Astellas Venture Management, the corporate venturing unit of Japan-based drugs company Astellas Pharma, has co-led the $32m series B round for Verastem, a US-based biopharmaceutical company to treat breast cancer.
Advanced Technology Ventures was the other co-lead alongside Astellas, and they were joined by all Verastem’s existing investors, venture capital firms Longwood Founders Fund, Bessemer Venture Partners, Cardinal Partners and MPM Capital.
Christoph Westphal, co-founder and chairman of Verastem and Longwood, said "This financing is a recognition of the significant potential for targeted cancer stem cell therapies in clinical practice."
Westphal was previously head of drugs company GlaxoSmithKline’s (GSK) corporate venturing unit, SR One, but left earlier in the year after setting up the two businesses. GSK is an investor in Longwood.