Healthcare Private Placement and M&A Transactions Review Week Ending August 20, 2023

ADARx Pharmaceuticals: The company raised $200 million of Series C venture funding in a deal led by Bain Capital Life Sciences and TCG Crossover Management on August 9, 2023, putting the company’s pre-money valuation at $640 million. Lilly Asia Ventures, OrbiMed, The Invus Group, SR One Capital Management, Ascenta Capital, Commodore Capital, HBM Healthcare Investments, Venrock, Cormorant Asset Management, BlackRock, Marshall Wace, Redmile Group and T. Rowe Price also participated in the round. The company is a clinical-stage genetic medicine business focused on the editing of Messenger RNA Targeting transcripts and oligonucleotide-based therapeutics for intractable diseases.

Abcuro: The company raised $155 million of Series B venture funding in a deal led by Bain Capital Life Sciences and Redmile Group on August 17, 2023. Sanofi Ventures, New Leaf Ventures, Eurofarma Laboratorios, Soleus Capital, Pontifax Venture Capital, Mass General Brigham Ventures, Samsara BioCapital, RA Capital Management, Tekla Capital Management, and BlackRock also participated in the round. The company is a developer of immunomodulatory therapeutics designed for treating both autoimmunity and cancer.

Alltrna: The company raised $109 million of Series B venture funding from Flagship Pioneering and other undisclosed investors on August 9, 2023. The company is a developer of a tRNA platform intended to decipher tRNA biology and pioneer therapeutics to treat diseases.

Viome Life Sciences: The company raised $86.5 million of Series C venture funding in a deal led by Khosla Ventures and Bold Capital Partners on August 18, 2023, putting the company’s pre-money valuation at $272 million. Better Health Group, Ezaki Glico Company, Bulletproof Media, Nomad Capital Partners, Eastward Capital Partners, Ocgrow Ventures, WestRiver Group, Veronorte, SquareOne Capital, Hambrecht Ducera Growth Ventures, W.R. Hambrecht + Co, Milltrust International, and other undisclosed investors also participated in the round. The company is an operator of a biotechnology and healthcare company intended to prevent chronic diseases.

Aulos: The company raised $60 million of Series A1 venture funding from Apple Tree Partners on August 10, 2023, putting the company’s pre-money valuation at $25 million. Other undisclosed investors also participated in the round. The company is an operator of a biotechnology business intended to develop pharmaceutical preparations for the treatment of cancer.

Radionetics Oncology: The company raised $54.2 million of Series A venture funding from Frazier Healthcare Partners, 5AM Ventures and other undisclosed investors on August 14, 2023, putting the company’s pre-money valuation at $28 million. The company is an operator of a biopharmaceutical company intended to help in the treatment of a broad range of oncology indications.

SIRPant Immunotherapeutics: The company is in the process of raising $45 million of an undisclosed targeted amount of Series B venture funding reported on August 11, 2023. The company is a developer of cancer-specific immunotherapy designed for the treatment of solid tumors.

Instylla: The company raised $30 million of Series B venture funding in a deal led by Delos Capital Partners on August 15, 2023, putting the company’s pre-money valuation at $95.4 million. Ascension Ventures, Incept, Excelestar Ventures, Catalyst Health Ventures, AMED Ventures, Sparta Group and other undisclosed investors also participated in the round. The company is a developer of liquid embolic products designed to be utilized in peripheral vascular embolic therapy.

Noveome Biotherapeutics: The company raised $20.7 million of Series E venture funding in a deal led by MAK Capital on August 17, 2023. Lancet Capital, Miraki Innovation, Terence Golden, Redevelopment Authority of Allegheny County, United States Department of Defense, UPMC Enterprises, U.S. Department of Health and Human Services, Commonwealth of Pennsylvania, University of Pittsburgh Endowment and Carnegie Mellon University also participated in the round. The company is a developer of novel biotherapeutic products designed to treat inflamed or damaged tissues.

