US-based rare disease and cancer drug developer SpringWorks Therapeutics closed a $125m series B round yesterday featuring pharmaceutical firms GlaxoSmithKline and Pfizer, the latter investing through its Pfizer Ventures unit.
Perceptive Advisors led the round, which included Boxer Capital, HBM Healthcare Investments, BVF Partners, Surveyor Capital, Samsara BioCapital, ArrowMark Partners, Laurion Capital Management, OrbiMed, Bain Capital and medical research charity LifeArc.
SpringWorks was spun out by Pfizer in 2017 to further develop some of its clinical-stage drug candidates, and the series B funds will support the progress of the startup’s two rare disease oncology programs and the expansion of its oncology pipeline.
The product candidates in question are Nirogacestat, which is being developed to treat desmoid soft-tissue tumours, and PD-0325901, which is intended to treat tumours that stem from the neurofibromatosis genetic disorder.
Both candidates will work by inhibiting selective proteins associated with tumour growth, and both have completed phase 2 clinical trials.
Pfizer, LifeArc and Orbimed had joined Bain Capital’s Life Sciences and Double Impact units to provide $103m of series A funding for the company in September 2017.
SpringWorks CEO Saqib Islam said: “This financing from a committed, knowledgeable and distinguished investor syndicate, which includes new and existing investors as well as key industry partners, underscores the progress we’ve made to advance our late-stage clinical programs towards pivotal studies, execute on our initial business development strategy, and build upon our leading drug development operations.
“We are well positioned to continue to execute on our strategy to build a leading rare disease and targeted oncology company that brings promising science to underserved patient communities.”
