Inhibrx Secures $40 Million in Private Placement to Advance Multivalent Biologic Therapeutics

Recently, VCBeat (WeChat Official Account: vcbeat) learned that biotechnology company Inibrx has announced an agreement with Viking Global Investors to issue and sell convertible promissory notes totaling $40 million in a private placement. Evercore served as the sole financial advisor for this offering.

Currently, Inibrx has raised approximately $205 million, including $135 million in investor equity and debt, as well as $70 million in grants. Prior to the participation of Viking Global Investors, Inibrax’s existing investors included RA Capital, Lilly Asia Ventures, ArrowMark Partners, Wuxi Biologics, and Alexandria Venture Investments.

Inibrx is a U.S. biotechnology company founded in 2017, focused on developing a pipeline of novel biotherapeutic candidates. The company leverages diverse protein engineering approaches to address the specific needs of complex targets and disease biology, with key therapeutic areas including oncology, orphan diseases, and infectious diseases.

A key tool for Inibrax in developing new drug candidates is its proprietary sdAb platform. This platform enables the development of therapeutic candidates that outperform other monoclonal antibody and fusion protein approaches. The sdAb platform constructs molecules containing multiple binding units with defined valency or multispecificity, which can be assembled into novel antibodies. These new antibodies can be combined to create therapeutic candidates designed to enhance cell signaling or achieve conditional activation.

Mark Lapp, CEO of Inhibrx, stated: “We are pleased to welcome Viking Global as a new investor. This new investment provides us with additional capital, which will be used to advance our three clinical-stage programs and two additional projects expected to enter clinical trials this year, as well as to optimize our proprietary sdAb platform.”

Viking Global Investors, established in 1999 and headquartered in Connecticut, USA, is a global investment firm managing over $20 billion in capital, with offices in Greenwich, New York, London, and Hong Kong. On August 29, 2011, SinoCubate, a global financial advisory and investment company, acquired Viking Global Investors.

RA Capital Management, founded in 2001, is a venture capital firm based in Massachusetts, USA, primarily investing in the life sciences and drug development sectors. The team comprises professionals with backgrounds in biology, chemistry, and medicine, who possess extensive experience in industry operations and business development.

Lilly Asia Ventures, established in 2008, focuses on equity investments in the biopharmaceuticals, biotechnology, medical devices, healthcare services, and animal health sectors across Asia, particularly in China. It is also the earliest industry fund in China established by a multinational pharmaceutical company. Lilly Asia Ventures currently manages three U.S. dollar-denominated funds and two RMB-denominated funds. One of the primary investors in its U.S. dollar funds is Eli Lilly and Company, a globally renowned pharmaceutical company and Fortune Global 500 enterprise with a 138-year history dedicated to innovation.

ArrowMark Partners is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Founded in 2007 by seasoned investment professionals, the firm is headquartered in Denver, Colorado. It specializes in the alternative credit and growth equity asset classes.

Wuxi Biologics is a Hong Kong-listed company and a global leader in providing biologics services. The company offers end-to-end solutions to multinational pharmaceutical and biotechnology companies worldwide, aiming to help clients shorten development timelines and reduce the cost of biologics.

Alexandria Venture Investments is a venture capital firm focused on the healthcare and life sciences sectors, with an emphasis on growth-stage companies.

(Compiled by Wang Yi)