John Mulligan, Bonum Therapeutics CEO

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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