closes $260M Fund For Early-stage Biotechs
'Golden era of innovation': ORI Capital raises $260M fund for early-stage biotechs
gmasson
Thu, 02/22/2024 - 10:20.:
ORI Capital has raised $260 million, the venture capital firm’s second life sciences fund that will go toward early-stage biotechs worldwide. The Hong Kong- and U.S.-based investment firm will support companies focused on diagnostics, therapeutics and drug delivery for conditions with large unmet need and high mortality rates, according to a Feb. 22 release. Those indications include cancer, metabolic disorders and neurodegenerative diseases, ORI said.
Tyneside Biotech Startup Glycanage Completes $4.2M Fundraise
The innovator will use the new capital to move into the broader diagnostics market. :
Tyneside biotech startup GlycanAge has completed a $4.2m fundraise to ramp up a roll-out of its biological age test into new markets. The Newcastle business has completed the funding round which was led by venture capital firm LAUNCHub Ventures and deep-tech investors Kadmos Capital. Based in The Catalyst at the city’s science hub Newcastle Helix, GlycanAge offers a biological age test that uses glycan biomarkers to enable early prevention strategies for both consumers and healthcare professionals.
Fierce Biotech Fundraising Tracker 2024
Fierce Biotech Fundraising Tracker '24: HI-Bio secures $95M; Radionetics raises $52.5M
gmasson
Tue, 01/02/2024 - 12:12.:
A new year means a new Fierce Biotech Fundraising Tracker to record all the venture capital being funneled into the industry for 2024. We're bumping up our reporting criteria from last year's tracker, including any fundraising rounds north of $50 million this time around. We'll still profile exciting new companies and larger rounds in-depth, while we focus more coverage on clinical trial results, special reports and enterprise stories.
Goldman Sachs Closes $650M Fund Aimed At Biotechs
‘An attractive opportunity for investing’: Goldman Sachs closes $650M fund aimed at biotechs
jwaldron
Wed, 01/03/2024 - 09:14.:
Goldman Sachs is planning to make a splash in the life sciences sector, taking in $650 million for its first fund aimed at the drug development space. The size of the West Street Life Sciences I fund, which overshot its original target, makes it one of the largest first-time private life sciences growth funds, Goldman Sachs Asset Management claimed in a Jan. 3 release.
Biotech Companies Tap Saudi Arabia For Venture Funding
Slowing U.S. venture investment is spurring startups to consider investors from the oil-rich country. :
Some biotechnology startups are raising capital from Saudi Arabia as U.S. venture funding retreats and Middle East countries seek to boost their life-sciences industries. Chicago-based Flashpoint Therapeutics recently raised seed financing led by Beta Lab, a new venture firm based in Riyadh, and biomedical startups including Insilico Medicine have secured funding from Prosperity7 Ventures, the venture fund of Aramco Ventures, a subsidiary of Saudi Arabia’s national oil company.
Bioluminescence Enters Biotech Venture Spotlight With $477M
Bioluminescence enters biotech venture spotlight with almost $500M under management
mbayer
Tue, 10/31/2023 - 16:17.:
Bioluminescence is rocketing out of stealth, looking to warm a frigid funding environment with the embrace of fresh funding. The new venture capital outfit is entering the fold with $477 million in assets under management across two funds, including investments in startups like genetic-medicines-focused ReCode Therapeutics and neuroscience biotech Nido Biosciences, according to Wednesday’s unveiling. The two funds are Bioluminescence Ventures Fund I and II, respectively. “Innovation never stops, even when financing does,” Founding and Managing Partner Kouki Harasaki, Ph.D., said in a release.
These Biotech Companies Are Poised For Big Things In 2023 And Beyond
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Biotech companies continue to live up to their hype, with many of them reaching new heights in 2023. But that doesn't mean they've peaked. There's plenty more room for growth throughout the rest of the year and beyond. TrialSpark is a tech-driven pharmaceutical company set apart by its exceptionally efficient approach to drug development. The company has established a technology platform that enhances every facet of drug development, leading to optimized trial design, faster trial completion and superior trial data quality.