US-based oncology drug research provider Tango Therapeutics completed a $50m equity financing round on Monday featuring $20m from biopharmaceutical company Gilead Sciences through a partnership agreement.
Healthcare investment firm Casdin Capital led the round, which included investment manager Cormorant Asset Management and Boxer Capital, a subsidiary of investment group Tavistock Group.
Tango is studying the genetic drivers of cancer to discover targets for drugs that will destroy cancerous cells through synthetic lethality, preventing them from evading the body’s immune system and targeting weaknesses caused by the lack of a tumour suppressor gene.
The company disclosed the funding alongside the expansion of a seven-year strategic collaboration deal is signed with Gilead in 2018.
The latest terms involve the equity investment as well as a $125m upfront payment, and Gilead will get the chance to option any of up to 15 targets for immune evasion cancer therapeutics. The agreement excludes Tango’s lead drug programme.
Barbara Weber, Tango’s president and CEO, said: “Gilead has been a valuable strategic partner and strong scientific collaborator and we look forward to advancing programs beyond target validation under this expanded collaboration.
“The productivity of our platform allows us to generate multiple targets for the collaboration while continuing to discover and develop targets independently, with the shared goal of bringing transformational therapies to patients.”
Venture capital firm Third Rock Ventures launched Tango in 2017 with $55m in series A funding before Boxer Capital led a $60m series B round also featuring Cormorant Asset Management and Casdin Capital in April this year.
