Recent Funding:
Plexium (SD) Raises $60M to Advance Protein Degrader Pipeline
Protein degrader startup Plexium secured a $60M round backed by top investors including RA Capital, BVF Partners, and SoftBank. Its lead program, PLX-4545, is a molecular glue degrader in the clinic targeting IKZF2 to boost immune checkpoint inhibitor responses in solid tumors.
Shenandoah Therapeutics (SF) Raises $21.5M to Rewire Cancer Drivers
Stanford spinout Shenandoah Therapeutics secured a $21.5M seed round co-led by Samsara and YK Bioventures to develop TCIPs (transcriptional chemical inducers of proximity). The company’s approach aims to turn cancer-promoting proteins into cell death triggers, starting with a lymphoma program targeting BCL6.
Patient Square Capital (SF) Raises $3.1B in Interim Close of Second Healthcare Fund
Patient Square has secured $3.1B so far for its second fund, with a final close expected above its $3.9B debut and potentially near $5B. The firm invests broadly across healthcare, including biopharma startups (Kriya Therapeutics, Sudo Biosciences, BridgeBio Oncology) and has dedicated $600M+ to its biopharma-focused arm, Enavate Sciences.
Fund for Science & Technology (Seattle) Launches with $500M for “Long Bet” Research
Backed by Paul Allen’s estate, the new foundation will fund big, high-risk projects in life sciences, AI, and the environment with grants ranging from $10M–$30M. Early awards include support for CAR-T cell therapy research at Seattle Children’s, targeting cancers and autoimmune diseases like lupus.
M&A, Deals, Partnerships:
Replicate Bioscience (SD) Lands $550M Novo Nordisk Deal for RNA Obesity Drugs
Novo Nordisk partnered with Replicate Bioscience to develop self-replicating RNA therapies for obesity, type 2 diabetes, and cardiometabolic diseases. The deal could total $550M, marking Novo’s first obesity pact under its new CEO and a major boost for Replicate’s RNA biotherapeutics platform.
IDEAYA Biosciences (SF) Signs $210M+ Global Licensing Deal for Eye Cancer Drug
IDEAYA partnered with Servier to advance darovasertib, a small molecule for rare eye cancer uveal melanoma. The deal includes $210M upfront and up to $320M in milestones, plus royalties, with IDEAYA keeping U.S. rights while Servier handles ex-U.S. development and commercialization.
Arrowhead Pharmaceuticals (LA) Licenses $200M+ RNA Therapy Deal to Novartis
Arrowhead granted Novartis global rights to ARO-SNCA, an RNAi therapy for Parkinson’s and related brain diseases. The deal includes a $200M upfront payment and up to $2B in milestones, plus royalties, with Arrowhead using its TRiM™ platform for preclinical work before Novartis takes over development.
Enlaza Therapeutics (SD) Partners with Vertex in $45M+ Biologics Deal
Enlaza will use its War-Lock™ covalent biologics platform to develop novel drug conjugates and T-cell engagers for autoimmune diseases and blood disorder conditioning. The deal includes $45M upfront and equity, with potential milestones exceeding $2B, plus royalties, as Vertex takes programs forward after early development.
Other Interesting News:
Amgen (LA) Investing $600M in New R&D Site
Amgen will build a state-of-the-art R&D center at its California HQ, expected to create hundreds of U.S. jobs. The site will feature advanced automation and digital tools to accelerate next-gen drug discovery, with construction starting this quarter.
