BioN­Tech rais­es mam­moth $270M A round, near­ing $1B mark as in­vestors con­tin­ue a love af­fair with mR­NA

Of all the star­tups on both con­ti­nents over the past decade, few could ri­val the growth of BioN­Tech af­ter it got start­ed with seed cash back in 2008. The mR­NA com­pa­ny has fund­ed much of its rapid ex­pan­sion with part­ner­ship cash, reach­ing more than 700 staffers at the end of 2017 with the con­sid­er­able sup­port of some big al­liances with the likes of Genen­tech and Sanofi and Gen­mab.

Un­til to­day.

This morn­ing the Mainz, Ger­man-based biotech took the wraps off a mega-raise of $270 mil­lion — an ‘A’ round de­signed to com­plete the rapid ramp-up of its con­sid­er­able man­u­fac­tur­ing op­er­a­tions as it looks to ad­vance an ear­ly-stage per­son­al­ized mR­NA can­cer vac­cine de­signed to mob the anti­gens of in­di­vid­ual pa­tients.

Add up all the cash from the seed mon­ey of­fered by the bil­lion­aire Strüng­mann broth­ers through col­lab­o­ra­tion cash, grants and so on, says COO Sean Marett, and the to­tal comes to about $950 mil­lion, near­ing a block­buster bil­lion. Even by US stan­dards, that’s huge. By Eu­ro­pean stan­dards, it’s al­most un­heard of for a pri­vate life sci­ences com­pa­ny, com­ing close to the $320 mil­lion record set by Im­muno­core in the UK in 2015.

The round high­lights one of the busiest weeks I’ve ever seen for biotech ven­ture in­vest­ing. By the end of Thurs­day, End­points News will have re­port­ed on more than $700 mil­lion in new biotech in­vest­ments an­nounced over a 72-hour pe­ri­od. Even for the week ahead of JP­Mor­gan, that’s ex­tra­or­di­nary.

The Red­mile Group led the round, joined by Janus Hen­der­son In­vestors, In­vus, Fi­deli­ty Man­age­ment & Re­search Com­pa­ny and sev­er­al Eu­ro­pean fam­i­ly of­fices. The Strüng­mann Fam­i­ly Of­fice — op­er­at­ed by iden­ti­cal twins Thomas and An­dreas Strüng­mann, who found­ed the big gener­ics com­pa­ny Hexal and sold it to No­var­tis ($NVS) for $7.5 bil­lion — al­so came back in to in­vest again.

Ugur Sahin

The fo­cus now is ex­pand­ing clin­i­cal work on new ther­a­peu­tic pro­grams, says the COO, where BioN­Tech — helmed by CEO Ugur Sahin — has been en­gaged as a 50/50 part­ner with Genen­tech and oth­er gi­ants.

The lat­est round in­di­cates just how much in­vestor in­ter­est there is in mR­NA, with con­sid­er­able en­thu­si­asm for a tech­nol­o­gy that’s still very much in its in­fan­cy — but promis­ing to move fast. A few months ago, for ex­am­ple, BioN­Tech boast­ed of its abil­i­ty to de­liv­er mR­NA en­cod­ing for any an­ti­body bis­pe­cif­ic, spurring cells to cre­ate an an­ti-can­cer ther­a­py that worked against an­i­mal tu­mors. And there’s been some en­cour­ag­ing ear­ly snap­shots of im­muno­log­i­cal ac­tiv­i­ty.

Two oth­er com­pa­nies, Cure­Vac and Mod­er­na, have al­so gath­ered huge amounts of sup­port for their own work in mR­NA, al­so look­ing at can­cer vac­cines in par­tic­u­lar and siz­ing up their po­ten­tial in com­bi­na­tion with PD-1/L1 in­hibitors.

By the end of the year, says Marett, BioN­Tech will like­ly have close to 850 em­ploy­ees, with ex­pand­ed ca­pac­i­ty to make its can­cer vac­cine as well as a CAR-T for one pa­tient at a time.

Pfiz­er’s Doug Gior­dano has $500M — and some ad­vice — to of­fer a cer­tain breed of 'break­through' biotech

So let’s say you’re running a cutting-edge, clinical-stage biotech, probably public, but not necessarily so, which could see some big advantages teaming up with some marquee researchers, picking up say $50 million to $75 million dollars in a non-threatening minority equity investment that could take you to the next level.

Doug Giordano might have some thoughts on how that could work out.

The SVP of business development at the pharma giant has helped forge a new fund called the Pfizer Breakthrough Growth Initiative. And he has $500 million of Pfizer’s money to put behind 7 to 10 — or so — biotech stocks that fit that general description.

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Is a pow­er­house Mer­ck team prepar­ing to leap past Roche — and leave Gilead and Bris­tol My­ers be­hind — in the race to TIG­IT dom­i­na­tion?

