Financings Of The Fortnight: Crossover Investors Key To Intarcia’s Massive $210 Million Series C Round
This article was originally published in The Pink Sheet Daily
Plus news on recent financings by Visterra, AbbVie, Pearl Therapeutics and Auspex.
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Rather than partner its implantable formulation of exenatide, the biotech turned to hedge funds and other non-traditional investors for the year’s largest round of private capital. The deal enables Intarcia to begin Phase III trials on lead program ITCA-650 for type 2 diabetes, which it believes could be a blockbuster.
The biotech garnered a $25 million Series D round, which could be enough to propel it through a Phase III trial and to FDA with its lead candidate. Investors are hoping an approved product could make Auspex an attractive take-out candidate.
A former Pfizer VP used four of the pharma’s programs to secure private financing from an unlikely investor and got the pharma to buy into the new start-up. Now, he hopes to develop next generation treatments for inflammatory and allergic diseases.