Recent Funding:
Aditum Bio, led by former Novartis executives Joe Jimenez and Mark Fishman, has closed its third venture fund at $428M, surpassing its $400M target. The fund aims to form 10 asset-focused companies in areas like autoimmune diseases, neuroscience, and cardiometabolic disorders. Previous successes include Celexor Bio and Versanis, acquired by Eli Lilly and Company in 2023. Alongside its Oakland, CA headquarters, Aditum will open a Cambridge, MA office in 2025 to further its investment reach.
M&A, Deals, Partnerships:
NGM Biopharmaceuticals has granted KdT Ventures exclusive worldwide rights to develop and commercialize NGM313, a Phase 2-ready FGFR1c/β-Klotho receptor agonist antibody. KdT Ventures has formed a new biotech company (NewCo) to focus on using NGM313 for a rare disease indication, transitioning the candidate from its prior metabolic focus. A Phase 2 proof-of-concept study is slated for 2025. NGM Bio will receive up to $608 million in upfront and milestone payments, tiered royalties on net sales, and equity in NewCo.
Ikena Oncology and Inmagene Biopharmaceuticals will merge to form ImageneBio, Inc., focusing on IMG-007, a non-depleting anti-OX40 monoclonal antibody for atopic dermatitis and other inflammatory diseases. The new company will trade on NASDAQ under the ticker “IMA”. The transaction includes a $75 million private placement led by Deep Track Capital, Foresite Capital, RTW Investments, LP, and others, contributing to an expected total of $175 million to advance IMG-007 development. IMG-007 offers an extended half-life, silenced ADCC function, and potential best-in-class tolerability for inflammatory conditions. Phase 2b trials for atopic dermatitis are set to begin in early 2025.
RAPT Therapeutics obtains global rights (excluding China, Hong Kong, Macau, and Taiwan) to JYB1904 (RPT904), a half-life extended anti-IgE monoclonal antibody. Jemincare will receive $35M upfront, up to $672.5M in milestone payments, and tiered royalties on future sales. Jemincare is conducting Phase 2 trials in asthma and chronic spontaneous urticaria in China, while RAPT plans a Phase 2b trial in food allergy in late 2025. Early clinical studies of JYB1904 demonstrated over twice the half-life and enhanced IgE reduction compared to omalizumab (Xolair®), offering a potential best-in-class profile for allergic disorders.
Other Interesting News:
Velia Therapeutics is shutting down operations two years after raising $55M in a Series A funding led by The Column Group and Foresite Capital. CEO John McHutchison cited the decision as unrelated to the potential of microproteins or scientific progress. The biotech aimed to identify and develop therapeutics from novel microproteins hidden within the human genome. Its leadership included prominent scientists like Alan Saghatelian, Eric Olson, Richard Scheller, and Jonathan Weissman.
