Stealth Biotech Nuvation Bio Secures $275 Million Series A Financing to Advance Oncology Pipeline

VCBeat (WeChat Official Account: vcbeat) has learned that on October 28, 2019, Nuvation Bio, a stealth-mode biotechnology company, announced the completion of its $275 million Series A financing round. The round was led, organized, and syndicated by Omega Funds, with participation from The Baupost Group, Pavilion Capital, EDBI, Altitude Life Science Ventures, and Aisling Capital.

Nuvation Bio will use this round of financing to expand its development activities and advance its oncology programs.

Nuvation Bio is a privately held biopharmaceutical company currently operating in stealth mode, focused on developing next-generation therapies that directly address the most critical unmet needs in oncology. Nuvation Bio’s proprietary portfolio comprises seven novel and mechanistically distinct oncology programs, each with multiple drug candidates in development.

“Nuvation Bio’s vision is to deliver transformative therapies to patients, addressing unmet needs in oncology,” continued David Hung, Founder, President, and CEO of Nuvation Bio. “I am incredibly proud of what we achieved at Medivation, developing today’s largest prostate cancer drug in just seven years. However, I believe that with more time, we could have accomplished even more. With seven novel and mechanistically distinct oncology programs already in place, strong backing from Omega Funds, and a robust syndicate of investors, we are well-positioned to expand upon the Medivation mission. My team and I are thrilled to be developing more game-changing therapies to address the most critical unmet needs in oncology.”

Otello Stampacchia, Founder and Managing Director of Omega Funds, stated, “The entire Omega Funds team is delighted to partner with David in launching Nuvation Bio and providing its Series A financing. We thank Richard Lim and Michelle Doig for leading the transaction and working diligently to bring it to completion.”“The breadth and depth of Nuvation Bio’s innovative pipeline necessitate substantial initial investment. By orchestrating one of the largest Series A biotechnology financings on record, David and his exceptional team are well-positioned to advance the continued development of Nuvation Bio’s deep-therapy portfolio, with a focus on significantly improving the standard of care for cancer patients,” Stampacchia added.

Omega Funds, established in 2004, is a leading international investment firm dedicated to building and investing in life sciences companies that address the world’s most urgent medical needs. Omega Funds’ portfolio companies have brought 37 products to market across multiple therapeutic areas, including oncology, rare diseases, and precision medicine.

Baupost Group is a hedge fund founded by Seth Klarman in 1982, who continues to manage the fund. Baupost Group is headquartered in Boston, Massachusetts, United States.

Pavilion Capital is a growth-oriented private equity investor. It provides capital and strategic support to rapidly growing companies in the United States and Asia. In particular, it focuses on industries experiencing high growth driven by globalization, technology, or demographic trends.

Economic Development Board Investments Pte Ltd (EDBI), established in 1991, is an independent investment arm under the Singapore Economic Development Board (EDB). The company was founded to promote and catalyze competitive growth in new industrial clusters and strengthen existing economic activities through strategic investments. Currently, it actively invests in growth-stage projects in fields such as biomedicine, new/clean energy, and digital media.

Altitude Life Science Ventures is a firm focused on investing in life sciences companies with strong demand and growth potential, primarily dedicated to the fields of biotechnology, medical devices, and diagnostics.

Aisling Capital is a venture capital firm focused on the healthcare and biotechnology sectors, headquartered in New York, USA. Aisling Capital is dedicated to supporting leading global healthcare companies, helping them complete the development and commercialization of new therapies and products.

(Compiled by Xiong Hui)