ARTICLE | Finance

Nov. 11 Quick Takes: Crossovers back Acrivon in $100M series B

Plus: Vaxxinity raises $78M, BMS invests in Compugen, Pharmacosmos and more

November 12, 2021 2:04 AM UTC

A syndicate led by Wellington Management Co. and Citadel’s Surveyor Capital has backed Acrivon Therapeutics Inc. with $100 million in series B funding that will allow the biotech to conduct Phase II testing of DNA damage response inhibitor ACR-368 to treat solid tumors, as well as other candidates derived from its precision companion diagnostics platform. Acrivon in-licensed ACR-368, a CHK1/CHK2 inhibitor previously known as prexasertib, from Eli Lilly and Co. (NYSE:LLY). Also participating in the round were RA Capital and perceptive Advisors as well as new investors Sands Capital, HBM Healthcare Investments, Marshall Wace, HealthCor Management, BB Pureos Bioventures, Acorn Bioventures, Alexandria Venture Investments and Chione Ltd.

Although demand for Vaxxinity Inc. (NASDAQ:VAXX) was light enough that the company priced fewer IPO shares than expected, and below the company’s proposed range, the company gained 27% during its first day of trading Thursday to close at $16.55. Vaxxinity raised $78 million through the sale of 6 million shares at $13 for a postmoney valuation of about $1.6 billion; it had hoped to sell 6.7 million at $14-$16. Vaxxinity’s platform uses synthetic peptides to selectively activate the immune system; the biotech is developing vaccines for neurodegeneration, chronic and infectious diseases. BofA Securities, Jefferies and Evercore ISI are underwriters...