Canada-based cancer treatment developer Fusion Pharmaceuticals closed a $105m series B round yesterday led by oncology technology provider Varian Medical Systems that included medical group Johnson & Johnson.
The round also featured Pivotal BioVenture Partners, the healthcare investment firm formed by property developer Nan Fung, as well as OrbiMed, Perceptive Advisors, Rock Springs Capital, HealthCap, Adams Street Partners, TPG Biotech, Seroba Life Sciences, Genesys Capital and Facit.
Johnson and Johnson participated in the round through corporate venturing subsidiary Johnson & Johnson Innovation – JJDC. It lifted Fusion’s total funding to $151m.
Fusion is developing cancer therapeutics that will utilise targeted alpha therapy, where alpha medical isotopes are combined with antibodies or other targeting molecules to irradiate and destroy tumours without affecting surrounding tissue.
Deepak Khuntia Varian’s chief medical officer, will join Fusion’s board of directors in connection with the funding, along with Heather Preston, managing director of Pivotal BioVenture Partners, and Chau Q. Khuong of OrbiMed.
Khuntia said: “We were attracted to Fusion by the excellent science, broad patient applicability, and great promise for its targeted alpha therapeutics, which have the potential to eradicate even the most resistant types of cancer.
“The investment will enable Fusion to advance a pipeline of novel therapeutics that can deliver effective and personalised radiation therapies to cancer patients.”
The company closed its $46m series A round in September 2017 when Varian, Adams Street Partners and Seroba Life Sciences added $21m to a $25m first tranche featuring Johnson & Johnson Innovation – JJDC, HealthCap, Genesys Capital, Facit and TPG Biotech.
