US-based biopharmaceutical company Millendo Therapeutics raised $62m in series B funding yesterday from a consortium of investors including Roche Venture Fund, the corporate venturing division of healthcare company Roche.
Venture capital firm New Enterprise Associates (NEA) led the round, which followed a $16m series A round in 2012 co-led by Frazier Healthcare Partners and 5AM Ventures.
The series B round also included Frazier, 5AM, the regents of University of Michigan under the Michigan Investment in New Technology Startup program, Osage University Partners, Adams Street Partners, Altitude Life Science Ventures, Longwood Fund and Renaissance Venture Capital Fund.
Spun out of University of Michigan in 2012 as Atterocor, Millendo is developing treatments for a range of orphan and specialty diseases affecting the endocrine system, the part of the body responsible for secreting hormones.
Concurrent with the series B round, Millendo also inked a licensing agreement with pharmaceutical firm AstraZeneca to obtain the worldwide development and commercialisation rights for a drug candidate to treat polycystic ovary syndrome, the most common endocrine disease to affect women.
AstraZeneca has secured a stake of undisclosed size in Millendo as part of the deal, as well as an upfront payment of undisclosed size. AstraZeneca will also receive development and commercial milestone payments, as well as royalties on sales.
Tracy Saxton, investment director at Roche Venture Fund, will join Millendo’s board of directors. Carol Gallagher, currently an independent board member, will shift to representing NEA, having joined the firm as a partner in October 2014.