Finance, Grants, Deals

With the help of a large Chinese investor, Congenica Ltd has completed a $50 million Series C funding round to advance its technology for analysing genomic data. The financing was co-led by Tencent Holdings Ltd, a Chinese conglomerate, and Legal & General Group, the financial services company. The proceeds will be used to expand the company’s analysis services to include somatic cancers as well as to generate information about wellness.

Merck & Co Inc is to acquire VelosBio Inc for $2.75 billion in cash giving it ownership of an early clinical stage antibody-drug conjugate (ADC) targeting receptor tyrosine kinase-like orphan receptor 1 (ROR1). The drug, VLS-101, is being evaluated in Phase 1 and Phase 2 clinical trials for the treatment of patients respectively, with haematologic malignancies and solid tumours.

Sanofi SA is to make a public offer valued at €308 million to acquire Kiadis Pharma NV of the Netherlands, a cell therapy company with a pipeline of therapies based on natural kill (NK) cells of the innate immune system. The two companies have been collaborating since July on a combination therapy for multiple myeloma.

Abivax SA has raised €28 million from US and European investors to advance development of its lead small molecule drug, ABX464, in several inflammatory indications and Covid-19. ABX464 recently reported positive data in a Phase 2a study of patients with ulcerative colitis including a high remission rate at the end of a second year of treatment.

Addex Therapeutics Ltd is to receive $2.8 million in new research funding as part of an extended agreement with Indivior Plc, a specialty pharma company developing treatments for addiction disorders. The two companies have been working together since early 2018 and the amended agreement will now run until 30 June 2021.

Novartis has expanded its presence in the gene therapy field with the acquisition of Vedere Bio Inc, a US gene therapy company launched in 2019 by Atlas Venture, an early-stage venture capital fund. Vedere has technology for potentially restoring vision in patients whose sight has been impaired by the loss of photoreceptor cells. The technology is based on optogenetics which describes a biological technique for using light to control neurons related to sight.

Bayer AG is to pay up to $4 billion to acquire Asklepios BioPharmaceutical Inc (AskBio), a US gene therapy company with a clinical-stage pipeline and a significant manufacturing capacity. It will pay $2 billion upfront for the company and up to $2 billion in success-based milestones, of which three quarters are expected to be due over the next five years.

A Swiss start-up, Araris Biotech AG, with new technology for antibody-drug conjugates (ADC), has raised an additional CHF 12.7 million in seed financing to advance its candidate drugs towards the clinic, bringing the total amount raised to CHF 15.2 million. The newest round was led by Pureos Bioventures of Zurich which noted that the company’s technology addresses some of the limitations of existing therapies.

The German biotech Topas Therapeutics GmbH has raised €22 million in a Series B financing round to advance technology for inducing antigen-specific immune tolerance. The technology is thought to have application across a wide range of autoimmune diseases, allergies and a condition known as anti-drug antibodies where the body throws up resistance to the repeated administration of monoclonal antibodies.

Ireland-based Neuromod Devices Ltd has raised €10.5 million in a Series B financing round to to accelerate the European commercialisation of a device to treat tinnitus, a condition in which sufferers experience a ringing in the ears. The device is a bimodal neuromodulation treatment which has received a CE-mark in the EU and is being rolled out in Europe. The company also plans to target the US market with a particular focus on the Department of Veterans Affairs.