BOSTON, Feb. 1, 2018 /PRNewswire/ -- Partner Therapeutics, Inc. (PTx) announced today the closing of a Series A financing to support the launch and growth of the company. PTx is an oncology company focused on the development and commercialization of approved and late-stage therapies that improve treatment outcomes and reduce the total cost of care.
The financing totaled $60 million and was led by a group of pre-eminent biopharma investors, including Perceptive Advisors, Adams St. Partners and MidCap Financial. The funds will support the company's efforts to build a pipeline of oncology programs as well as the development and commercial operations of the business.
Perceptive Advisors, founded in 1999 focuses on supporting progress in the life sciences industry by identifying opportunities and directing financial resources toward the most promising technologies in modern healthcare. The firm manages over $3 billion. Perceptive invests in the technologies, leaders, and advancements its team identifies as transformative within their fields.
Adams Street Partners is one of the largest and most established private markets investment firms in the world. Adams Street launched its investment program in 1972, and manages $30 billion of assets across five strategies: primary and secondary private equity fund investments, co-investments, private credit investments, and direct venture/growth investments. The Adams Street Venture/Growth Team allocates capital to leading venture and growth stage companies in the technology and healthcare industries.
MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to life science companies and other industries. As of December 31, 2017, MidCap Financial had $15 billion of commitments under management. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, LLC, pursuant to an investment management agreement.
"We are delighted to partner with such an esteemed and experienced set of investors," said Mr. Mulroy. "The teams at Perceptive, Adams St, and MidCap Financial are proven stewards of innovation with tremendous track records in building great companies. We look forward working together to create value for patients through improvements in treatment and the cost of cancer care."
"We are excited to work with the team at PTx, a group with proven capabilities to build strong portfolios, execute development, and lead the commercialization of meaningful cancer therapies," said Adam Stone, Chief Investment Officer at Perceptive Advisors. "We share the team's enthusiasm for the opportunity to build a new cancer company and look forward to our partnership."
"Given the significant expansion of programs and the growing complexity of early stage cancer therapies, we share PTx's vision for a later stage oncology company that can serve as a translational bridge for new and existing programs to expand commercial access," said Terry Gould, Managing Partner for Adams Street. "Our investment continues our firm's commitment to improving healthcare and is in complete sync with the mission-driven passion of the PTx leadership."
PTx will seek to build its product portfolio through the acquisition of programs with the promise to deliver on improved health and economic outcomes. The company will be headquartered in the Boston area and plans to operate as an integrated commercial, development, and manufacturing organization.
About Partner Therapeutics (PTx):
PTx is an integrated commercial stage biotech company focused on the development and commercialization of therapeutics that improve health and economic outcomes in the treatment of cancer. PTx's development focus spans the entire range of cancer therapy from primary treatments to supportive care. The company believes in delivering great products in support of medical teams with the purpose of creating the best possible outcomes for patients and their families.