The crew that sold its lead IL-2 program to Roche is back with $93M to work on more next-gen I/O drugs
John Mulligan was in the process of raising about $90 million for a Series B to take Good Therapeutics’ PD-1-regulated IL-2 into the clinic when the board decided to do a smaller round while fielding buyout talks from Big Pharma companies.
He ended up selling the company — or more specifically, that lead program and the underlying intellectual property — to Roche for $250 million upfront, plus a slate of biobucks, and returning the money to investors. But the 26 employees, lab lease and the technology for making conditionally active cancer drugs remained, in the form of a new company named Bonum Therapeutics, which was sustained by a bridge round of $3 million.
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