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ARTICLE | Financial News

Grail raises $900M toward planned $1B round

March 2, 2017 12:02 AM UTC

Cancer screening company Grail Inc. (Menlo Park, Calif.) said it raised more than $900 million in the first close of a series B financing. The company expects a second close this quarter that would raise the round's total to more than $1 billion, and has retained Goldman Sachs (NYSE:GS) as a placement agent.

Grail said Arch Venture Partners was the first to invest and the round's leader, while an affiliate of the Johnson & Johnson Innovation LLC unit of Johnson & Johnson (NYSE:JNJ) was the largest investor. Also participating were Amazon.com Inc. (NASDAQ:AMZN), Bristol-Myers Squibb Co. (NYSE:BMY), Celgene Corp. (NASDAQ:CELG), the McKesson Ventures arm of McKesson Corp. (NYSE:MCK), Merck & Co. Inc. (NYSE:MRK), Tencent Holdings Ltd. (HKSE:700) and Varian Medical Systems Inc. (NYSE:VAR)...