Healthcare Private Placement and M&A Transactions Review Week Ending May 19, 2024

Lycia Therapeutics: The company raised $106.6 million of Series C venture funding in a deal led by Venrock on May 13, 2024, putting the company’s pre-money valuation at $213.4 million. Eli Lilly and Company, The Invus Group, Cowen Healthcare Investments, Alexandria Venture Investments, Redmile Group, Janus Henderson Investors, Marshall Wace, Franklin Templeton and RTW Investments also participated in the round. The company is an operator of a biotechnology business intended to discover and develop therapeutics to degrade extracellular proteins.

Ajax Therapeutics: The company raised $95 million of Series C venture funding in a deal led by Goldman Sachs Asset Management on May 13, 2024, putting the company’s pre-money valuation at $97.5 million. Schrodinger, Eli Lilly and Company, RA Capital Management and other undisclosed investors also participated in the round. The company is a developer of novel therapies intended to target key cytokine signaling pathways that drive hematologic malignancies.

Entactbio: The company raised $40.3 million of Series A venture funding from undisclosed investors on May 15, 2024, putting the company’s pre-money valuation at $35.6 million. The company is a preclinical stage biotechnology business developing a new class of drugs that enhance the function of beneficial proteins.

Elegen: The company raised $35 million in Series B venture funding in a deal led by Triatomic Capital on May 14, 2024, putting the company’s pre-money valuation at $65 million. GSK, Agilent Technologies, Andreessen Horowitz, 8VC, KdT Ventures, AME Cloud Ventures, ACVC Partners, Digitalis Ventures, and John Ballantyne also participated in the round. The company is a developer of microfluidics technology designed to disrupt synthetic biology.

Brixton Biosciences: The company raised $33 million of Series B venture funding in a deal led by Schooner Capital on May 14, 2024. Catalyst Health Ventures, Excelestar Ventures, SV Health Investors, Sparta Group and PV Capital Management also participated in the round. The company is a developer of novel therapies intended for chronic and acute pain.

Nabla Bio: The company raised $26 million of Series A venture funding in a deal led by Radical Ventures on May 14, 2024. The company is a developer of a biotechnology platform that combines AI-guided design with wet-lab measurements to develop drugs that are not only safer and more effective but also easier to manufacture.

Curve Biosciences: The company raised $17.7 million through a combination of Series A venture funding from NZVC, Incite Ventures (San Francisco), and other undisclosed investors on May 13, 2024, putting the company’s pre-money valuation at $15 million. The company is a developer of liver cancer diagnostics designed for disease prevention and screening.

Luminate Medical: The company raised $13.7 million of venture funding from undisclosed investors on May 14, 2024. The company is a developer of a novel device designed to prevent hair loss during chemotherapy.

Phenomix Sciences: The company raised $5.5 million of Series A venture funding from DexCom, Laboratory Corporation of America and Health2047 on May 16, 2024. The company is a developer of a data analysis platform designed for precision medicinal research on obesity management.

Genomenon: The company raised $5.4 million of venture funding from undisclosed investors on May 16, 2024. The company is a developer of genome interpretation software designed to improve cancer diagnosis and treatment.

NRG Therapeutics: The company raised $5 million of venture funding on May 14, 2024.  The company is an operator of a drug discovery platform intended to develop therapeutic approaches to restore mitochondrial function.

Zakipoint Health: The company received $2 million of development capital from undisclosed investors on May 13, 2024. The company is a developer of a cloud-based healthcare analytical tool created to help customers understand healthcare costs.

Turbine: The company raised an undisclosed amount of venture funding from Accenture Ventures on May 16, 2024. The company is a developer of cancer combination therapies designed to clarify the underlying biology of diseases and develop personalized therapies.

Uniquity Bio: The company received an undisclosed amount of development capital from Blackstone Life Sciences on May 15, 2024. The company is an operator of a drug development business intended to identify and advance therapeutic programs in immunology and inflammation.

Proteologix / Johnson & Johnson: The company reached a definitive agreement to be acquired by Johnson & Johnson for $850 million on May 16, 2024. The company is an operator of a biotechnology business focusing on immunology and inflammation diseases.

Genetic Networks / Category V BioTech: The company reached a definitive agreement to be acquired by Category V BioTech for an undisclosed amount on May 15, 2024. The company is a developer of a drug asset development platform intended to integrate a genome-wide functional assay of drug activity.

Reneo Pharmaceuticals / OnKure Therapeutics: The company reached a definitive agreement to be acquired by OnKure Therapeutic through a reverse merger, resulting in the combined entity trading on the Nasdaq Global Market under the ticker symbol “OKUR” under the name OnKure Therapeutics on May 13, 2024. Reneo Pharmaceuticals Inc is a clinical-stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases. OnKure Therapeutics is a clinical-stage biopharmaceutical company focused on the discovery and development of best-in-class precision medicines that target biologically validated drivers of cancers.

Seleon / Aesco Solutions: The company was acquired by Aesco Solutions for an undisclosed amount on May 17, 2024. The company is a provider of medical engineering and technology consulting services for complex medical technology systems and regulatory issues.