SpringWorks Therapeutics Secures $125 Million Series B Financing to Advance Oncology Pipeline

VCBeat (WeChat Official Account: vcbeat) learned from foreign media that on April 1 (U.S. local time), SpringWorks Therapeutics, headquartered in Baltimore, Maryland, announced the completion of a $125 million Series B financing round. The proceeds will be used to advance the development programs of two oncology drug candidates: PF-03084014 (Nirogacestat) for the treatment of desmoid tumors, and PD-0325901 for the treatment of neurofibromatosis.

It is reported that this round of financing was led by Perceptive Advisors, with participation from existing investors OrbiMed, Bain Capital, Pfizer Venture Investments, and LifeArc, as well as new investors Boxer Capital, HBM Healthcare Investments, BVF Partners, Surveyor Capital, Samsara BioCapital, ArrowMark Partners, GlaxoSmithKline, and Laurion Capital Management.

SpringWorks Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing potential new therapies for patients with rare diseases and cancers that lack treatment options. The company was founded in 2017 by Dr. Lara S. Sullivan, who served as Head of Research and Development at Pfizer, overseeing the development of the company’s early-stage pipeline.

SpringWorks Therapeutics secured licenses from Pfizer for four R&D pipelines at its inception. These four pipelines constitute the company’s current core product portfolio: PD-0325901 for the treatment of neurofibromatosis (NF), PF-05416266 for hereditary xanthocytosis (HX), PF-03084014 for desmoid tumors, and PF-0445784 for post-traumatic stress disorder (PTSD).

SpringWorks Therapeutics Pipeline (Image source: official website)

From another perspective, SpringWorks Therapeutics can be regarded as an independent R&D division of Pfizer, funded by Pfizer Venture Investments, with its core R&D pipeline also licensed from Pfizer. On September 25, 2017, SpringWorks Therapeutics secured $103 million in Series A financing, with participation from Pfizer. With the addition of the current $125 million funding round, the company’s total financing has reached $228 million.

This financing round primarily advances two projects: PF-03084014 (Nirogacestat) and PD-0325901. Nirogacestat is a gamma-secretase inhibitor indicated for the treatment of desmoid tumors, a rare, non-metastatic neoplasm of connective tissue cells that can arise anywhere in the body and lead to the loss of various physiological functions. The project is currently in Phase III clinical trials and has received Fast Track designation from the U.S. Food and Drug Administration (FDA).

PD-0325901 is a MEK inhibitor used to treat plexiform neurofibromas associated with neurofibromatosis type 1. This disease causes tumors to grow along nerves throughout the body, leading to symptoms such as blindness, deafness, disfigurement, skeletal abnormalities, learning disabilities, and severe pain, with onset commonly occurring in childhood. SpringWorks Therapeutics will collaborate with the Children’s Tumor Foundation to meet the needs of more patients.

Dr. Lara S. Sullivan, Founder, stated, “SpringWorks Therapeutics is dedicated to cross-disciplinary drug development, focusing on patients with rare diseases who are in urgent need of therapeutic options.” SpringWorks Therapeutics’ collaborative business model aims to deliver financial returns through partnerships with various stakeholders, including scientists, biopharmaceutical partners, patient advocacy groups, funders, and philanthropists.

Perceptive Advisors, founded in 1999 and headquartered in New York, USA, is an investment management firm that focuses on providing funding to the most promising technologies in the biomedical field, thereby supporting the development of the life sciences industry.

Pfizer (NYSE: PFE), one of the world’s largest pharmaceutical companies, was founded in 1849 and is headquartered in New York, United States. Pfizer generates annual sales exceeding $50 billion and invests nearly $8 billion each year in research and development. Prescription drugs and vaccines account for the majority of Pfizer’s sales.

GlaxoSmithKline (NYSE: GSK) is a globally renowned, science-led biotechnology company founded in 1929 and headquartered in New Jersey, United States. The company primarily sells pharmaceuticals, vaccines, and consumer healthcare products.

Bain Capital, founded in 1984 and headquartered in Boston, Massachusetts, is an investment firm specializing in private equity and venture capital. The firm manages over $95 billion in assets, with a primary focus on the life sciences sector, and has completed more than 700 investments to date.

LifeArc, formerly known as MRC Technology, is an independent life sciences and medical research charity founded in 1992 and headquartered in London, UK. The organization operates two funds: a charitable fund designed to help scientists translate their research into treatments and diagnostics for patients, and a seed fund that primarily invests in early-stage biomedical research.

OrbiMed is a leading healthcare investment firm founded in 1989 and headquartered in New York, USA. The firm manages over $14 billion in assets and is dedicated to investing in life sciences, digital health, healthcare services, medical devices, biopharmaceuticals, diagnostics, healthcare technology, and biotechnology. To date, the firm has completed more than 400 investments.

(Compiled by Wang Chan)