Finance Watch: Arbor, Acrivon, Bit.Bio Close VC Mega-Rounds
Mission BioCapital Raises $275m For Fund V
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.
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Private Company Edition: The industry raised $28bn in venture capital through the third quarter, breaking the record $27.4bn raised last year. Also, big pharmas backed a start-up lab in Israel, plus mega-rounds for CinCor Pharma ($143m) and Rectify Pharmaceuticals ($100m), while Cerecin raises $40m.
Lilly hopes to address immunology and pain indications with biotech’s LYTAC technology. Sunovion licenses European rights to Parkinson’s therapy Kynmobi to Bial.
The Flagship Pioneering-founded start-up will build a “Gigabase Factory” to go from idea to in vivo proof of concept within eight weeks by rapidly manufacturing and running preclinical tests for multiple constructs at once.