Kite Founder Jakobovits Raises $51m For Off-The-Shelf Startup Adicet; Aprecia Prints $35m
This article was originally published in Scrip
Add Adicet Bio Inc. to the long and growing list of private biotechnology firms raising venture capital in January, proving that the industry is able to attract investors despite declining stock values for publicly traded drug development companies.
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VC deals totaled $8.3bn in the first half of 2019, but the year's total rose to just $11.5bn at the end of September, reflecting only a $3.2bn third quarter gain. Among recent financings, Cygnal emerged from stealth mode with $65m invested to date.
Deal activity over the past seven days sees Roche knock back Inovio a second time, Regeneron plan for its future via an alliance with Adicet Bio, Amgen supplement its preclinical pipeline with a candidate from Advaxis, and Pfizer shore up its gene therapy ambitions with an acquisition.
Kynmobi is an important approval for parent company Sumitomo Dainippon ahead of the loss of exclusivity for Latuda. Sunovion hopes to launch after COVID-19 social distancing requirements ease.