US-based immuno-oncology therapy developer Ideaya Biosciences raised $94m in series B funding on Thursday from a consortium that included corporates Alphabet, Roche, WuXi AppTec and Celgene.
Internet and technology conglomerate Alphabet, healthcare group Roche and medical R&D services provider WuXi invested through their respective units: GV, Roche Venture Fund and WuXi Healthcare Ventures.
6 Dimensions Capital, an investment firm backed by WuXi, also participated in the round, as did life sciences real estate firm Alexandria Real Estate Equities’ Alexandria Venture Investments unit, BVF Partners, Perceptive Advisors, Nextech Invest, Tavistock Group’s Boxer Capital unit, Driehaus Capital Management, 5AM Ventures and Canaan Partners.
Founded in 2015, Ideaya is developing immuno-oncology treatments that take advantage of inherent vulnerabilities in cancer cells. The approach, known as synthetic lethality, means drugs could target tumours that have up until now been able to hide from a suppressed immune system.
The series B funding will enable Ideaya to advance its pipeline and launch several clinical trials next year.
GV venture partner Vineeta Agarwala and Nisha Marathe, investment manager at Roche Venture Fund, have joined Ideaya as board observers. Thilo Schroeder, partner at Nextech Invest, and Edward Hu, founding partner of 6 Dimensions, have joined its board of directors.
Ideaya had previously received $46m in series A capital in 2016 from Celgene and fellow pharmaceutical firm Novartis, which took part through its Institute of Biomedical Research subsidiary, as well as WuXi Healthcare Ventures and Alexandria Venture Investments.
5AM Ventures and Canaan Partners also took part in the series A round, which followed an undisclosed amount in seed funding provided by 5AM when the latter incubated Ideaya.