What's big­ger than a uni­corn? Sa­mumed stuns yet again as an­ti-ag­ing pipeline draws $438M at $12B val­u­a­tion

Sa­mumed came out with a bang a cou­ple years ago, when it bold­ly an­nounced a cou­ple of an­ti-ag­ing pro­grams and a $12 bil­lion val­u­a­tion. The San Diego com­pa­ny, which op­er­at­ed in stealth through much of its first decade, had no late-stage pro­grams and no prod­ucts on the mar­ket at the time, caus­ing quite the hub­bub when it claimed uni­corn sta­tus.

To­day, that com­pa­ny has added $438 mil­lion of eq­ui­ty back­ing to its cof­fers, clos­ing a mega-round that adds to its pre­vi­ous­ly raised $212 mil­lion. And yet again, the com­pa­ny an­nounced its pre-mon­ey val­u­a­tion for the lat­est round at a whop­ping $12 bil­lion. Even in these go-go days of biotech, the dol­lars are eye-pop­ping.

The fig­ure will cer­tain­ly raise eye­brows, but that’s noth­ing new for Os­man Kibar, Sa­mumed’s pas­sion­ate and col­or­ful CEO. I met with Kibar back in 2016, tour­ing the rather qui­et halls of Sa­mumed’s head­quar­ters. His en­thu­si­asm for the com­pa­ny’s in­ves­ti­ga­tion­al os­teoarthri­tis drug left an im­pres­sion on me, as he fer­vent­ly sketched graphs on a white­board to help me un­der­stand the WNT path­way.

“We’re sit­ting on a gold­mine, and this is on­ly the tip of the ice­berg,” Kibar said at the time. “If our strat­e­gy was to sell, no one could af­ford us.”

Found­ed in 2008, Sa­mumed now has eight pro­grams in its pipeline: two Phase II drugs, five in Phase I, and one pre­clin­i­cal. Its late-stage pro­grams are in os­teoarthri­tis and an­dro­ge­net­ic alope­cia (hair loss).

The com­pa­ny’s Phase II tri­al in OA en­rolled 455 pa­tients and went for a year. This pa­tient pop­u­la­tion in­cludes over 20 mil­lion Amer­i­cans who suf­fer from car­ti­lage wear­ing away in their joints and the re­sult­ing pain as­so­ci­at­ed with move­ment. There’s no re­al treat­ment be­sides pain med­ica­tion, which can ex­ac­er­bate the prob­lem (feel­ing less pain, pa­tients tend to move around more and fur­ther wear down that car­ti­lage). Af­ter re­ceiv­ing a sin­gle in­jec­tion, pa­tients showed car­ti­lage growth at the me­di­al joint.

But in Sa­mumed’s very brief press re­lease on this new round of fund­ing, the com­pa­ny did not men­tion where the mon­ey came from. That caught my at­ten­tion, be­cause when I first wrote about Sa­mumed, I thought the com­pa­ny’s lead in­vestors were odd choic­es: IKEA’s pri­vate ven­ture firm, anony­mous high-net-worth in­di­vid­u­als and a sin­gle ven­ture cap­i­tal firm called Vick­ers Ven­ture Part­ners. The biggest in­vestors are a fur­ni­ture com­pa­ny and a ven­ture firm with no his­to­ry of drug dis­cov­ery in­vest­ments. How could they rec­og­nize a valu­able in­vest­ment when they saw one?

I reached out to Kibar this morn­ing to see who was in this new syn­di­cate. Kibar replied with this:

Our ex­ist­ing in­vestors par­tic­i­pat­ed about ~15-20% of this round, the rest are new. And we went with pri­vate cap­i­tal again (fam­i­ly of­fices, high net worth in­di­vid­u­als, and sov­er­eign funds), no VC/PE (ex­cept Vick­ers).

Fin­ian Tan, chair­man at Vick­ers, at the time ex­plained that Sa­mumed was the first of many in­vest­ments in drug dis­cov­ery. Tan him­self is no rook­ie in health­care. He’s served as ex­ec­u­tive deputy chair­man of Sin­ga­pore’s Na­tion­al Sci­ence and Tech­nol­o­gy Board, as well as on the boards of The Na­tion­al Can­cer Cen­ter of Sin­ga­pore, ven­ture firm Life Sci­ences In­vest­ment, and SingHealth, the biggest health care group in Sin­ga­pore.

