Finance Watch: Biopharma VC Explosion Extends To Tools, Services
Codexis, Casdin Launch Accelerator; Resilience, SomaLogic Raise Mega-Rounds
Private Company Edition: Venture capital financings didn’t take a break during Thanksgiving week. In addition to the $800m Resilience raised to fund manufacturing services, SomaLogic closed a $121m series A round to fund its proteomic tools for drug discovery and diagnostics development.
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Private Company Edition: Westlake Village BioPartners-founded Neuron23 will take the LRRK2 inhibitor NEU-723 for Parkinson’s disease into human testing before the end of 2022. Also, Celsius raised $83m in fresh VC cash and ITM added another €33m to its recent €25m equity financing.
There have been no biopharma initial public offerings in the US since 12 January while the industry’s valuations have plummeted by double digits since the start of 2022. Nevertheless, venture capital investment continues at a fast pace and there have been some follow-on public offerings.
Private Company Edition: Arbor is developing drugs based on proprietary gene editors, Acrivon is applying proteomics to precision cancer therapies, and bit.bio is producing differentiated cell products. Also, Marengo launches with $80m, Sanofi invests up to $60m in Gyroscope and Shasqi raises $50m.