Alloy Therapeutics Raises $ 75 Million in Series C Funding to Advance Collaborative Biotech Ecosystem
The funds will be used to advance the platforms and resources used by science entrepreneurs to turn ideas into biologics
BOSTON – (BUSINESS WIRE) – Alloy Therapeutics, a biotech ecosystem company enabling the global scientific community to jointly make better medicines, today announced the closing of a 75-year Series C funding round millions of dollars. The round was led by 8VC, Presight Capital and Peter Thiel with the participation of new investors including Mubadala Capital, the asset management arm of Mubadala Investment Company, an unnamed sovereign fund, Founders Fund and Gaingels, as well as existing investors of Alloy Luma Bio -IT, Alexandria Venture Investments and Ulysses Diversified Holdings.
“The road to translating an idea into life-saving medicine is long, difficult and uncertain. At Alloy, we are building a collaborative ecosystem within the biopharmaceutical community to reduce translation barriers and make better medicines together, ”said Errik Anderson, CEO and Founder of Alloy Therapeutics. “Alloy is a forever company, which allows us to be generous when others are in need. By joining the Alloy Network, those who take the difficult path of drug discovery can know they are not alone. We are in the same boat. “
Through a partnership, Alloy Therapeutics democratizes access to the tools, technologies, services and business creation capabilities that are essential to the discovery and development of therapeutic biologics. Since its formation in 2017, the community of Alloy has grown to include more than 70 partners of the ATX-Gx ™ platform for the discovery of human antibodies and the formation of several new biotechnology companies, including Broadwing Bio , an ophthalmology company led by Dr. Andrew Peterson and created in partnership with Maze Therapeutics. Proceeds from the C-Series funding will expand Alloy’s platforms and services to adjacent biological modalities and further expand access to Alloy’s capabilities to more partners and geographies around the world.
“Alloy is building a true platform layer in the drug discovery industry,” said Alex Kolicich, founding partner of 8VC. “We have seen first-hand how the democratization of the product development process has transformed the technology industry by accelerating network effects. We are proud to support Alloy in applying these lessons to the biopharmaceutical market. The companies in our portfolio have benefited greatly from the Alloy ecosystem, and we are impressed with the vision, leadership and execution of the team.
As part of the Series C financing, Fabian Hansen, Founder and Managing Director of US venture capital fund Presight Capital, will join the board of directors of Alloy Therapeutics. In addition, Alaa Halawa, co-head of Mubadala Capital’s US Ventures business, will join the board of directors as an observer.
“Mubadala Capital partners with visionary founders to create sustainable companies in the life sciences and health field, supporting them with the global scale and longevity of Mubadala’s permanent and diverse capital base” said Halawa of Mubadala Capital. “We are deeply rooted in business creation, especially in the health sector. Alloy’s ambitious long-term vision fits naturally into our partnership. We are excited to work with the Alloy team to help them advance the health ecosystem in the new global bioeconomy. “
About ATX-Gx ™
The ATX-Gx ™ platform is the fastest growing in vivo human antibody discovery platform used by more than 70 discovery teams ranging from top biopharmaceutical labs to academic research labs. ATX-Gx ™ is a suite of highly immunocompetent transgenic mouse strains which together provide (i) a complete repertoire of human heavy chains, (ii) a human repertoire of human kappa and lambda chains, (iii) a variety of haplotypes and (iv) limited immunodominance. ATX-Gx ™ is available to scientists around the world at revolutionary commercial terms, including royalty-free access, easy licensing process (ability to start working with ATX-Gx ™ in as little as two weeks), permission to design custom knockouts and genetic modifications, and expand access to new innovation platforms.
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About Alloy Therapeutics
Alloy Therapeutics is a biotech ecosystem company that empowers the global scientific community to make better medicines together. Through a community of partners, Alloy democratizes access to the tools, technologies, services and business creation capabilities that are essential to the discovery and development of therapeutic biological products. The company facilitates affordable, non-exclusive access to the entire drug discovery community, from academic scientists, small and medium-sized biotechs to the largest biopharmaceutical companies. Alloy’s flagship offering, the ATX-Gx ™ platform, is a human therapeutic antibody discovery platform comprised of a growing suite of proprietary transgenic mouse strains. Founded in 2017 and privately funded by visionary investors, Alloy is headquartered in Boston, MA, with European laboratories in Cambridge, UK. Reflecting Alloy’s unwavering commitment to the scientific community, Alloy reinvests 100% of its turnover in innovation and access to innovation.
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