Kymera Therapeutics, a US-based immunotherapy developer backed by pharmaceutical firms Pfizer, Merck & Co, Amgen, Vertex Pharmaceutical and Sanofi, completed a $102m series C round yesterday.
The round was co-led by Biotechnology Value Fund and Redmile Group and included Wellington Management, Bain Capital Life Sciences, Rock Springs Capital, and an undisclosed US-based healthcare-focused fund as well as funds managed by Janus Henderson Investors and BlackRock, and unnamed existing investors.
The company additionally received a strategic investment of undisclosed size from the Leukemia & Lymphoma Society’s Therapy Acceleration Program to advance its work on treating blood cancers.
Founded in 2017, Kymera is developing therapies for diseases previously deemed untreatable by targeting and degrading dysregulated, disease-causing proteins.
The approach relies on the body’s innate recycling system – the process of degrading damaged cells to reuse nutrients and promote cellular metabolism. Its lead asset targets the Irak4 protein, and Kymera plans to advance it for the treatment of cancer and various autoinflammatory and autoimmune diseases.
The company is also working on a second candidate to treat inflammation and fibrosis as well as certain cancers and chronic conditions. It is looking to have three programs in clinical trials by 2021.
Vertex supplied an undisclosed amount of equity financing for Kymera as part of a $70m upfront payment made in connection with a research and development agreement in May 2019.
Pfizer’s corporate venture capital arm, Pfizer Ventures, co-led a $65m series B round for Kymera in late 2018 together with 6 Dimensions Capital, the investment firm co-founded by contract research firm WuXi AppTec, and venture capital firm Bessemer Venture Partners.
MRL Ventures, Sanofi Ventures, Lilly Ventures and Amgen Ventures, respective investment subsidiaries of Merck, Sanofi, Eli Lilly and Amgen, also took part in the series B round, as did Hatteras Venture Partners, Atlas Venture and Aju IB Investment.
Lilly Ventures and Amgen Ventures had previously co-led Kymera’s $30m series A round in 2017, participating together with seed investor Atlas Venture.
