Finance Roundup: Tizona, Aspyrian Raise VC Cash; Two Biotechs Ready IPOs
This article was originally published in Scrip
Immuno-oncology and targeted cancer therapies, especially when backed by seasoned drug development teams, continue to attract keen venture capital interest, as Tizona Therapeutics Inc. and Aspyrian Therapeutics Inc. demonstrated recently.
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Private investors, including Japanese e-commerce mogul Hiroshi Mikitani, backed a $150m Series C round for Rakuten Aspyrian and its photoimmunotherapy platform. Also, pharma-backed therapeutic video game developer Akili boosts Series C to $68m, and Summit garners additional BARDA funding.
Venture capital investment in biopharmaceutical firms for the first half of 2017 show that this year is on track to exceed 2016 levels. Recent financings include two $50m Series C rounds for two different companies developing later-stage drugs for itching: Trevi and Menlo Therapeutics.
Sumitovant offered $22.75 per share in cash, valuing Myovant at $2.4bn total, to acquire what it does not hold as a result of its 2019 agreement to buy majority shares of five Roivant companies.