Accent Therapeutics Raises $75M in Series C Funding Round
Bristol Myers Squibb and Johnson & Johnson Invest in RNA Drug Developer
Accent Therapeutics, a leading RNA drug developer, has secured $75 million in a series C funding round, with investments from pharmaceutical giants Bristol Myers Squibb and Johnson & Johnson’s investment arm, JJDC. This latest round of funding, announced on Tuesday, underscores the growing validation and support for Accent Therapeutics in the biotech industry. The funding round was led by recently launched Mirae Asset Capital Life Science, with participation from AbbVie’s venture arm, who had previously invested in the company’s series B round.
Funds to Drive Development of Lead Small Molecules
Accent Therapeutics plans to utilize the newly acquired funds to further the development of its two lead small molecules. These molecules target DHX9 and KIF18A and have shown great promise in precision cancer therapies. The company intends to seek regulatory approval to enter human trials for both programs before the end of the year and aims to commence phase 1 studies by early 2025. This significant investment from Bristol Myers Squibb and Johnson & Johnson’s JJDC serves as a strong endorsement of Accent Therapeutics’ vision and strategy.
Collaboration with AstraZeneca and Potential Preclinical Programs
In addition to the funding from Bristol Myers Squibb and Johnson & Johnson, Accent Therapeutics currently has a research and licensing collaboration with AstraZeneca, which was announced in 2020. This collaboration provides AstraZeneca with an option to a preclinical program developed by Accent Therapeutics, as well as worldwide licensing rights to two additional preclinical assets. While Accent Therapeutics CEO Shakti Narayan did not specify which programs were assigned to AstraZeneca, he confirmed that the two lead programs were wholly owned by Accent Therapeutics.
Excitement and Endorsement from Big Pharma
Shakti Narayan expressed his enthusiasm for the attention and support Accent Therapeutics has received from Big Pharma. He stated that the investment from Bristol Myers Squibb and Johnson & Johnson, along with the collaboration with AstraZeneca, demonstrates that “Big Pharma is excited about our story, excited about the programs we’re driving forward.” The endorsement and engagement from industry leaders highlight the strength and potential of Accent Therapeutics’ strategy.
DHX9 and KIF18A Assets Show Promise
Accent Therapeutics’ DHX9 asset has the potential to be a first-in-class therapy, while the KIF18A program is slightly behind Volastra Therapeutics. Volastra Therapeutics already has two assets targeting KIF18A in clinical trials, one of which they acquired from Amgen. However, Naveen Krishnan, managing director of Mirae Asset Capital’s new life science fund and incoming Accent Therapeutics board member, believes Accent Therapeutics can benefit from Volastra’s learnings. Krishnan emphasizes the potential for multiple players in the KIF18A space and praises Accent’s approach in widening the therapeutic index.
Mirae Asset Capital’s New Life Science Arm and Future Investments
Mirae Asset Capital’s recently launched life science arm made its first public investment in Accent Therapeutics. With $50 million in funds to deploy, the life science arm plans to make up to eight investments this year. Naveen Krishnan, the managing director of the life science fund, formerly associated with Leaps by Bayer, expects great opportunities in the biotech industry. Plans are already underway to participate in another unnamed biotech’s financing, further solidifying Mirae Asset Capital’s commitment to supporting groundbreaking ventures.
Analyst comment
Positive: Accent Therapeutics Raises $75M in Series C Funding Round with Investments from Bristol Myers Squibb and Johnson & Johnson. Funds will drive the development of lead small molecules for precision cancer therapies. Collaboration with AstraZeneca also underway. Excitement and endorsement from Big Pharma highlight Accent Therapeutics’ potential. Mirae Asset Capital’s life science arm’s investment underscores commitment to groundbreaking ventures.
Market Analysis: The investment from Bristol Myers Squibb and Johnson & Johnson, along with collaborations and endorsements, indicate strong support and confidence in Accent Therapeutics’ vision and strategy. With the newly acquired funds, Accent Therapeutics can advance its lead small molecules, potentially entering human trials and commencing phase 1 studies by early 2025. The company’s focus on precision cancer therapies and its partnerships with industry leaders position it well for future success. Overall, this news is positive for Accent Therapeutics, and the market is likely to respond favorably.
