IP Group sold a $5m stake to biopharmaceutical company Celltrion as part of a series A round for oncology therapy developer Iksuda.
UK-based antibody drug conjugate (ADC) developer Iksuda Therapeutics has closed a $47m series A round that included a $5m stake sale by commercialisation firm IP Group to an incoming shareholder, biopharmaceutical firm Celltrion.
Celltrion co-led the round with Premier Partners, Mirae Asset and Mirae Asset’s subsidiaries. IP Group owns a 19.4% stake in Iksuda following the deal.
Founded in 2007 as Glythera, Iksuda is working on ADCs targeting tumours that have limited treatment options and high relapse rates. Its lead product candidate, IKS03, is aimed at B-cell lymphomas.
The company will use the series A funding to advance IKS03 into a phase 1 clinical trial and advance its pipeline to investigational new drug applications. Iksuda last secured equity funding in 2013, when IP Group injected $1m having already provided $975,000 in 2012.
Celltrion CEO Woosung Kee said: “By pursuing tumours that are resistant to current treatment approaches, Iksuda is extending the boundaries of ADC technology, and consequently the treatment options for patients.
“This ideally complements Celltrion’s drive to pioneer uncharted areas of innovative therapies, incorporating unique and successful next-generational approaches that promote health and welfare globally. We have been very impressed with Iksuda’s progress to date and look forward to working together to support their mission.”
The original version of this article appeared on our sister site, Global University Venturing.
