US-based precision medicine developer Avidity Biosciences has received $15m in equity funding from pharmaceutical company Eli Lilly and Company as part of a strategic partnership agreement.
Founded in 2013, Avidity is developing precision medicines based on its oligonucleotide conjugate technology that are intended to treat muscular dystrophy and atrophy.
The company will receive the equity financing alongside a $20m upfront payment from Eli Lilly, which secured rights to use Avidity’s technology to develop new medicines. Avidity could eventually receive up to $405 million in payments per target for hitting development and commercialisation milestones.
Avidity raised $16m in an early 2017 series B round led by Takeda Ventures, the corporate venturing arm of pharmaceutical company Takeda, and backed by Brace Pharma Capital, the corporate venturing subsidiary of pharmaceutical company EMS.
Real estate developer Alexandria Real Estate Equities and F-Prime Capital, the VC arm of financial services group Fidelity, also took part in the series B, along with Alethea Capital Management, EcoR1 Capital, Moore Venture Partners and Tavistock Life Sciences.
The company had previously secured $6m in a 2014 round that featured Brace Pharma, TPG Biotech, Fidelity subsidiary Fidelity Biosciences, Alethea Capital Management and Partner Fund Management.