Pivotal BioVenture Partners, the healthcare venture capital fund formed by real estate development conglomerate Nan Fung, led a $145m series B round for US-based biopharmaceutical developer Rallybio yesterday.
Conglomerate Mitsui and investment and financial services group Fidelity took part in the round, through respective subsidiaries Mitsui & Co Global Investment and F-Prime Capital.
The round included fellow new investors Viking Global Investors, Solasta Ventures, The Rise Fund, Fairview Capital and funds managed by Tekla Capital Management as well as existing backers 5AM Ventures, Canaan Partners, New Leaf Venture Partners and Connecticut Innovations.
Founded in January 2018, Rallybio is working on treatments for severe and rare disorders. It will spend the series B cash on advancing its pipeline of drug candidates, particularly lead candidate RLYB211.
RLYB211 is intended to treat foetal and neonatal alloimmune thrombocytopenia, a rare disease responsible for uncontrolled bleeding in foetuses and new-born infants. The company is looking to initiate a phase 1/2 clinical trial for the candidate in the second half of this year.
Martin Mackay, Rallybio’s chairman and chief executive, said: “The Rallybio team is highly motivated to bring our innovative product candidates to patients suffering from devastating rare disorders.
“With ambitious plans to progress our current pipeline, expand our portfolio, and grow our team of rare disease experts, we appreciate the profound support of our knowledgeable and esteemed investors.”
5AM Ventures, Canaan Partners and New Leaf Venture Partners had previously co-led the company’s $37m series A round in April 2018, investing together with Connecticut Innovations.
