Investors put together $86m for funding Mission

UK-based drug developer Mission Therapeutics raised £60m ($86m) in a series C round yesterday backed by investors including pharmaceutical firms Roche, Pfizer and GlaxoSmithKline.

The three corporates invested through their respective corporate venturing units Roche Venture Fund, Pfizer Venture Investments and SR One.

The round was led by technology transfer firm Imperial Innovations and also featured Woodford Patient Capital Trust, a fund aimed at university spinouts, and venture capital firm Sofinnova Partners.

Mission Therapeutics was spun out of Cambridge University in 2011 with the help of Cancer Research Technology, the commercialisation vehicle of charity Cancer Research. It is working on treatments for cancer, neurodegenerative, infectious and other diseases.

The company plans to use the funding to fully exploit the potential of its drug platform and advance several candidates into clinical development.

Mission Therapeutics previously received $32m in series B capital in 2013. Pfizer Venture Investments, GlaxoSmithKline, Roche, Pfizer, Imperial Innovations and Sofinnova Partners participated in that round.

GlaxoSmithKline, Roche, Imperial Innovations and Sofinnova Partners also injected $9.8m in series A funding at the time of Mission Therapeutics’ launch in 2011.

Anker Lundemose, Mission’s chief executive, said: “Mission Therapeutics has attracted one of the highest profile investor syndicates in Europe. We welcome Woodford Patient Capital Trust and thank our existing investors for their continued support.

“This is strong endorsement of our unique discovery platform and will enable us to maximise the potential of multiple lead compounds for diverse therapeutic indications. 2016 will see us progress our advanced programs into regulatory preclinical development and deepen our pipeline, from a position of increased financial strength.”

– This article first appeared on our sister site Global Corporate Venturing.