On Our Radar: Deals we are paying attention to for their impact on industry.
Clinical-stage biopharmaceutical company SpringWorks Therapeutics, Inc. moved closer on April 1 to advancing medicines for patients with severe rare diseases and cancer when it closed a $125 million Series B preferred stock financing led by Perceptive Advisors.
SpringWorks launched in 2017 as a spinoff to Pfizer Inc. with $103 million Series A financing from Pfizer, Bain Capital, OrbiMed, and LifeArc.
The proceeds of the latest financing round will go toward SpringWorks’ two late-stage rare disease oncology programs. They are: nirogacestat, a gamma secretase inhibitor for the treatment of desmoid tumors, which received a Fast Track designation from the U.S. Food and Drug Administration in November; and PD-0325901, a MEK inhibitor for the treatment of neurofibromatosis Type 1-associated plexiform neurofibromas. The cash also will help the company’s expansion into new targeted oncology programs and future in-licensing opportunities and clinical collaborations in rare diseases and cancer.
Boxer Capital of Tavistock Group, HBM Healthcare Investments, BVF Partners, Surveyor Capital, Samsara BioCapital, ArrowMark Partners, GlaxoSmithKline , and Laurion Capital Management, and several other long-term institutional investors took part in the latest financing. In addition, all of SpringWorks’ existing investors participated.
Among SpringWorks’ competitors are CrownBio and Ultragenyx Pharmaceuticals.
Michelle Lodge is a New York-based writer whose work has appeared in Time, Fortune, Barron's, the Miami Herald, the British Medical Journal as well as on CNBC.com.