Karyopharm has scored an additional $19 million for its Series B round of financing, padding the $48.2 million raised for the round in May, for a total of more than $67 million, among the largest this year for a drug developer.
A blistering round of IPOs wasn't the only source of fresh cash for biotech companies in the second quarter. The National Venture Capital Association and PricewaterhouseCoopers tracked a $1.3 billion gusher of venture capital in the biotech community, a spike of 41% over Q1 as two big rounds in a mix of 103 deals helped drive the surge.
David Mott at New Enterprise Associates has put together a $20 million round to back 3-V Biosciences, an upstart biotech with deep roots in Switzerland's scientific community and an office in Silicon Valley.
Merck Serono CEO Stephan Oschmann has made overtures to biotech entrepreneurs as the pharma group seeks ways to bolster its business after a series of R&D setbacks such as the failure of an experimental oral drug for multiple sclerosis and major layoffs and cutbacks in Geneva, Switzerland.
Effector Therapeutics has rallied marquee investors for a sizable $45 million Series A financing, determined to use discoveries in protein translation to mine for new cancer drugs.
For Amgen and Novartis, investing in the latest fund from Atlas Venture wasn't enough. The Cambridge, MA-based venture firm has struck separate agreements with the two major drugmakers to join forces on biotech startups.
Alnylam Pharmaceuticals CEO John Maraganore has joined Third Rock in the advisory role of venture partner, reunited in a way with his former Millennium Pharmaceuticals colleagues who launched the venture firm 6 years ago.
A little more than a year ago, the startup crew at Lumena Pharmaceuticals was based in North Carolina and working on a new drug for diabetics. But things have changed. The company moved to San Diego, refocused its lead program on a rare liver disease and today announced that it had rounded up $23 million in Series A cash from a trio of venture groups.
Astellas and a pair of venture companies have joined forces to launch a spinout virtual biotech which will pick up mid-stage research work on an experimental therapy for nocturia.
Public biotech companies around the world stayed on a healthy pace last year, boosting top and bottom-line revenue together and extending a solid improvement in the industry's financial performance into its third year, according to Ernst & Young's annual checkup on the numbers.