The Baxalta and GlaxoSmithKline-backed rare disease drug developer has now raised more than $140m since it was spun out of iPierian in 2013.

True North Therapeutics, a US-based rare disease treatment developer backed by pharmaceutical companies GlaxoSmithKline and Baxalta, closed a $45m series D round on Tuesday.

Hedge funds Redmile Group and Perceptive Advisors co-led the round with investment firm HBM Healthcare Investments, investing alongside asset manager Franklin Templeton Investments and undisclosed existing backers.

Founded in 2013 as a spinout of drug developer iPierian, True North is developing drugs that will combat rare diseases by inhibiting the complement, a part of the immune…