Alloy Therapeutics has raised $75 million to help grow its own drug development platform and help the life sciences community seek out and trial more drugs.
The Boston-based drug discovery company uses its ATX-Gx in vivo human antibody discovery platform, currently employed by more than 70 life sciences teams in biopharma and academia, and its setup to “democratize” research by making access easier and cheaper.
The series C round was led by 8VC, Presight Capital and Peter Thiel with help from new investors including Mubadala Capital, the asset management arm of Mubadala Investment Company, an unnamed sovereign wealth fund, Founders Fund and Gaingels as well as Alloy’s existing investors Luma Bio-IT, Alexandria Venture Investments and Ulysses Diversified Holdings.
“The path to translate an idea into lifesaving medicine is long, challenging, and uncertain. At Alloy we are building an ecosystem of collaboration across the biopharma community to reduce the barriers of translation and make better medicines together,” said Errik Anderson, CEO and founder of Alloy Therapeutics.
“Alloy is a forever company, allowing us to be generous when others are in need. In joining the Alloy network, those taking the hard path of drug discovery can know that they are not alone. We are in this together.”
It also helps set up new biotechs including Broadwing Bio, an ophthalmology company led by Andrew Peterson and created in partnership with Maze Therapeutics.
The new cash will go toward boosting Alloy’s platforms and services into adjacent biologic modalities while also getting in front of more partners and geographies around the world.
“Alloy is building a true platform layer in the drug discovery industry,” added Alex Kolicich, founding partner of 8VC. “We have seen first-hand how democratizing the product development process has transformed the technology industry through accelerating network effects.
“We are proud to support Alloy as they apply these lessons to the biopharmaceutical market. Our portfolio companies have benefited greatly from the Alloy ecosystem, and we are impressed with the team’s vision, leadership, and execution.”