US-based therapeutic antibody developer Maverick Therapeutics has raised $23m in series B funding from investors including pharmaceutical company Takeda as part of a $125m financing package.
Venture capital firm MPM Capital also took part in the equity portion, through its BioVentures 2014 and UBS Oncology Impact funds. The overall financing includes payments from Takeda related to upfront options and research and development.
Spun out of antibody development startup Harpoon Therapeutics in 2016 and initially financed by MPM Capital, Maverick is working on therapeutic antibodies that will be used to treat cancer by getting rid of the toxicity challenges involved in T-cell redirection therapy.
Takeda has formed a partnership with Maverick through its Millennium Pharmaceuticals subsidiary to develop Maverick’s T-cell engagement platform, and has acquired the option to buy the company after five years. It will also be able to appoint a director to Maverick’s board.
Phil Rowlands, interim head of Takeda’s Oncology therapeutic area unit, said: “We see significant potential in Maverick to develop unique, small and customisable T-cell engagement therapeutics.
“Collaborations are critical to helping us advance our aspiration of curing cancer. Working together with Maverick will enable us to leverage a potentially groundbreaking biologics platform to support Takeda’s goal of developing innovative, targeted therapies to treat people with cancer.”