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Mega Fund Raising Reveals European Biotech Industry as a Winning Target for Tech Entrants
Latest fundraises reveals that European biotech companies are increasingly attracting investor interest.
FREMONT, CA: BioNTech, a clinical-stage biotechnology company developing immunotherapies for the treatment of cancer and other serious diseases raises $325m in a Series B financing round to assist further development of its therapeutics pipeline and manufacturing infrastructure. This achievement has made BioNTech as one of the largest single private funding rounds for a biotechnology company in European history. The Series B was led by Fidelity Management & Research Company and joined by investors including Redmile Group, Invus, MiraeAsset Financial Group, Platinum Asset Management, Jebsen Capital, Steam Athena Capital, BVCF Management and the Struengmann Family Office.
As BioNTech is focusing on bringing together advanced technologies, the support of these high technology investors can help accelerate the convergence of biology with bioinformatics, robotics, and artificial intelligence. The company expects this convergence to bring the opportunity to develop more precise, efficient, cost-effective individualized immunotherapies. BioNTech values the participation of the existing investors who represent North America, Asia, and Europe. Proceeds from this funding round have enabled BioNtech to advance its product pipeline to secure a second GMP manufacturing license. Its pipeline consists of individualised mRNA-based drug candidates, chimeric antigen receptor T cells, checkpoint immunomodulators, targeted cancer antibodies, and small molecules.
Setting European biotech on fire ADC Therapeutics, on the same day announces that is secured an additional $103 million for its Series E, bringing the total amount raised for the round to a whopping $303 million. This Swiss startup is developing therapies to treat hematological cancers and solid tumors, and it is planning to use the funds for clinical trials. Apart from these two, Bay Area-based Redmile Group is expanding its portfolio and is increasingly looking for investment opportunities. Deals like Lundbeck appropriating the Netherlands-based Prexton Therapeutics' for up to €905 million and Novo Nordisk buying British business Ziylo for around $800 million are also proving the European biotech industry to be an excellent space for new tech entrants to invest.
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With a considerable market size, biotechnology has evolved as an exciting field for innovations that are fundamentally changing the understanding of medical care. Both these transactions are evidence of the European biotech industry heading forward. The increasing participation in European rounds from US investors is cited as a potential reason for this increase in payoffs. Besides, venture capital interest has also inspired these significant transactions.