Ona’s $86.6M venture round among Spain’s biggest for a biotech: Finance Report

An $86.6 million series B round for an antibody-drug conjugate developer, the second-largest venture round ever for a Spain-based biotech, is the latest sign of a maturing biotech ecosystem in its home country.

Barcelona-based Ona Therapeutics S.L. intends to drive a pipeline of ADCs to the clinic, including programs for breast and colorectal cancer; it has not disclosed the programs’ targets. The company said its lead program is engineered to have a higher therapeutic index than other ADCs, and can address resistance...