Welcome to the latest edition of our weekly EuroBiotech Report. We start this week with Roche, which struck two deals to boost its preclinical cancer pipeline. The Swiss Big Pharma began the week by paying €70 million ($81 million) for Tusk Therapeutics' anti-CD25 antibody, before striking a deal for GO Therapeutics' bispecific antibody.
Elsewhere, companies had money on their minds. Forbion closed its biggest fund yet at €360 million. The U.K. eased past its record annual VC haul in just eight months. Novartis-backed Gamida Cell filed for a $69 million IPO. And more. — Nick Taylor
1. Roche pays €70M upfront for Tusk’s preclinical Treg depleter
Roche has paid €70 million ($81 million) upfront to buy Tusk Therapeutics. The takeover gives Roche control of an anti-CD25 antibody that depleted levels of regulatory T cells (Tregs) in preclinical tests.
2. Roche bags anti-cancer bispecific from GO Therapeutics
Roche has licensed an anti-cancer bispecific antibody from GO Therapeutics. The deal gives Roche a license for antibodies generated against a novel cancer target and the right to develop a bispecific antibody.
3. Forbion closes fourth EU-focused biotech fund at €360M
Forbion has closed its fourth fund at €360 million ($417 million). The addition of €90 million since the first close in July means Forbion has pulled in almost twice as much money as it managed for its third fund.
4. U.K. VC funding hits new high after bumper quarter
The British biotech sector enjoyed a big third quarter for VC financing. With more than £460 million ($600 million) in VC cash flowing into the bank accounts of U.K. biotechs, the sector has now raised 30% more money from public and private sources than it managed in all of last year.
5. Novartis-backed cell therapy startup Gamida files for IPO
Gamida Cell has filed to raise $69 million in a Nasdaq IPO. The Novartis-backed cell therapy player wants the money to wrap up a phase 3 trial of its lead candidate in patients with blood cancers.