Recent Funding:
Mendra (SF) Launches with $82M Series A to Acquire and Commercialize Rare Disease Drugs
Mendra raised $82M in a Series A co-led by OrbiMed, 8VC, and 5AM Ventures to identify and acquire underappreciated rare disease medicines that are already post–proof-of-concept or near commercialization. Led by former BioMarin executive Joshua Grass, Mendra plans to build a portfolio of orphan drugs with staggered launches, using modern patient-finding tools to streamline trials and commercialization, and expects to move quickly into a Series B once assets are secured.
M&A, Deals, Partnerships:
RAPT Therapeutics (SF) Acquired by GSK for $2.2B to Bolster Food Allergy Pipeline
RAPT Therapeutics will be acquired by GSK in a $2.2B deal ($1.9B upfront), centered on its anti-IgE antibody ozureprubart, currently in Phase 2b for food allergies with data expected in 1H 2027 and a potential launch around 2031. The acquisition follows RAPT’s 2024 pivot after setbacks in atopic dermatitis and highlights continued big-pharma appetite for mid-stage allergy and immunology assets, especially those with differentiated dosing versus approved therapies like Xolair.
Janux Therapeutics (SD) Signs Preclinical Solid Tumor Deal with Bristol Myers Squibb
Janux Therapeutics partnered with Bristol Myers Squibb on a preclinical solid tumor program, receiving $50M upfront and near-term cash with up to ~$800M in milestones; Janux will lead development through IND and stay involved through Phase 1. The deal adds momentum after a recent mixed clinical update and expands BMS’ oncology pipeline, highlighting continued pharma interest in Janux’s TRACTr T-cell engager platform designed to activate drugs selectively in tumor tissue.
Genyro (SD) Licenses Breakthrough DNA Construction Technology from Caltech
Genyro signed an exclusive license with Caltech for Sidewinder™, a new DNA construction technology featured in Nature that enables fast, accurate assembly of long and complex DNA sequences with an error rate as low as 1 in 1,000,000. Sidewinder removes a major bottleneck in DNA “writing,” potentially accelerating applications across gene therapy, vaccines, biomaterials, and synthetic biology, and positioning Genyro to commercialize a foundational platform for next-generation DNA construction.
Other Interesting News:
Corcept Therapeutics (SF) Reports Phase 3 Survival Win for Ovarian Cancer Drug
Corcept Therapeutics’s oral drug relacorilant improved overall survival in a Phase 3 study for platinum-resistant ovarian cancer, with patients living a median of 16 months vs. 11.9 months on chemotherapy alone — a 35% reduction in risk of death. The drug has now hit both primary endpoints (progression-free and overall survival), strengthening Corcept’s case ahead of an FDA decision expected by July 11, while the company plans to expand relacorilant into additional cancer types.
