Pharmaceutical company Servier has agreed to purchase Symphogen, a Denmark-based cancer therapy developer backed by pharmaceutical firms Novo and Takeda, for an undisclosed sum.
Founded in 2000, Symphogen is developing oncology and immuno-oncology drugs using its proprietary antibody discovery technology. Its two lead assets focus on metastatic colorectal cancer and lung cancer respectively.
In addition to its proprietary pipeline, the company has strategic partnerships in place with Servier for indications such as metastatic solid tumours and lymphomas, and with biotechnology producer Genentech for a treatment aimed at staph infections.
Symphogen will become a wholly-owned subsidiary of Servier and will retain its staff. It last raised capital in May 2019 when Novo, pension fund PKA, growth equity firm Essex Woodlands’ Healthcare fund and VC firm Sunstone Life Sciences Ventures subscribed to $85.8m in warrant financing.
Novo and PKA had provided $72.9m in convertible note financing for Symphogen in 2015, having taken part in a round that closed at $184m in 2013, alongside Danica Pension and Essex Woodlands Health Ventures, taking its total funding to $313m.
Gilde Healthcare invested $6.5m in the company in 2007, after pension fund LD Pension led a $25m series D round in 2006, investing with Takeda’s Research Investment, Novo, Scandinavian Life Science, Essex Woodlands and Vækstfonden.
Novo had previously taken part in a $25m series C round for the company in 2004 together with Essex Woodlands, Scandinavian Life Science, LD Pension and Vækstfonden.
