VC Tally: $1.2bn Invested So Far In 2016 Includes Savara, Corvidia
This article was originally published in Scrip
New biotechnology companies still are able to raise some fairly large Series A venture capital rounds, contributing to a whopping $1.2bn in VC investment for drug developers during the first two months of 2016, but most startups and early-stage firms still are moving along at a pretty standard fundraising pace.
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Novo Nordisk is paying $725m to acquire the VC-backed US biotech, Corvidia Therapeutics and its promising Phase II candidate, ziltivekimab, for chronic kidney disease, but further payments could total more than $2bn.
Private Company Edition: Martin Mackay and two other former Alexion executives co-founded the rare disease start-up in January with a $37m Series A to kick things off. Also, Innovent raises $150m in venture cash, Tmunity adds $35m and Third Rock launches Cedilla.
Private Company Edition: Recent VC financings across biopharma sectors include three major mega-rounds as Generate Biomedicines bringing in $370m, followed by $250m for Acelyrin and $125m for Chroma Medicine. Also, Treadwell raised a $91m series B and Ncardia brought in $60m-plus.