Recent Funding:
Chai Discovery (SF) Raises $400M Series C, Tripling Its Valuation in Seven Months
The AI-driven molecular design startup closed a Series C led by Index Ventures, Kleiner Perkins, and Sequoia Capital at a $3.8B valuation, with its models already licensed by Eli Lilly, Pfizer, and Novartis.
M&A, Deals, Partnerships:
Jasper Therapeutics (SF) Merges with Kira Pharmaceuticals in $132M-Backed Restructuring
The KIT-targeting antibody biotech, which halved its workforce last year after a dud drug batch derailed trials, is merging with Nasdaq-listed Kira to inherit its dual complement inhibitor KP-104, funded by a $132M private placement. Jasper equity holders will own roughly 7% of the combined company, with Kira shareholders holding about 50% and new financing investors just over 43%.
Mirador Therapeutics (SD) Licenses Two Kira Drugs for $12M to Rival Amgen’s Tavneos
The precision immunology biotech, which has raised more than $650M in VC funding, picked up long-acting anti-C5a antibody KP-301 and small-molecule C5a receptor agonist KP-402 from Kira’s pipeline for $12M upfront plus milestones. The deal targets ANCA-associated vasculitis, positioning Mirador as a next-generation challenger to Amgen’s approved C5aR inhibitor Tavneos.
Avere Therapeutics (SF) Launches via NextCure Reverse Merger and $120M Hansoh China License
The former Akero Therapeutics executive team, fresh off that company’s $4.7B sale to Novo Nordisk, launched Avere with an oral IL-23 receptor antagonist licensed from China’s Hansoh Pharmaceutical for $120M upfront. Avere goes public immediately via an all-stock reverse merger with Nasdaq-listed NextCure, backed by a $320M private placement, and will trade under ticker AVRX.
Summit Therapeutics (SF) Sells Shelved Antibiotic to OpenAI-Backed Biossil for Up to $105M
Summit offloaded ridinilazole, an antibiotic that failed a phase 3 C. diff trial in 2022 and was shelved when Summit pivoted to its now-blockbuster ivonescimab deal with Akeso, to Toronto-based Biossil for $500K upfront plus up to $104.5M in milestones. Biossil, backed by OpenAI and Founders Fund, uses AI to identify failed drug candidates worth a second chance and plans new trials for the asset.
IPOs:
Attovia Therapeutics (SF) Files for Nasdaq IPO, Taking Aim at Dupixent’s Market
The Goldman Sachs-backed immunology and inflammation biotech filed to list on the Nasdaq Global Market under ticker ATTO, following $256M in private funding raised since spinning out of Alamar Biosciences in 2023. Attovia’s pipeline centers on antibody candidates positioned to compete with Sanofi and Regeneron’s blockbuster Dupixent across atopic and inflammatory indications.
Braveheart Bio (SF) Files for Nasdaq IPO to Fund Phase 3 Heart Drug
The a16z-backed cardiovascular biotech filed to raise up to $100M on the Nasdaq under ticker BRVE to advance BHB-1893, an oral small-molecule cardiac myosin inhibitor licensed from Jiangsu Hengrui Pharmaceuticals. BHB-1893 is being developed for both obstructive and non-obstructive forms of hypertrophic cardiomyopathy and is positioned as a rival to Cytokinetics’ approved myosin inhibitor.
BlossomHill Therapeutics (SD) Files for ~$100M Nasdaq IPO to Fund Cancer Pipeline
The clinical-stage oncology biotech, founded by industry veteran J. Jean Cui, filed to list under ticker BLSM to advance BH-30643, a first-in-class macrocyclic OMNI-EGFR inhibitor for EGFR- or HER2-mutated non-small cell lung cancer. The company’s pipeline also includes BH-30236, a CLK inhibitor for relapsed/refractory AML and higher-risk MDS.
Latigo Biotherapeutics (LA) Preps IPO to Fund Non-Opioid Pain Drug Rivaling Vertex’s Journax
The Westlake Village BioPartners-incubated biotech filed to fund phase 3 studies of LTG-001, an oral Nav1.8 inhibitor it argues improves on Vertex’s approved Journax on efficacy and onset, plus two earlier-stage Nav1.8 candidates. Latigo has raised $285M in venture funding to date (a $135M Series A and $150M Series B) and reported $54.8M in cash as of the end of June.
Scribe Therapeutics (SF) Sets IPO Terms, Targets $96M for Lipid-Lowering Gene Editing Pipeline
Following last week’s amended filing, Scribe set terms this morning: 7.1M shares priced between $13-15, expecting to raise $96.2M (up to $110.2M with the underwriter option). Most proceeds will fund the phase 1 study of PCSK9 gene-silencer STX-1150, with Lilly and Sanofi (a longtime partner) both expressing interest in buying IPO shares.
Other Interesting News:
Axiom Biosciences (SD) Posts Positive Phase 1 Data for Stem Cell Therapy in Newborn Brain Injury
The Wharton jelly-derived mesenchymal stem cell therapy showed 0% mortality over two years across nine dosed newborns with severe brain injury (intraventricular hemorrhage and hypoxic-ischemic encephalopathy), conditions with a 46% first-year mortality rate historically. Axiom holds FDA rare pediatric disease designations for both indications and plans to advance to phase 2b while also expanding into adult ischemic stroke.
