US-based immuno-oncology drug developer Allogene Therapeutics has launched with $300m in series A financing from investors including pharmaceutical firm Pfizer, which is also providng assets for the startup.
The round was also backed by University of California’s Office of the Chief Investment Officer of the Regents as well as private equity group TPG, life sciences-focused venture capital firm Vida Ventures and BellCo Capital.
Pfizer will own a 25% equity stake in Allogene following the deal, which is expected to close by the end of June 2018. Investment firm Two River is also an Allogene backer.
Allogene was founded to develop 16 preclinical assets and one clinical asset licensed by Pfizer from biopharmaceutical developers Cellectis and Servier for an oncological approach called allogenic CAR T therapy.
The therapy uses cells from healthy donors rather than relying on a patient’s own DNA and is expected to reduce waiting times for cancer treatment.
Robert Abraham, Pfizer’s head of oncology research and development, said: “The allogeneic CAR T platform represents a potentially transformative approach to treating cancer, and we are very excited about what the future may hold for this area of research.”
“We believe that under the strong scientific, clinical development and regulatory expertise of Allogene’s leadership team, the portfolio of CAR T assets contributed by Pfizer will be well-positioned to rapidly advance into potential innovative new therapies, and ultimately to reach patients in need more quickly.”
Allogene’s development pipeline includes one clinical-stage asset, Servier’s UCART19, which targets haematological cancers and is due for phase 2 trials in 2019. Pfizer, TPG, Vida Ventures and BellCo Capital will all have representatives on the company’s board of directors.