US-based biotechnology developer Avidity Biosciences closed a $100m series C round yesterday backed by pharmaceutical firms EMS and Takeda, which contributed through respective subsidiaries Brace Pharma Capital and Takeda Ventures.
Drug manufacturer ST Pharm also participated, as did life science real estate developer Alexandria Real Estate Equities’ Alexandria Venture Investments unit. The round included a $15m commitment from pharmaceutical company Eli Lilly announced in April this year.
RTW Investments led the series C round, while Cormorant Asset Management, LP, CureDuchenne, Logos Capital, Perceptive Advisors, Boxer Capital of Tavistock Group, EcoR1 Capital and Partner Fund Management also contributed.
Avidity is working on antibody-oligonucleotide conjugates to treat serious diseases such as rare muscle disorders.
The company’s lead asset targets myotonic dystrophy type 1, an inherited disease that affects the muscles and other body parts, including the central nervous system, and that currently has no approved treatment options.
Roderick Wong, managing partner of RTW Investments, will join Avidity’s board of directors.
Eli Lilly’s investment was made as part of a strategic partnership agreement to use Avidity’s technology to develop treatments initially focused on immunology.
Takeda Ventures led a $16m series B round in 2017, with participation from Brace Pharma Capital, Alexandria Venture Investments, Alethea Capital Management, EcoR1 Capital, Moore Venture Partners and Tavistock Life Sciences as well as F-Prime Capital, the venture capital arm of financial services group Fidelity.
Brace Pharma had already backed a $6m round in 2014 together with TPG Biotech, Alethea, Partner Fund Management and F-Prime Capital, then known as Fidelity Biosciences.
