Cancer drug startup Antares announces $177 million to get a place to treat scorpions
The team that switched clinical-stage cancer drugs to Eli Lilly for acquisition has resumed the acquisition again, launching a new joint venture with $177 million to fund precise drugs to meet unmet needs oncology.
The startup and its management are from Scorpion Therapeutics. Eli Lilly’s acquisition of Scorpion was closed in March, which aims to provide a $2.5 billion deal for the biotech state-of-the-art program that has reached phase 1/2 testing for breast cancer. But Eli Lilly wants only a selective PI3K-Alpha inhibitor. The rest of Scorpion’s assets will be phased out as a new company. The startup’s Boston-based Antares Therapeutics launched Tuesday.
Scorpion was founded in 2020 by Serial Biotech entrepreneur Gary Glick. The startup has raised a total of $420 million to support its research. Similar to other startups founded by Glick, Scorpion has developed drugs targeting validated targets that are considered impossible for some reason. The company has discovered and developed molecules to reach these elusive targets by using technologies that integrate cancer biology, medicinal chemistry and data science.
Antares is continuing to start a partnership in the biopharmaceutical industry under Scorpion. The alliance with Astrazeneca started in 2022 with a focus on cancer drugs that target transcription factors, control gene expression and regulate cellular processes that are critical to cancer cells. The deal offers AstraZeneca an exclusive option with absolute rights, offering up to three drug candidates.
In 2023, Scorpion began a partnership with Pierre Fabre to develop two non-small cell lung cancer drugs, both small-molecular inhibitors of mutated EGFR proteins. On Tuesday, Antares announced that Pierre Fabre will lead the ongoing clinical development of both programs. Antares lined up to receive milestone payments related to the progress of both drugs.
Antares is named after the star Antares. This is the brightest star in the Scorpio sign, also known as the “heart of Scorpio”. Biotechnology has not disclosed details about its pipeline, except that its procedures are small molecules, which are from scorpions. Antares expects its state-of-the-art program to enter the clinic in 2026; according to the company’s website, “multiple other programs” in preclinical development.
“We are committed to addressing proven, first-class goals across oncology and other serious diseases and continue to implement a rapid clinical strategy to bring medication to patients in need,” former Scorpion CEO Adam Friedman said in a prepared statement.
Antares’ Series A financing is led by Omega Funds, Atlas Venture, Lightspeed Venture Partners, BVF Partners and Cormorant Asset Management. This round included involvement from Vinyanshu Ventures, Abingworth, Invus, Ten Mil, Vida Ventures and Willett Advisors.
Photo: Ilia Smirnov, Getty Images
