Bak­er Bros. places a $250M bet on a po­ten­tial ri­val to Re­gen­eron and No­var­tis — with a $1B-plus pay­off on the line

Ko­di­ak Sci­ences dis­ap­point­ed plen­ty of in­vestors when it priced its IPO shares $KOD at $10 a pop, well be­low the range, last fall. But shares have al­most tripled in the mean­time, push­ing its mar­ket cap to $1.1 bil­lion — and set­ting the stage for a $250 mil­lion raise from Bak­er Bros. to fund a piv­otal pro­gram for their Eylea ri­val.

Biotech-fo­cused Bak­er Bros. Ad­vi­sors stepped up bear­ing $225 mil­lion to nail a 4.5% roy­al­ty stream on KS-301, the big drug at Ko­di­ak. The biotech launched their first piv­otal tri­al — DAZ­ZLE — a cou­ple of months ago. They get $100 mil­lion of Bak­er cash in Jan­u­ary, with the rest trig­gered on a slate of mile­stones that in­cludes 50% en­roll­ment in the late-stage ef­fort.

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