Pharmaceutical firm Bayer agreed today to pay $1.5bn upfront to acquire Vividion Therapeutics, a US-based, corporate-backed precision medicine developer.
Vividion stands to gain up to an additional $500m in milestone payments. The transaction is expected to close in the third quarter of this year.
Founded in 2017, Vividion is developing precision small-molecule therapies targeting cancer and immune system disorders. Its lead programmes include treatments for NRF2 mutant cancers and inflammatory diseases such as irritable bowel syndrome.
Vividion will continue to market its offering independently in an effort to maintain the business’ agility.
Vividion had secured roughly $372m in total since it spun out of medical research group Scripps Research Institute, having received early backing from Arch Venture Partners, Cardinal Partners and Versant Ventures.
The company last closed a $135m series C round in February 2021 co-led by Logos Capital and Boxer Capital and backed by telecommunications and internet group SoftBank’s Investment Advisers, which manages its Vision Funds.
Avoro Capital Advisors, RA Capital Management, Surveyor Capital, Woodline Partners, Acuta Capital, Driehaus Capital Management, funds and accounts advised by BlackRock and by T Rowe Price all joined returning investors Arch Venture Partners, BVF Partners, Casdin Capital, Mubadala Capital, Nextech Invest and Versant Ventures in the series C round.
Pharmaceutical group Celgene supplied $101m in equity and upfront funding for the company in 2018 alongside a strategic partnership.
The company received $82m in a series B round in mid-2019 that included Celgene and Alexandria Venture Investments, a subsidiary of property investment trust Alexandria Real Estate Equities.
Nextech Invest led the series B round, which featured financial services provider Mirae Asset Capital, BVF Partners, Casdin Capital, Mubadala Ventures, Trinitas Capital, Altitude Life Science Ventures, Arch Venture Partners, Versant Ventures and Cardinal Partners.
