Busy Times and Divergent Strategies for Celtic Pharma's Follow-On Funds
This article was originally published in Start Up
The various Celtic funds (there are three, with two sprouting from the original Celtic Pharma I Holdings established in 2004) posted a very busy January, closing deals involving Kolltan Pharmaceuticals Inc., Cantab Pharmaceuticals PLC, Inspiration Biopharmaceuticals Inc. and PolyTherics Ltd. But the details of these transactions help illustrate how the two actively investing successor funds have established fundamentally different investment strategies, even if those strategies can overlap at times.
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Having raised about $75 million in venture funding since its 2007 inception, Kolltan Pharmaceuticals is getting closer to the clinic with novel oncology candidates targeting receptor tyrosine kinases.
Celtic Therapeutics will put as much as $50 million into ADC Therapeutics to develop next-generation cancer drugs based on assets from Spirogen, another of its other portfolio companies.
Financing includes $1.5 million development option that converts to another Series B if there's no agreement on a co-development program.