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The Longest Round: NovImmune’s Eight-Year Series B

This article was originally published in Start Up

Executive Summary

Several biotechs have kept a private financing round open for several years and extended beyond $100 million, but Swiss antibody firm NovImmune is taking the concept farther than anyone.

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Financing Quarterly Statistics, Q1 2024

During Q1, biopharmas brought in an aggregate $30.1bn in financing and device company fundraising totaled $2.8bn; while in vitro diagnostic firms and research tools players raised $724m.

Deals in Depth: March 2024

Two $1bn+ alliances were penned in March. In the top alliance by deal value, Merus NV will use its Triclonics anitbody platform to discover new dual tumor-associated antigens targeting trispecific antibodies for Gilead Sciences. Merus will lead early-stage research activities for two programs, with an option to pursue a third. Gilead will have the right to license programs developed under the collaboration after the completion of select research activities. If Gilead exercises its option to license any such program from the collaboration, Gilead will be responsible for additional research, development and commercialization activities for such program. The deal could be worth up to $1.5bn for Merus.

Deals in Depth: February 2024

Just one $1bn+ alliance was penned in February, compared to ten in the previous month. In the top alliance by deal value, Neomorph and Novo Nordisk entered into a potential $1.46bn agreement for the discovery, development, and commercialization of molecular glue degraders (MGDs) for cardiometabolic and rare diseases. The collaboration brings together Novo Nordisk's expertise in those disease areas with Neomorph's MGD discovery platform. Neomorph will lead discovery and preclinical activities against selected targets with Novo Nordisk having the right to exclusively pursue further clinical development and commercialization of the compounds.

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