Though not a sci­en­tist him­self, he ap­par­ent­ly has a knack for eye­ing good in­vest­ments. Tan was an ear­ly in­vestor of Baidu, known as the “Google of Chi­na” and cur­rent­ly val­ued at $80 bil­lion. Tan said his ven­ture firm made the biggest en­try in­vest­ment it’s ever made with Sa­mumed due to the com­pa­ny’s unique­ly high re­ward vs. risk pro­file. The last time he made a sim­i­lar in­vest­ment was Baidu it­self, Tan said.

Sa­mumed’s drug dis­cov­ery plat­form could be “a break­through of huge pro­por­tions,” Tan said in an email. “The im­pact on hu­mankind would be an or­der of mag­ni­tude we have not seen since (Alexan­der) Flem­ing’s dis­cov­ery of an­tibi­otics (in the 1920s).”

Time will tell.

Kibar said Sa­mumed is tar­get­ing its first ap­proval with­in the next few years.

“This round takes us there (in­clud­ing all our pro­grams, clin­i­cal and pre­clin­i­cal pipeline), plus launch cost, plus some ex­tra cush­ion,” Kibar wrote in an email.


Im­age: Os­man Kibar.

Nick Leschly via Getty

UP­DAT­ED: Blue­bird shares sink as an­a­lysts puz­zle out $1.8M stick­er shock and an un­ex­pect­ed de­lay

Blue­bird bio $BLUE has un­veiled its price for the new­ly ap­proved gene ther­a­py Zyn­te­glo (Lenti­Glo­bin), which came as a big sur­prise. And it wasn’t the on­ly un­ex­pect­ed twist in to­day’s sto­ry.

With some an­a­lysts bet­ting on a $900,000 price for the β-tha­lassemia treat­ment in Eu­rope, where reg­u­la­tors pro­vid­ed a con­di­tion­al ear­ly OK, blue­bird CEO Nick Leschly said Fri­day morn­ing that the pa­tients who are suc­cess­ful­ly treat­ed with their drug over 5 years will be charged twice that — $1.8 mil­lion — on the con­ti­nent. That makes this drug the sec­ond most ex­pen­sive ther­a­py on the plan­et, just be­hind No­var­tis’ new­ly ap­proved Zol­gens­ma at $2.1 mil­lion, with an­a­lysts still wait­ing to see what kind of pre­mi­um can be had in the US.

Bain’s biotech team has cre­at­ed a $1B-plus fund — with an eye to more Big Phar­ma spin­outs

One of the biggest investors to burst onto the biotech scene in recent years has re-upped with more than a billion dollars flowing into its second fund. And this next wave of bets will likely include more of the Big Pharma spinouts that highlighted their first 3 years in action.

Adam Koppel and Jeff Schwartz got the new life sciences fund at Bain Capital into gear in the spring of 2016, as they were putting together a $720 million fund with $600 million flowing in from external investors and the rest drawn from the Bain side of the equation. This time the external investors chipped in $900 million, with Bain coming in for roughly $180 million more.

They’re not done with Fund I, with plans to add a couple more deals to the 15 they’ve already posted. And once again, they’re estimating another 15 to 20 investments over a 3- to 5-year time horizon for Fund II.

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Neil Woodford, Woodford Investment Management via YouTube

Un­der siege, in­vest­ment man­ag­er Wood­ford faces an­oth­er in­vest­ment shock

Em­bat­tled UK fund man­ag­er Neil Wood­ford — who has con­tro­ver­sial­ly blocked in­vestors from pulling out from his flag­ship fund to stem the blood­let­ting, af­ter a slew of dis­ap­point­ed in­vestors fled fol­low­ing a se­ries of sour bets — is now pay­ing the price for his ac­tions via an in­vestor ex­o­dus on an­oth­er fund.

Har­g­reaves Lans­down, which has in the past sold and pro­mot­ed the Wood­ford funds via its re­tail in­vest­ment plat­form, has re­port­ed­ly with­drawn £45 mil­lion — its en­tire po­si­tion — from the in­vest­ment man­ag­er’s In­come Fo­cus Fund.

Ted Love. HAVERFORD COLLEGE

Glob­al Blood Ther­a­peu­tics poised to sub­mit ap­pli­ca­tion for ac­cel­er­at­ed ap­proval, with new piv­otal da­ta on its sick­le cell dis­ease drug

Global Blood Therapeutics is set to submit an application for accelerated approval in the second-half of this year, after unveiling fresh data from a late-stage trial that showed just over half the patients given the highest dose of its experimental sickle cell disease drug experienced a statistically significant improvement in oxygen-wielding hemoglobin, meeting the study's main goal.

