Intarcia brings in $210mm via late-stage round of equity and debt

In one of the largest private biotech financings over the past 25 years, Intarcia Therapeutics Inc. has raised a total of $210mm in a late-stage round. It sold $160mm in Series CC equity to new investors Baupost Group, Fidelity Investments, and two undisclosed institutions, and returning VCs including New Enterprise Associates, New Leaf Venture Partners, and Venrock Associates. Intarcia also sold $50mm in debt to Farallon Capital Management and an undisclosed institutional investor. The company will use the funds for Phase III trials--starting in early 2013--of its Type II diabetes drug ITCA650 in which the company plans to demonstrate that the compound is superior to other exenatide therapies and Merck's Januvia.