Pharmaceutical firm Takeda led a $100.5m series B round today for US-based immuno-oncology (IO) drug developer Xilio Therapeutics that was disclosed alongside its rebranding from Akrevia Therapeutics.
Takeda participated through corporate venture capital unit Takeda Ventures and was joined by peers Merck Group, Ipsen and Merck & Co, which invested through M Ventures, Ipsen Ventures and MRL Ventures Fund respectively.
The round was filled out by F-Prime Capital, on behalf of investment and financial services group Fidelity, as well as Atlas Venture, SV Health Investors, RiverVest Venture Partners, Bay City Capital and Solasta Ventures, a vehicle for VC firm Aju IB Investment.
Founded in 2016, Xilio is working on therapeutics intended to combat cancer by triggering immune system response in patients. It launched in September 2018 with $30m secured in a series A round co-led by F-Prime Capital and Atlas Venture.
The company will put the funding into advancing its two lead drug candidates, XTX201 and XTX101, into phase 1 clinical trials. They are being developed in the hope they can surmount significant toxicities it claims are associated with IO drugs that have already been validated.
Takeda Ventures investment partner Jayson Punwani has joined Xilio’s board of directors in connection with the round, as did MRL Ventures partner Peter Dudek, Mike Ross from SV Health Investors and Nancy Hong of RiverVest Venture Partners.
Punwani said: “We believe Xilio’s proprietary platform offers a compelling approach that builds upon the advancements in IO therapeutics. It is encouraging to see such a strong and supportive series B syndicate, including leading venture capital groups and strategic partners.
“We look forward to working with Xilio’s current investors and the leadership team to support the advancement of its pipeline into the clinic.”
