Pro­tein degra­da­tion pi­o­neer C4 Ther­a­peu­tics nabs $170M; Barcelona start­up has €30M to go af­ter can­cer metas­tases

→ Pro­tein degra­da­tion has been good to C4 Ther­a­peu­tics. The Wa­ter­town, MA-based biotech just raised $170 mil­lion. That in­cludes a $150 mil­lion B round as well as $20 mil­lion in ven­ture debt from Per­cep­tive. “This fund­ing comes at a sig­nif­i­cant junc­ture, as our com­pa­ny is mov­ing to a clin­i­cal stage,” says CEO Marc Co­hen. “We plan on fil­ing our first IND by the end of this year and ex­pect to have four drug can­di­dates in the clin­ic by the end of 2022.” The syn­di­cate is big. The round was co-led by ex­ist­ing in­vestor Co­bro Ven­tures and new in­vestor Per­cep­tive Ad­vi­sors. New eq­ui­ty in­vestors in the round in­clud­ed Adage Cap­i­tal Man­age­ment, Ax­il Cap­i­tal, Bain Cap­i­tal Life Sci­ences, Com­modore Cap­i­tal, 3E Bioven­tures Cap­i­tal, HBM Health­care In­vest­ments, Lightchain Cap­i­tal, Lo­gos Cap­i­tal, Mizuho Se­cu­ri­ties Prin­ci­pal In­vest­ment, Nex­tech, RA Cap­i­tal Man­age­ment, RTW In­vest­ments, Sphera Funds Man­age­ment, Tai­wa­nia Cap­i­tal Man­age­ment, Yon­jin Ven­ture, and funds and ac­counts man­aged by T. Rowe Price As­so­ciates and Janus Hen­der­son In­vestors. Ex­ist­ing in­vestors al­so par­tic­i­pat­ed.

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