Pact Pharma, a US-based immuno-oncology drug developer backed by internet and technology conglomerate Alphabet, has closed a $75m series C round led by life science-focused venture capital firm Vida Ventures.
The oversubscribed round also featured several existing shareholders, though their identity was not disclosed. The company has now raised more than $200m altogether.
Founded in 2016, Pact Pharma is working on T-cell therapies to treat solid tumours. The approach relies on predictive algorithms that assess mutations in cancer tissue, with that data used to engineer T cells that eradicate such mutations and prevent recurrence.
Helen Kim, managing director at Vida Ventures, has joined Pact’s board of directors in connection with the round, which will support an expansion of Pact’s platform to target a range of solid tumour types. It also intends to open a manufacturing facility in San Francisco later this year.
Alex Franzusoff, Pact’s chief executive, said: “Pact has grown from company launch to opening its first-in-kind clinical trial in two years. Our progress has been exhilarating and the support from our existing investors has made that progress possible.
“As we look to the next stage of our development and expansion of our clinical programs, we are excited to have interest from a new group of prominent investors who both understand the potential of NeoTCR-T cell therapy and have direct experience in the space.”
GV, an early-stage corporate venturing subsidiary of Alphabet, took part in a $95m series B round for the company in mid-2018 together with Canaan Partners and unnamed other investors. Pact Pharma had previously received $31m in funding according to Bloomberg.
AbbVie Ventures and Taiho Ventures, respective vehicles for pharmaceutical firms AbbVie and Taiho, are also among Pact’s shareholders, as are Casdin Capital, Droia, Foresite Capital, Invus Opportunities, Pontifax and Wu Capital.
