Antibody-drug conjugate (ADC) developer Adcendo has been busy during the last year and a half since the company raised a €31m ($32.3m) extension of the €51m ($53.2m) series A it originally raised in 2021. And in the company’s latest announcement, Adcendo more than doubled its money with a $135m series B round on 25 November.
Finance Watch: Adcendo Pursues Proof-Of-Concept With $135m Series B Round
Jupiter Raises $70m To Launch Start-Ups
Private Company Edition: The Danish ADC developer, after extending its series A twice, raised a series B to take multiple programs into the clinic. Also, Neurelis sold its Neffy royalties for $208m, Enveda closed a $130m series C round and C Ray’s series A+ financing raised $100m-plus.
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Private Company Edition: The latest group of drug developers to announce venture capital financings is remarkable for its geographic diversity, from Character Biosciences’ $93m series B round in the US to Augustine’s $85m series B in Belgium to a $29.2m series C for Aculys in Japan.
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Public Company Edition: Cargo suspended development and cut 90% of its workforce to focus on strategic alternatives, while Pyxis and Kiromic laid off or furloughed employees. Also, Pfizer sold its remaining Haleon shares for $3.3bn, Galderma sold $1bn in bonds and other financings.
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Private Company Edition: There have been five $100m-plus VC rounds so far this month, up from three in all of February. Flagship unveiled Lila Sciences with $200m, while Curevo and Insilico raised $110m in series B and E rounds, respectively. Also, Arbor Biotech garnered $73.9m.
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Restructuring Edition: Biopharma companies used fourth-quarter updates to reveal job and program cuts to conserve cash, including Sutro, Agenus, Coherus, Inozyme and Atea. Also, Vincerx’s reverse merger was terminated and Vaccinex, Oncternal, Syros plan to voluntarily delist.
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Pharma executives and investors are waiting with bated breath to find out if President Trump will include drugs in a new round of tariffs to be announced on 2 April.
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After failing a Phase II monotherapy study in early Parkinson’s, Cerevance will focus on adjunctive therapy without abandoning the monotherapy concept.
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The firm has lofty ambitions for the aldosterone synthase inhibitor to treat hypertension and kidney disease.