Peter Thiel jumps aboard Alloy’s latest $ 75 million round, adding some heft to nascent antibody discovery outfit platform – Endpoints News
In the venture capital world, names matter – and few names are bigger than Peter Thiel, the powerful Silicon Valley player. After doing a sprinkling of plays over the past two years, Thiel is now putting his weighty name behind antibody player Alloy Therapeutics as part of a new fundraiser.
Boston-based Alloy, which was founded in 2017, closed a $ 75 million Series C on Monday, headlining Thiel’s investment. Biotechnology is building a human antibody discovery platform, dubbed ATX-Gx, which uses highly immunocompetent strains of transgenic mice.
The proceeds from the tour will allow Alloy to expand the reach of its platform as well as expand its ability to take on more customers, according to a statement. Currently, more than 70 companies are using ATX-Gx in labs, Alloy said.
“At Alloy, we are building a collaborative ecosystem within the biopharmaceutical community to reduce translation barriers and make better medicines together,” CEO Errik Anderson said in a statement.
Thiel’s presence on board will inevitably help raise the profile of the company.
In 2017, Thiel made headlines when he invested more than $ 5 million in Peptilogics, an antibiotics company focused on modifying drug discovery for unmet needs. Just a few months ago, Thiel also bet on AbCellera, which at the time was a little-known biotech. He helped fund and joined the company’s board of directors as a non-executive director as he worked on the development of what would ultimately become the first antibody treatment licensed for Covid-19 alongside his partner. Eli Lilly. They won $ 1.8 billion in government contracts to distribute the drug in the United States. The move came shortly after Thiel spoke out against the US federal government’s handling of the Covid-19 pandemic.
8VC, Presight Capital and Thiel led the funding round, and Mubadala Capital, Founders Fund and Gaingels also participated. As part of the funding, Fabian Hansen, founder of Presight, will join the board of directors and Alaa Halawa will join as a board observer.
“We have deep roots in starting a business, especially in the health sector,” Halawa said in a statement. “Alloy’s ambitious long-term vision fits naturally into our partnership.
In December 2020, Alloy partnered with Maze Therapeutics to to create the Broadwing Bio spin-off company. Broadwing focuses on candidates in ophthalmology, an area that has recently lacked innovation.
Social Image: Peter Thiel (Photographer: Kiyoshi Ota / Bloomberg via Getty Images)