The quasi-corporate venturing unit of Denmark-based foundation Novo has led antibody therapeutics company Alder BioPharmaceuticals to a $38m round.
Novo Ventures was joined in the series D round on Thursday by WRF Capital, the venture unit of Washington Research Foundation and venture firms Sevin Rosen Funds, Ventures West, HIG Ventures, Delphi Ventures and TPG Biotech.
Peter Bisgaard, a Novo Ventures partner, will join Alder’s board.
Bisgaard said: "We are excited to join Alder as an investor at this important time in the company’s evolution. Alder’s ability to move high-quality antibody therapeutics efficiently into diverse disease areas is attractive, and we look forward to seeing their pipeline advance through further clinical investigation."
Alder Biopharmaceuticals was founded in January 2004 and in six months secured funding from the United States Army to research technologies for humanised antibodies. The company then received seed funding from WRF Capital and other private investors.
It raised $11m in its Series A in July 2005. Its series B in July 2006 raised $16m while its series C in December 2007, raised $40m.