US-based autoimmune disease and cancer drug developer Abcuro has completed a $42m series A-1 round co-led by investment vehicles for pharmaceutical firm Sanofi and healthcare provider Mass General Brigham.
Sanofi Ventures and Mass General Brigham Ventures were joined in the round by Pontifax Venture Capital, Hongsen Investment Group, RA Capital Management and Samsara BioCapital.
Abcuro is developing immunotherapies to treat autoimmune diseases and cancer. It will use the funding to advance its lead drug candidates to the clinical development stage and further develop the rest of its pipeline.
Jason Hafler, managing director of Sanofi Ventures, is joining Abcuro’s board of directors in conjunction with the round, as is Iyona Rajkomar from Pontifax Venture Capital, Ryan Berry of RA Capital Management and Donald McCarthy from Samsara BioCapital.
Partners Innovation Fund, a corporate venture capital vehicle backed by Mass General Brigham, led the company’s $2.25m seed round in 2016, investing alongside ShangPharma Innovation.
Abcuro raised $8m in a 2018 series A round featuring Partners Innovation Fund, Kaitai Capital and ShangPharma Innovation, and received $7.6m from undisclosed investors in July 2020, according to a regulatory filing.