US-based immunotherapy developer Annexon Biosciences closed a $75m series C round yesterday backed by Novartis Venture Fund, the corporate venturing vehicle owned by pharmaceutical firm Novartis.
Bain Capital Life Sciences, a subsidiary of private equity firm Bain Capital, led the round, which included Surveyor Capital, Adage Capital Partners, New Enterprise Associates (NEA), Satter Investment Management and Blackstone Life Sciences, a subsidiary of investment firm Blackstone.
Founded in 2011 as a Stanford University spinout, Annexon is an immunotherapy developer targeting autoimmune, neurodegenerative and ophthalmic conditions that may result from a disruption in an immune mechanism known as the classical complement pathway.
The capital will help fund clinical activities for Annexon’s two lead candidates: ANX007 IVT for ophthalmic conditions and ANX005 for autoimmune and neurodegenerative diseases, including proof-of-concept studies due to report back in 2019.
Proceeds from the round will also help progress additional therapies for autoimmune and neurodegenerative indications.
Annexon Biosciences is a spinout of Stanford University. Ricky Sun, a partner at Bain Capital Life Sciences, has joined the company’s board of directors in connection with the latest round.
Annexon previously closed an NEA-led $44m series B round in 2016 that included Novartis Venture Fund, Satter Investment Management, venture capital firm Correlation Ventures and Clarus, the life sciences-focused investment firm that agreed to be acquired by Blackstone in October this year.
Novartis led a $34m series A-1 round for Annexon two years earlier that also featured Clarus and Satter Investment, after Annexon had secured $1m of seed equity from undisclosed investors in 2011 according to a regulatory filing.