Aug. 18 Quick Takes: Chinook fuels up for NASDAQ liftoff; plus Kymera, Poseida, Albireo
Chinook hooks $106M, soon to test NASDAQ’s waters
Chinook Therapeutics Inc. raised $106 million in a venture round as it prepares to reverse-merge with Aduro Biotech Inc. (NASDAQ:ADRO). New investors in the kidney disease company include EcoR1 Capital, OrbiMed Advisors, Rock Springs Capital, Avidity Partners, Surveyor Capital, Ally Bridge Group, Monashee Investment Management, Northleaf Capital Partners, Janus Henderson Investors and Sphera Biotech. Founding investors Versant Ventures, Apple Tree Partners and Samsara BioCapital are investing $25 million of the $106 million on the same terms as the new investors in lieu of a commitment to buy convertible notes. It is the second private round for Chinook, which is expected to have at least $275 million in operating capital once the deals are complete (see “Kidney Play Chinook Rounds Out Pipeline”).
Kymera sets IPO terms
If Kymera Therapeutics Inc. sells 7.4 million shares in its IPO at the midpoint of its $16-$18 range, the company would raise $125.1 million and be valued at $709.3 million. It is slated to become the third protein degradation company to go public (see “Interest in Protein Degradation Runs Hot”)...