Autoimmune disease therapy spinout Cabaletta Bio's series B round brought its total to at least $88m allowed the university to pare back its shareholding.

Cabaletta Bio, a US-based autoimmune disease treatment developer spun out of University of Pennsylvania, raised $50m on Thursday in a series B round which allowed the university to sell some of its shares to the incoming investors.
Healthcare-focused investment firm Deerfield Management took part in the round, investing alongside Redmile Group, Cormorant Capital, Adage Capital Management, 5AM Ventures and Adage Capital Management.
An undisclosed public healthcare entity also supplied funding, as did Boxer Capital, a life sciences-focused arm…

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