Novo Ventures, the corporate venturing-like unit of Denmark-based medical foundation Novo, has led a $32m Series A round into Allakos. There was also participation from life sciences venture capital firms Alta Partners, RiverVest Venture Partners and the Roche Venture Fund, the corporate venturing unit of the Switzerland-based pharmaceutical company.
Peter Moldt, partner at Novo Ventures, Robert Alexander, Director at Alta Partners and John McKearn, managing director at RiverVest Venture Partners, will join Allakos’ board.
Peter Moldt commented: “We believe that Allakos’ innovative approach to developing antibody-based therapeutics represents a large and important therapeutic and commercial opportunity, founded upon a strong scientific rationale and supported by a respected management team with deep experience in therapeutic antibody development. We are pleased to join with these other distinguished investors in supporting their progress.”
The funds will be used to develop antibody-based therapeutics.
Novo Ventures recently led a $20m B round into US-based osteoarthritis company Flexion Therapeutics.