1. Scrip
  2. >>Business
  3. >>Financing

David Hung Launches Start-Up Nuvation With Old Medivation Team And $275m

 
• By Mandy Jackson

The former Medivation CEO, after a brief detour heading up Axovant, is returning to oncology, but the new company is keeping details about the seven cancer drug programs in its pipeline under wraps.

SC1910_Businessman-sketch_150613505_1200.jpg
Start-up Nuvation has seven cancer drug programs but intends to expand its pipeline. • Source: Shutterstock

Former Medivation Inc. CEO David Hung is returning to oncology with the new cancer drug company Nuvation Bio Inc., which has raised $275m in series A venture capital and reassembled members of the team that developed and launched the prostate cancer blockbuster Xtandi (enzalutamide) before selling Medivation to Pfizer Inc. for $14.3bn in 2016.

With offices in New York and San Francisco, Nuvation describes itself as a “stealth biotechnology company” as it keeps the...

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required
Start Free Trial

Already a subscriber?

More from Financing

Finance Watch: CSL Restructuring Brings 15% Workforce Reduction, Vaccines Group Spinout

 
• By Mandy Jackson

Restructuring Edition: CSL Group will spin out CSL Seqirus as a standalone vaccines business as the parent company slims down. Some struggling companies are turning to investing in cryptocurrencies to create shareholder value.

Finance Watch: Did Mid-Summer Usher In A Mega-Round Comeback?

 
• By Mandy Jackson

Private Company Edition: Hatteras Venture Partners now has more than $900m under management. Also, in recent $100m-plus VC rounds, Strand Therapeutics raised a $153m series A, ARTBIO revealed a $132m series B and Minghui Pharmaceutical secured a $131m pre-IPO round.

Sarepta Sells Arrowhead Shares To Raise Cash, Pay Arrowhead

 
• By Mandy Jackson

Sarepta is in a cash crunch with sales of Elevidys slumping due to safety concerns and with financial commitments coming due, including debt repayments and milestone fees for its partner Arrowhead.

Finance Watch: OrbiMed’s New $1.86bn Fund Offers Financial Alternatives In Tough Market

 
• By Mandy Jackson

Public Company Edition: OrbiMed partners Carter Neild and Matthew Rizzo spoke with Scrip about the firm’s fifth royalty and credit fund. Also, Ligand sold $400m worth of notes, BridgeBio’s oncology spinout went public via SPAC merger and raised $261m and Assembly raised $175m.

More from Business

Boehringer Expands Eyecare Horizons With Palatin Collaboration

 
• By Andrew McConaghie

The German company already had four eye disease candidates in Phase II development and sees promise in Palatin’s novel melanocortin receptor modulators.

Egetis Eyes Swift US Submission For Emcitate

 
• By Kevin Grogan

The Sweden-based firm is set for talks with the FDA on the regulatory path for its MCT8 deficiency candidate.

Stock Watch: Pfizer Relights Q2 Earnings Season’s Fire

 
• By Andy Smith

Pfizer showed how to come out on top with investors during earnings season. Post strong sales growth – and avoid mentioning tariffs, most favored nation pricing or Medicare modernization impacts.