Kymera Therapeutics, a Cambridge, Massachusetts-based biotech inventing breakthrough protein degrader medicines, has closed a $102 million Series C financing.
The round was led by Biotechnology Value Fund (BVF) and Redmile Group with participation from Wellington Management Company, Bain Capital Life Sciences, funds managed by Janus Henderson Investors and BlackRock, Rock Springs Capital and a large US-based, healthcare-focused fund.
Existing investors also participated in the round, the company said.
Kymera also received a strategic investment from The Leukaemia & Lymphoma Society‘s Therapy Acceleration Program (LLS TAP) directed toward advancing the company’s work to treat blood-based cancers.
“We are very excited to be joined by a top-tier group of investors as we continue on our path to become a fully integrated biotech company,” said Nello Mainolfi, co-founder, President and CEO of Kymera Therapeutics.
“We are well capitalised to advance up to three programs to the clinic by next year, while we continue to enhance our best-in-class platform to unlock new biology and invent new medicines.”
Kymera’s Pegasus targeted protein degradation platform harnesses the body’s natural protein recycling machinery to degrade disease-causing proteins, with a focus on un-drugged nodes in validated pathways currently inaccessible with conventional therapeutics.
Kymera‘s lead program targets IRAK4, a protein known to play a significant role in inflammation mediated by toll-like and IL-1 receptors.
The company is planning to advance its IRAK4 degrader programme in a variety of autoinflammatory and autoimmune diseases, as well as in precision-medicine targeted oncology indications.
It is also developing novel protein degrader therapies to target STAT3, an un-drugged oncogenic transcription factor as well as a driver of inflammation and fibrosis, in a range of cancers and chronic diseases.