Silverback Therapeutics, a US-based cancer immunotherapy company backed by corporates Bristol-Myers Squibb (BMS), Celgene and Alexandria Real Estate Equities, closed an $85m series C round on Wednesday led by EcoR1 Capital.
Boxer Capital, a fund run by the life sciences division of investment firm Tavistock Group, contributed to the round, as did financial services group Fidelity, Nantahala Capital Management, OrbiMed Advisors, RA Capital, US Venture Partners (USVP), Hunt Technology Ventures, Nextech Invest and Pontifax Venture Capital.
Founded in 2016, Silverback is developing drugs for serious diseases including cancer that utilise monoclonal antibodies to prompt an immune response against pathogens such as tumour cells.
The company is currently focusing its efforts on SBT6959, an antibody conjugated with a receptor called TLR8 with therapeutic potential in certain non-cell lung, breast and gastric cancers.
Silverback will put the series C cash toward clinical development of SBT6050 including an ongoing phase 1 study. It will also fund progress on other candidates in its pipeline.
OrbiMed led a $47.5m series A round for Silverback closed in mid-2018 that included pharmaceutical firm Celgene and Alexandria Venture Investments – a subsidiary of life sciences real estate investment trust Alexandria Real Estate Equities.
Alexandria and OrbiMed subsequently returned with drug firm BMS to help close a $78.5m series B round led by USVP in March 2020.
Nextech Invest also took part in the latter round, as did Pontifax, Hunt Investment Group, Colt Ventures and NS Investment.