Good morning. Here is my weekly deals and funding update for the medical devices and biotech sectors. It is my first for a while (thanks to a relaxing time away) so I have a couple lined up for this week. First, the most recent news that I found, and later I will be sifting through the news to spot ones from August that I missed. Have a great week :)
đź”” Servier is souping up its neurology pipeline with a clinical-stage candidate sourced from U.K. biotech Kaerus Bioscience for a rare genetic disease. The French pharma is offering as much as $450 million for the drug.
🔔 Galvanize Therapeutics has raised $100 million in venture capital backing—and is making a change in leadership—to help energize its development of pulsed field ablation technology for use against cancer and respiratory conditions.
🔔 Industry giants Clive Meanwell, and John Maraganore, have unveiled Corsera Health, a new biotech aiming to disrupt the cardiovascular landscape with a once-annual preventive heart disease candidate and an artificial intelligence risk-predicting tool.
🔔 Braveheart Bio has waded into the fight for a heart disease market, paying $65 million upfront for a rival to Bristol Myers Squibb’s Camzyos and Cytokinetics’ aficamten.
🔔 Enveda has closed its second $150 million financing round of the year. The series D round, which moves Enveda’s total funding beyond $500 million, positions the biotech to advance a crop of programs into the clinic.
🔔 A new foundation from the estate of late Microsoft co-founder Paul Allen has launched with a set of four research grant recipients and plans to give $500 million over the next four years to support bioscience, environmental science and AI development.
🔔 Atlas Venture is back with another biotech financing vehicle, raising $400 million this time. The money, which Atlas has dubbed its Opportunity Fund III, is designed to help the VC’s portfolio companies progress their investigational candidates.
đź”” The personalized orthopedic implant maker restor3d has raised a total of $104 million to boost its commercial plans across shoulder, hip, knee, foot and ankle replacement procedures,.
🔔 Treeline Biosciences has surfaced from secrecy, producing a $200 million series A extension and picking three ripe programs for the clinic.
🔔 Novartis has returned to Argo Biopharmaceutical with $160 million in upfront cash to explore various cardiovascular meds in the Chinese biotech’s siRNA pipeline.
🔔 Servier is paying Ideaya Biosciences $210 million out of the gate for regulatory and commercial rights to the biotech’s experimental PKC inhibitor darovasertib outside the U.S
đź”” Radiance Biopharma is doling out $15 million in cash and offering more than $1 billion in milestones for licensing rights to a bispecific ADC from Novatim Immune Therapeutics.
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