US-based precision medicine developer Avidity Biosciences has closed a $16m series B round led by pharmaceutical company Takeda Pharmaceuticals through its Takeda Ventures unit.
The round, which consisted of $10m in equity funding and the conversion of $6m of convertible debt, also featured real estate developer Alexandria Real Estate Equities and Brace Pharma Capital, the corporate venturing subsidiary of pharmaceutical company EMS.
Investment advisors Alethea Capital Management and EcoR1 Capital, venture capital fund Moore Venture Partners, VC firm Tavistock Life Sciences and F-Prime Capital, the VC arm of financial services group Fidelity, also contributed capital.
Avidity is developing a class of precision medicines called antibody-siRNA conjugates (ASCs) that will seek to combine strengths of monoclonal antibodies and siRNA-based drugs.
Michael Martin, head of Takeda Ventures, will join Avidity’s board in conjunction with the round, as will Todd Brady, director of finance and investments for Brace Pharma Capital. Tony Hsu, Alethea Capital’s chief investment officer, will join the board as a non-voting member.
Martin said: “We believe Avidity’s ASC platform offers a compelling approach that builds on successes with antibodies, [antibody drug conjugates] and oligonucleotide-based therapeutics.
“Avidity has recruited a top-notch team and made significant progress against its scientific and business goals. We look forward to working with the company to realise the promise of ASCs as a new class of precision medicines.”
The round took Avidity’s overall financing to $25m and follows $6m secured from Brace Pharma, TPG Biotech, Fidelity subsidiary Fidelity Biosciences, Alethea Capital Management and investment management firm Partner Fund Management in 2014.