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Gene ther­a­pies seize the top of the list of the most ex­pen­sive drugs on the plan­et — and that trend has just be­gun

Anyone looking for a few simple reasons why the gene therapy field has caught fire with the pharma giants need only look at the new list of the 10 most expensive therapies from GoodRx.

Two recently approved gene therapies sit atop this list, with Novartis’ Zolgensma crowned the king of the priciest drugs at $2.1 million. Right below is Luxturna, the $850,000 pioneer from Spark, which Roche is pushing hard to acquire as it adds a gene therapy group to the global mix.

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Adding mar­quee in­vestors, Black­Thorn bags $76M to back an AI-dri­ven strat­e­gy for pre­ci­sion neu­ro med­i­cine

As ar­ti­fi­cial in­tel­li­gence and ma­chine learn­ing loom ever larg­er in drug dis­cov­ery and de­vel­op­ment, a biotech op­er­at­ing at the “nexus” of tech­nol­o­gy and neu­ro­sciences has cashed in with $76 mil­lion in fresh fi­nanc­ing.

The big idea at Black­Thorn Ther­a­peu­tics is to do for neu­robe­hav­ioral dis­or­ders what ge­net­i­cal­ly tar­get­ed ther­a­py has done for on­col­o­gy: Re­de­fine pa­tient pop­u­la­tions by the un­der­ly­ing bi­ol­o­gy — dys­reg­u­lat­ed brain cir­cuits, or neu­rotypes — in­stead of symp­toms, there­by find­ing the pa­tients who are most like­ly to ben­e­fit at en­roll­ment phase.

Fol­low­ing CAR-T pi­o­neer­s' foot­steps, Tes­sa launch­es Chi­na JV in $120M deal

These days just about every biotech se­ri­ous about glob­al de­vel­op­ment — and not just com­mer­cial­iza­tion — has a Chi­na strat­e­gy. Tes­sa Ther­a­peu­tics, a Bay­lor as­so­ci­at­ed out­fit based out of Sin­ga­pore, is no ex­cep­tion.

Tak­ing a page out of the CAR-T pi­o­neers’ play­book, Tes­sa is es­tab­lish­ing a joint ven­ture with Chi­na-Sin­ga­pore Guangzhou Knowl­edge City, which is ini­tial­ly putting down $40 mil­lion for a 13% stake with $40 mil­lion more to come in a sec­ond stage. The biotech, which now re­tains an 87% con­trol, is al­so rolling out its own con­tri­bu­tions in two phas­es, start­ing with $20 mil­lion and all its tech­nol­o­gy li­cense rights for Chi­na.

News­mak­ers at #EHA19: Re­gen­eron, Ar­Qule track progress on re­sponse rates

Re­gen­eron’s close­ly-watched bis­pe­cif­ic con­tin­ues to ring up high re­sponse rates

Re­gen­eron’s high-pro­file bis­pe­cif­ic REGN1979 is back in the spot­light at the Eu­ro­pean Hema­tol­ogy As­so­ci­a­tion sci­en­tif­ic con­fab. And while the stel­lar num­bers we saw at ASH have erod­ed some­what as more blood can­cer pa­tients are eval­u­at­ed, the re­sponse rates for this CD3/CD20 drug re­main high.

A to­tal of 13 out of 14 fol­lic­u­lar lym­phomas re­spond­ed to the drug, a 93% ORR, down from 100% at the last read­out. In 10 out of 14, there was a com­plete re­sponse. In dif­fuse large B-cell lym­phoma the re­sponse rate was 57% among pa­tients treat­ed at the 80 mg to 160 mg dose range. They were all com­plete re­spons­es. And 2 of these Cars were for pa­tients who had failed CAR-T ther­a­py.

Search­ing for the next block­buster to fol­low Darza­lex, J&J finds a $150M an­ti-CD38 drug from part­ner Gen­mab

Now that J&J and Genmab have thrust Darzalex onto the regulatory orbit for first-line use in multiple myeloma, the partners are lining up a deal for a next-gen follow-on to the leading CD38 drug.


Janssen — J&J’s biotech unit — has its eyes on HexaBody-CD38, a preclinical compound generated on Genmab’s tech platform designed to make drugs more potent via hexamerization.


Genmab is footing the bill on studies in multiple myeloma and diffuse large B-cell lymphoma; once it completes clinical proof of concept, Janssen has the option to license the drug for a $150 million exercise fee. There’s also $125 million worth of milestones in play.

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