Recent Funding:
Amplify Partners (SF) Raises $200M for First Biotech Fund, Adds Stanford PhD as Partner
Amplify launched Amplify Bio Fund I with $200M to invest in 20 early-stage biotech startups (pre-seed to Series A), emphasizing AI and computational biology. Elliot Hershberg, PhD in computational biology from Stanford and writer of The Century of Biology, joins as partner to lead biotech investing.
SpyGlass Pharma (CA) Raises $75M Series D to Advance Long-Acting Glaucoma Therapy
SpyGlass secured $75M from Sands Capital, NEA, RA Capital and others to fund two Phase III trials of its intraocular drug delivery platform for glaucoma. The device aims to offer years-long control of intraocular pressure, potentially transforming treatment for a leading cause of irreversible blindness.
Antheia (SF) Raises $56M Series C to Reinvent Drug Ingredient Manufacturing
Antheia secured $56M to expand commercialization of biosynthetically produced thebaine and other essential pharmaceutical ingredients amid growing drug shortage concerns. The funding, backed by GHIC, EDBI, Viking Global, and others, will support U.S. manufacturing, expansion into Asia, and over 70 biosynthetic pipeline programs targeting vulnerable supply chains.
M&A, Deals, Partnerships:
Concentra (SD) will acquire Elevation Oncology (MA) for $0.36 in cash per share
Elevation Oncology, focused on selective cancer therapies, has agreed to be acquired by Concentra Biosciences for $0.36 per share plus potential future payouts through a contingent value right. The deal includes proceeds from Elevation’s asset EO-1022 and is expected to close in July 2025.
Nurix Therapeutics (SF) Secures $15M from Sanofi for STAT6 Program License Extension
Nurix received a $15M license extension fee from Sanofi, bringing total payments to $127M to date for its selective STAT6 degrader, NX-3911, targeting inflammatory diseases like asthma and atopic dermatitis. The deal, part of their 2019 collaboration, could yield up to $465M more in future milestones and highlights Nurix’s DEL-AI drug discovery platform.
Other Interesting News:
Rusfertide showed strong results in polycythemia vera (PV), significantly reducing hematocrit levels and reliance on painful blood-letting procedures. After previous FDA concerns halted development in 2021, new safety data and ASCO plenary presentation help re-establish momentum as the companies eye potential approval and $1–2B/year sales.
Summit Therapeutics (SF) Faces Mixed Market Reaction Despite Promising Lung Cancer Drug Data
Summit’s PD1xVEGF bispecific ivonescimab showed strong PFS results but fell just short on overall survival (OS) statistical significance (p=0.057); further OS data may improve its FDA prospects. Despite a $4B market cap drop, experts note its efficacy surpasses standards in EGFR-mutated lung cancer, positioning Summit as a frontrunner in a high-interest space.
Avidity Biosciences (SD) Eyes Accelerated FDA Path for Muscular Dystrophy Drug
Avidity plans to seek accelerated approval in 2026 for its FSHD RNA therapy, delpacibart braxlosiran, and has begun a Phase 3 confirmatory trial. The FDA’s openness to this path eases investor concerns; Phase 1/2 results will be shared this week.
