For­ma Ther­a­peu­tics bounces back from Cel­gene fall­out with $100 mil­lion Se­ries D

Last we heard about For­ma Ther­a­peu­tics’ fund­ing was in March, when they were lay­ing off em­ploy­ees as long­time part­ner and bene­fac­tor Cel­gene — then in the process of be­ing bought out by Bris­tol-My­ers Squibb — sev­ered ties. Cut off from what turned out to be a $757 mil­lion IV, they axed 61 staff mem­bers, hired a new CEO and be­gan re­ori­ent­ing the com­pa­ny.

The shift has ev­i­dent­ly man­aged to con­vince some in­vestors. For­ma an­nounced to­day a $100 mil­lion Se­ries D that will fu­el the com­pa­ny’s push to be­come a clin­i­cal­ly fo­cused biotech. The syn­di­cate in­cludes in­vestors long known for tak­ing com­pa­nies to­ward an IPO, led by RA Cap­i­tal and joined by Cor­morant As­set Man­age­ment, Welling­ton Man­age­ment, Sam­sara Bio­Cap­i­tal, among oth­ers.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER