ARTICLE | Finance

Sept. 12 Quick Takes: Nimbus draws $125M to advance pair of lead molecules

Plus new name, COVID-19 mAb for Adagio and updates from Horizon, Acadia, Chiesi and more

September 13, 2022 12:56 AM UTC

Two years after raising a $60 million crossover round, Nimbus Therapeutics LLC has turned to Bain Capital Life Sciences and SV Health Investors to lead a new $125 million private financing. The 13-year-old computational chemistry company, which launched with an asset-focused, partnership-heavy strategy but has increasingly focused on its internal pipeline in recent years, is conducting Phase IIb trials of allosteric TYK2 inhibitor NDI-034858 to treat psoriatic arthritis and psoriasis, and Phase I/II testing of HPK1 inhibitor to treat solid tumors.

A little more than two years after being spun out of Adimab LLC to develop mAbs to treat COVID-19, Adagio Therapeutics Inc. (NASDAQ:ADGI) is changing its name to Invivyd and will trade under the IVVD ticker symbol starting Tuesday. The biotech raised $825 million in just over a one-year span, including a $355.8 million IPO in August 2021, before the stock sank more than 80% last December after the company reported its lead COVID-19 mAb ADG20 showed a more than 300-fold reduction in neutralizing activity against the Omicron variant, a reversal from prior claims that the mAb was active against the strain. Separately on Monday, Invivyd said it selected NVD200, a combination of two mAbs, as its next lead candidate against COVID-19, with plans to enter the clinic in 1Q23. Invivyd had a market cap of $500 million on Monday and had reported $475 million in cash at June 30...