Dewpoint, with a handful of Big Pharma partners from Merck to Pfizer, collects $150M to advance its 20 programs

Pfizer, Merck, Bayer and Volastra Therapeutics have already partnered with Dewpoint Therapeutics across neuromuscular conditions, HIV, cancer metastasis and cardiopulmonary diseases. Now, the Boston biotech has an additional $150 million to bankroll 20 pipeline programs.

SoftBank led the series C, which included participation from existing investor Leaps by Bayer, Arch Venture Partners and other investment shops, Dewpoint said Thursday. This marks the fourth investment for Leaps so far in 2022, with the Bayer venture arm backing Moderna partner Metagenomi, Gandeeva and Cellino in January.

The funds will help bring a number of Dewpoint's 20 programs toward the clinic, and proceeds will boost research operations as the biotech looks to scale its work in biomolecular condensates.

The 2019 Fierce 15 winner aims to discover new drugs through biomolecular condensates, which are liquidlike droplets comprising proteins and RNA. The condensates are organelles without a membrane that form through liquid-liquid phase separation. Dewpoint is built on the idea that the organelles can help drug the so-called undruggable. 

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Bayer was the first Big Pharma to bet on the condensates, inking a heart disease and women's health deal with Dewpoint for up to $100 million in November 2019. Merck followed suit with a $305 million upfront and biobucks pact for an HIV drug in July 2020. While that drug hasn't made it into the clinic yet, Merck has faced setbacks elsewhere in its HIV program.

Dewpoint raised a $77 million series B months later and, in October 2020, poached former Sanofi Chief Medical Officer Ameet Nathwani, M.D., as its CEO.

Further yet, Pfizer got in on the action last year by signing a $239 million deal for work on myotonic dystrophy type 1, a rare genetic disorder that leads to muscle loss and weakness and early death. Dewpoint then teamed up with Volastra to work on preventing disease progression and metastasis in cancer in March 2021. 

Dewpoint launched in January 2019 with $60 million.