Alloy Therapeutics Raises $75 Million in Series C Financing to Advance Collaborative Biotechnology Ecosystem
Funds to be used to advance platforms and resources used by scientific entrepreneurs to turn ideas into biological medicines
BOSTON--(BUSINESS WIRE)--Alloy Therapeutics, a biotechnology ecosystem company empowering the global scientific community to make better medicines together, today announced the close of a $75 million Series C financing round. The round was led by 8VC, Presight Capital, and Peter Thiel with participation from new investors including Mubadala Capital, the asset management arm of Mubadala Investment Company, an unnamed sovereign wealth fund, Founders Fund and Gaingels, as well as Alloy’s existing investors Luma Bio-IT, Alexandria Venture Investments, and Ulysses Diversified Holdings.
“The path to translate an idea into lifesaving medicine is long, challenging, and uncertain. At Alloy we are building an ecosystem of collaboration across the biopharma community to reduce the barriers of translation and make better medicines together,” said Errik Anderson, CEO and founder of Alloy Therapeutics. “Alloy is a forever company, allowing us to be generous when others are in need. In joining the Alloy network, those taking the hard path of drug discovery can know that they are not alone. We are in this together.”
Through partnership, Alloy Therapeutics democratizes access to tools, technologies, services, and company creation capabilities that are foundational for discovering and developing therapeutic biologics. Since its formation in 2017, Alloy’s community has grown to include over 70 partners of the ATX-Gx™ platform for human antibody discovery, and the formation of multiple new biotechnology companies, including Broadwing Bio, an ophthalmology company led by Dr. Andrew Peterson and created in partnership with Maze Therapeutics. Proceeds from the Series C financing will extend Alloy’s platforms and services into adjacent biologic 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 firsthand how democratizing the product development process has transformed the technology industry through accelerating network effects. We are proud to support Alloy as they apply these lessons to the biopharmaceutical market. Our portfolio companies have benefited greatly from the Alloy ecosystem, and we are impressed with the team’s vision, leadership, and execution.”
As part of the Series C financing, Fabian Hansen, founder and Managing Director of US venture capital fund Presight Capital, will join as a member of Alloy Therapeutics’ board of directors. In addition, Alaa Halawa, co-head of Mubadala Capital’s US Ventures business, will join as a board observer.
“Mubadala Capital partners with visionary founders building enduring life science and healthcare companies, supporting them with the global scale and longevity of Mubadala’s permanent and diversified capital base,” said Halawa of Mubadala Capital. “We have deep roots in company building, particularly in healthcare. Alloy’s ambitious long-term vision is a natural fit for our partnership. We are excited to work with the Alloy team to support them in advancing the healthcare ecosystem into the new global bioeconomy.”
The ATX-Gx™ platform is the fastest growing in vivo human antibody discovery platform, used by over 70 discovery teams ranging from top biopharma to academic research labs. ATX-Gx™ is a suite of highly immunocompetent transgenic mice strains that together offer (i) full human heavy chain repertoire, (ii) human kappa and human lambda chain repertoire, (iii) haplotype diversity, and (iv) limited immunodominance. ATX-Gx™ is available to scientists worldwide at groundbreaking business terms including royalty free access, a simple licensing process (ability to start working with ATX-Gx™ in as little as two weeks), permission to design KO and bespoke genetic modifications, and expanding access to new platform innovation.
About Alloy Therapeutics
Alloy Therapeutics is a biotechnology ecosystem company empowering the global scientific community to make better medicines together. Through a community of partners, Alloy democratizes access to tools, technologies, services, and company creation capabilities that are foundational for discovering and developing therapeutic biologics. The company facilitates affordable, non-exclusive access to the entire drug discovery community from academic scientists, small and medium biotech, to the largest biopharma. Alloy’s lead offering, the ATX-Gx™ platform, is a human therapeutic antibody discovery platform consisting of a growing suite of proprietary transgenic mice strains. Founded in 2017 and privately funded by visionary investors, Alloy is headquartered in Boston, MA with European labs in Cambridge, UK. As a reflection of Alloy’s relentless commitment to the scientific community, Alloy reinvests 100% of its revenue in innovation and access to innovation.