$95M mega-round in hand, Elaine Sul­li­van sets out to build a Eu­ro­pean on­col­o­gy play­er

Elaine Sul­li­van, CEO, Car­rick Ther­a­peu­tics

A trans-At­lantic in­vest­ment syn­di­cate that in­cludes Google has come to­geth­er to bankroll a Eu­ro­pean on­col­o­gy start­up with a $95 mil­lion mega-round. And the biotech, helmed by ex­pe­ri­enced phar­ma R&D ex­ec Elaine Sul­li­van, has al­ready lined up three de­vel­op­ment pro­grams with plans to add more in the very near fu­ture.

The big idea here has less to do with any one pro­gram and sci­en­tif­ic founder than it has to do with the con­ti­nen­tal-sized part­ner­ing as­pi­ra­tions at Car­rick Ther­a­peu­tics.

“I want­ed to set up a Eu­ro­pean on­col­o­gy com­pa­ny,” Sul­li­van tells me this morn­ing, with­out a hint of brag­gado­cio. “The whole con­cept of the com­pa­ny was to link a num­ber of in­ves­ti­ga­tors to­geth­er to cre­ate a syn­er­gy around the com­pa­ny.”

That’s the kind of big-pic­ture think­ing that Arch Ven­ture Part­ners, in par­tic­u­lar, loves to en­gage in. Neil Wood­ford’s Wood­ford In­vest­ments, which co-led the round with Arch, was found­ed on the no­tion that Eu­rope in gen­er­al and the UK in par­tic­u­lar has been bet­ter at sci­ence than the art of in­vest­ing in sci­ence. And GV (Google Ven­tures to you and me) jumped in along with Cam­bridge En­ter­prise Seed Funds, Cam­bridge In­no­va­tion Cap­i­tal, Evotec AG and Light­stone Ven­tures.

“What we saw, Arch and our­selves,” adds Sul­li­van, “was amaz­ing sci­ence in Eu­rope that was un­der­cap­i­tal­ized.”

Sul­li­van is stay­ing pur­pose­ful­ly vague right now about the biotech’s plans, but that’s not for lack of strate­gic think­ing. The As­traZeneca and Eli Lil­ly vet­er­an says the biotech, which will be based in Dublin with R&D ops in Ire­land and Ox­ford, al­ready has close ties with not­ed sci­en­tif­ic in­ves­ti­ga­tor Steve Jack­son at the Uni­ver­si­ty of Cam­bridge and Can­cer Re­search UK. More are be­ing put in place.

On­col­o­gy deals have been all the rage on both sides of the At­lantic for the past three years, as new drugs rip through the clin­ic at record speeds. But Car­rick be­lieves it’s in the right spot to put to­geth­er a no­table pipeline in lit­tle time.

The com­pa­ny is work­ing with a staff of 45, says Sul­li­van, which can eas­i­ly be scaled up as the pipeline fills out. And she says she’ll be a lot more forth­com­ing af­ter a few more months of col­lab­o­ra­tion build­ing, when the com­pa­ny can de­tail the mech­a­nisms it’s fo­cused on as well as the drugs it has in both clin­i­cal as well as pre-clin­i­cal de­vel­op­ment.

I plan to take her up on that of­fer.

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Biotech is going through quite a rough patch right now. For 2 years, practically anyone with a decent resume and some half-baked ideas on biotech could start a company and get it funded. The pandemic made it easy in many ways to pull off an IPO, with traditional road shows shut down in exchange for a series of quick Zoom meetings. Generalist investors flocked as the numbers raised soared into the stratosphere.

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The new company is called Sonata Therapeutics, which is picking up the work that Inzen was doing related to the cellular microenvironment and combining with Flagship’s Cygnal Therapeutics, which came out of stealth more than 3 years ago and put Pearl Huang — the BeiGene founder and former Roche SVP — at the helm.

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At a ribbon cutting on Tuesday for its new Jeffrey Leiden Center for Cell and Genetic Therapies at the Boston Seaport, Vertex announced it would embark on a new project: The company will build a 344,000 square foot facility in the seaport to accommodate the company’s growing R&D needs, especially in its cell and gene therapies program.

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Martin Shkreli (Dennis Van Tine/MediaPunch/IPX)

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Shkreli’s attorney put out a statement Wednesday afternoon saying that the “pharma bro” had been transferred to a halfway house in New York with a few more months to go under federal custody, slated to end September 14. Attorney Benjamin Brafman acknowledged the release and vowed that he and Shkreli are keeping quiet.

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Frank Pallone (D-NJ), House Energy and Commerce Committee chair (Kevin Dietsch/Pool via AP Images)

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