Roche caused quite a stir at ASCO with its first look at some positive — but not so impressive — data for their combination of Tecentriq with their anti-TIGIT drug tiragolumab. But some analysts believe that Merck is positioned to make a bid — soon — for the lead in the race to a second-wave combo immuno-oncology approach with its own ambitious early-stage program tied to a dominant Keytruda.

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UP­DAT­ED: Leg­end fetch­es $424 mil­lion, emerges as biggest win­ner yet in pan­dem­ic IPO boom as shares soar

Amid a flurry of splashy pandemic IPOs, a J&J-partnered Chinese biotech has emerged with one of the largest public raises in biotech history.

Legend Biotech, the Nanjing-based CAR-T developer, has raised $424 million on NASDAQ. The biotech had originally filed for a still-hefty $350 million, based on a range of $18-$20, but managed to fetch $23 per share, allowing them to well-eclipse the massive raises from companies like Allogene, Juno, Galapagos, though they’ll still fall a few dollars short of Moderna’s record-setting $600 million raise from 2018.

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As it hap­pened: A bid­ding war for an an­tibi­ot­ic mak­er in a mar­ket that has rav­aged its peers

In a bewildering twist to the long-suffering market for antibiotics — there has actually been a bidding war for an antibiotic company: Tetraphase.

It all started back in March, when the maker of Xerava (an FDA approved therapy for complicated intra-abdominal infections) said it had received an offer from AcelRx for an all-stock deal valued at $14.4 million.

The offer was well-timed. Xerava was approved in 2018, four years after Tetraphase posted its first batch of pivotal trial data, and sales were nowhere near where they needed to be in order for the company to keep its head above water.

RA Cap­i­tal, Hill­house join $310M rush to back Ever­est's climb to com­mer­cial heights in Chi­na

Money has never been an issue for Everest Medicines. With an essentially open tab from their founders at C-Bridge Capital, the biotech has gone two and a half years racking up drug after drug, bringing in top exec after top exec, and issuing clinical update after update.

But now other investors want in — and they’re betting big.

Everest is closing its Series C at $310 million. The first $50 million comes from the Jiashan National Economic and Technological Development Zone; the remaining C-2 tranche was led by Janchor Partners, with RA Capital Management and Hillhouse Capital as co-leaders. Decheng Capital, GT Fund, Janus Henderson Investors, Rock Springs Capital, Octagon Investments all joined.

Por­tion of Neil Wood­ford’s re­main­ing in­vest­ments, in­clud­ing Nanopore, sold off for $284 mil­lion

It’s been precisely one year and one day since Neil Woodford froze his once-vaunted fund, and while a global pandemic has recently shielded him from the torrent of headlines, the fallout continues.

Today, the California-based patent licensing firm Acacia Research acquired the fund’s shares for 19 healthcare and biotech companies for $284 million.  Those companies include shares for public and private companies and count some of Woodford’s most prominent bio-bets, such as Theravance Biopharma, Oxford Nanopore and Mereo Biopharma, according to Sky News, which first reported the sale. It won’t include shares for BenevelontAI, the machine learning biotech once valued at $2 billion.

Drug man­u­fac­tur­ing gi­ant Lon­za taps Roche/phar­ma ‘rein­ven­tion’ vet as its new CEO

Lonza chairman Albert Baehny took his time headhunting a new CEO for the company, making it absolutely clear he wanted a Big Pharma or biotech CEO with a good long track record in the business for the top spot. In the end, he went with the gold standard, turning to Roche’s ranks to recruit Pierre-Alain Ruffieux for the job.

Ruffieux, a member of the pharma leadership team at Roche, spent close to 5 years at the company. But like a small army of manufacturing execs, he gained much of his experience at the other Big Pharma in Basel, remaining at Novartis for 12 years before expanding his horizons.

Covid-19 roundup: Ab­b­Vie jumps in­to Covid-19 an­ti­body hunt; As­traZeneca shoots for 2B dos­es of Ox­ford vac­cine — with $750M from CEPI, Gavi

Another Big Pharma is entering the Covid-19 antibody hunt.

AbbVie has announced a collaboration with the Netherlands’ Utrecht University and Erasmus Medical Center and the Chinese-Dutch biotech Harbour Biomed to develop a neutralizing antibody that can treat Covid-19. The antibody, called 47D11, was discovered by AbbVie’s three partners, and AbbVie will support early preclinical work, while preparing for later preclinical and clinical development. Researchers described the antibody in Nature Communications last month.

Michael Gladstone, partner at Atlas Venture

At­las rais­es new $400M fund amid spree of VC rais­es. Here’s what they’ll spend it on

You can add another few hundred million to the now Montana-sized reservoir of cash biotech VCs have raised since the WHO declared Covid-19 a pandemic.

Atlas Venture, the prominent Kendall Square incubator, has raised $400 million for its twelfth biotech fund, their first in 3 years. After a string of mammoth new raises from other major VCs in April and May, the total pot now stands between $5 billion and $6 billion, depending on how you slice it.

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