Finance Watch: Morphic's 'Smooth' Progress With Oral Integrin Inhibitors Justifies $80m Series B
Private Company Edition: Morphic raises $80m to take its first two integrin inhibitors into the clinic for fibrosis and inflammatory bowel disease. Also, Hillhouse has a new $10.6bn private equity fund for health care and other investments, and Atreca closes a $125m Series C.
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Morphic said that Janssen had chosen to exit the partnership formed in 2019, just a little more than half a year after AbbVie did the same.
Private Company Edition: The astonishing pace of venture capital investment in drug development continues with another $1.5bn in financings of $100m or more, including $152m for Pyxis and $126m for Omega. New VC funds also continue to launch, including RiverVest’s fifth fund, totaling $275m.
The company will initiate a clinical trial this year for lead ADC candidate SBT6050, which links a HER2-targeting antibody to a TLR8 agonist to activate myeloid cells in the tumor and spur an immune response.