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Pfizer participates in SpringWorks Therapeutics’ USD125 million Series B financing


Pfizer participates in SpringWorks Therapeutics’ USD125 million Series B financing

All of the SpringWorks Therapeutics’ existing investors, OrbiMed, Bain Capital, Pfizer, via Pfizer Ventures, and LifeArc have also participated in the offering.

STAMFORD: SpringWorks Therapeutics, Inc. (the “Company”), a clinical-stage biopharmaceutical company focused on developing life-changing medicines for patients with severe rare diseases and cancer, today announced the closing of a $125 million Series B preferred stock financing led by Perceptive Advisors.

Commenting on the same, Chief Investment Officer of Perceptive Advisors, LLC, Adam Stone said, “We are excited to partner with SpringWorks Therapeutics as they build a differentiated rare disease and targeted oncology company, and we look forward to supporting the team as they work towards achieving product approvals over the coming years.”

New investors participating in this financing include Boxer Capital of Tavistock Group, HBM Healthcare Investments, BVF Partners, Surveyor Capital (a Citadel company), Samsara BioCapital, ArrowMark Partners, GlaxoSmithKline, and Laurion Capital Management, as well as several other long-term institutional investors. All of the Company’s existing investors – OrbiMed, Bain Capital, Pfizer, via Pfizer Ventures, and LifeArc – also participated in the offering.

Proceeds from the financing will be used to advance the Company’s two late-stage rare disease oncology programs towards potential regulatory approval and commercialization: nirogacestat, a gamma secretase inhibitor for the treatment of desmoid tumours, and PD0325901, a MEK inhibitor for the treatment of neurofibromatosis type 1-associated plexiform neurofibromas. The proceeds will also support the continued expansion of the Company’s emerging targeted oncology programs, as well as future in-licensing opportunities and clinical collaborations in rare diseases and cancer.

“This financing from a committed, knowledgeable and distinguished investor syndicate, which includes new and existing investors as well as key industry partners, underscores the progress we’ve made to advance our late-stage clinical programs towards pivotal studies, execute on our initial business development strategy, and build upon our leading drug development operations,” said Saqib Islam, Chief Executive Officer of SpringWorks Therapeutics.

“We are well positioned to continue to execute on our strategy to build a leading rare disease and targeted oncology company that brings promising science to underserved patient communities,” he added.

Also Read: No selection process-ICMR, Pfizer collaboration on AMR project draws Objections from industry

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Garima

Garima

Garima Joined Medical Dialogues as Desk Editor for Medical Dialogues in the year 2017. She covers all the Healthcare news in different categories. She is a graduate from Delhi University. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751


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