Finance Watch: Genesis, Rapport, Cellares Raise Venture Capital Mega-Rounds
Founder Launched With A $29.6m VC Fund
Private Company Edition: Genesis raised $200m, Rapport brought in $150m and Cellares closed a $255m round. Also, Ferring got $300m up front in a royalty deal, Fore Biotherapeutics raised a $75m series D and Vaxxas won a $3.67m Wellcome grant to advance a next-generation typhoid vaccine.
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Private Company Edition: Fewer biotech companies raised venture capital in the second quarter, but the amount of capital raised was on par with the first quarter. Also, former BMS R&D exec Rupert Vessey joined Flagship Pioneering, two new VC funds emerged and Septerna raised a $150m series B round.
GSK, BridgeBio, and the US FDA’s patient-focused drug development director discuss contingency planning as the BIO International Convention concludes in Boston.
Restructuring Edition: After reporting record revenue, but lower profits due to rising costs, Ferring has decided to consolidate R&D in Europe. Also, Codiak has filed for Chapter 11 bankruptcy and will sell off its assets, while Exicure, Applied Molecular Transport, Gamida Cell and others revealed new job cuts.