EuroBiotech Report—Freeline and iTeos lead big week for EU VC rounds, Calliditas, Evotec-Sanofi and Molecular Partners

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Welcome to the latest edition of our weekly EuroBiotech Report. Money flowed into European biotechs at a rapid rate this week, with two companies sharing close to $200 million (€173 million) in VC cash and a third pricing a $75 million IPO. Freeline Therapeutics bagged the biggest haul, securing upward of $100 million in a tranched B round to advance its AAV gene therapies. Elsewhere, iTeos Therapeutics raised $75 million to move two tumor microenvironment modulators into the clinic. Calliditas is aiming to raise the same amount from public investors to bankroll a phase 3 kidney disease trial. Evotec sealed a deal for Sanofi's infectious disease unit, Molecular Partners named a Regeneron executive as its CSO and more.

1. Syncona powers gene therapy startup Freeline to £88M B round

Syncona has dialed up its bet on gene therapy startup Freeline Therapeutics. The life science investor committed £85 million ($112 million) to Freeline’s £88 million series B round, thereby maintaining a big stake in a biotech that is working to redefine the treatment of hemophilia B and Fabry disease.

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2. ITeos raises $75M to trial immuno-oncology drugs

ITeos Therapeutics has raised $75 million (€64 million) to take two immuno-oncology assets into the clinic. The MPM Capital-led series B tees iTeos up to start dosing patients with an adenosine A2A antagonist later this year while expanding into new offices in Cambridge, Massachusetts.

3. Calliditas files for $75M IPO to fund kidney disease phase 3

Calliditas has filed to raise SEK 650 million ($75 million) through an IPO in Sweden. The financing will set Calliditas up to start enrolling autoimmune kidney disease patients in a pivotal trial later this year.

4. Evotec seals deal for Sanofi’s infectious disease unit

Evotec has wrapped up a deal for Sanofi’s infectious disease unit. The agreement sees Sanofi transfer 100 employees, more than 10 drug candidates and €60 million ($70 million) upfront to the German service provider. 

5. Molecular Partners names Regeneron cancer leader as CSO in reshuffle of leadership team

Molecular Partners has rejigged its leadership team, hiring Pamela Trail, Ph.D., from Regeneron to serve as CSO and shunting Michael Stumpp, Ph.D., across to the COO position.

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