Aptah Biosciences: The company closed on $8 million of an undisclosed targeted amount of venture funding from Vesper Ventures and other undisclosed investors on August 14, 2023. The company is a developer of novel RNA therapies intended for targeting cancer and neurodegenerative diseases.

iLLUME Ai: The company raised $7.4 million of venture funding in the form of convertible debt from She’s Independent and other undisclosed investors on August 10, 2023. The company is a developer of a predictive analytics platform designed to diagnose brain injuries or brain disorders.

Spinogenix: The company raised $5.2 million of Series B venture funding from undisclosed investors on August 8, 2023, putting the company’s pre-money valuation at $80 million. The company is an operator of a biopharmaceutical business intended to restore the brain connections and functions lost in brain injury and neurodegenerative diseases.

BrainSpace: The company raised $2.2 million of venture funding in the form of convertible debt from undisclosed investors on August 9, 2023. The company is a developer of neurocritical automated connected devices intended to protect the brain and spine after trauma, surgery, or neurodegeneration.

Tentarix Biotherapeutics: The company raised an undisclosed amount of venture funding from Gilead Sciences on August 15, 2023. The company is an operator of a protein therapeutics business intended to address the key limitations of existing cancer, autoimmune and other disease therapies.

Chinook Therapeutics / Novartis: The company was acquired by Novartis for $3.5 billion on August 11, 2023. Chinook Therapeutics is a clinical-stage biopharmaceutical company discovering, developing and commercializing precision medicines for rare, severe chronic kidney diseases.

DICE Therapeutics / Eli Lilly: The company was acquired by Eli Lilly for $2 billion on August 10, 2023. DICE Therapeutics Inc is a biopharmaceutical company leveraging proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas.

Spectrum Pharmaceuticals / Assertio Therapeutics: The company was acquired by Assertio Therapeutics for $275 million on August 8, 2023. Spectrum Pharmaceuticals is a biopharmaceutical company focused on acquiring, developing, and commercializing novel and targeted drug products, with a primary focus in hematology and oncology.

TriSalus Life Sciences / MedTech Acquisition: The company completed a reverse merger with MedTech Acquisition Corporation, resulting in the combined entity trading on the NASDAQ Stock Exchange on August 11, 2023. TriSalus Life Sciences Inc is an oncology company integrating standard-of-care treatments and its investigational immunotherapeutic, SD-101, with disruptive Pressure Enabled Drug Delivery infusion systems to transform the treatment paradigm for patients with liver and pancreatic tumors.

Sigilon Therapeutics / Eli Lilly: The company was acquired by Eli Lilly for $34.6 million on August 11, 2023. The company will receive a contingent payout of $191.85 million upon the achievement of certain specified milestones. Sigilon Therapeutics is developing a Shielded Living Therapeutics platform to leverage advances in cell differentiation and engineering, together with proprietary biocompatible materials, to provide therapeutic molecules that may be missing or deficient in the body for patients with a wide range of acute and chronic diseases.

Decibel Therapeutics / Regeneron Pharmaceuticals: The company reached a definitive agreement to be acquired by Regeneron Pharmaceuticals for $213 million on August 9, 2023. Decibel Therapeutics Inc is a clinical-stage biotechnology company dedicated to discovering and developing transformative treatments for hearing and balance disorders.

PhenomeX / Bruker: The company reached a definitive agreement to be acquired by Bruker for $108 million on August 17, 2023. PhenomeX Inc is a functional cell biology company that provides live cell biology research tools that deliver deep insights into cellular function and phenomes.

Diffusion Pharmaceuticals / EIP Pharma: The company was acquired by EIP Pharma through a reverse merger, resulting in the combined entity trading on the Nasdaq Stock Exchange under the ticker symbol CRVO on August 16, 2023. CervoMed Inc is a clinical-stage biotechnology company focused on developing treatments for degenerative diseases of the brain.

Glympse Bio / Sunbird Bio: The company was acquired by Sunbird Bio for an undisclosed amount on August 9, 2023. The company is an operator of a diagnostic platform intended to facilitate noninvasive disease monitoring through bio-marker technology.