Kymera Therapeutics Secures $102M in Series C Round of Financing

By StartUp City | Tuesday, March 17, 2020

Kymera Therapeutics is developing targeted protein degradation to invent breakthrough protein degrader medicines for patients. Kymera also received a strategic investment from The Leukemia & Lymphoma Society's Therapy Acceleration Program (LLS TAP) to support the company's work to treat blood-based cancers

Fremont, CA: Kymera Therapeutics, a Cambridge, Massachusetts- based biotechnology company, secured a $102 million in Series C round of funding. The round was led by Biotechnology Value Fund (BVF) and Redmile Group with active participation from Bain Capital Life Sciences, Wellington Management Company, funds managed by Janus Henderson Investors and BlackRock, Rock Springs Capital and a large US-based, healthcare-focused fund. Existing investors also took participation in the round. Presently, the firm is focusing on developing targeted protein degradation to invent breakthrough protein degrader medicines for patients. Kymera also received a strategic investment from The Leukemia & Lymphoma Society's Therapy Acceleration Program (LLS TAP) to support the company's work to treat blood-based cancers.

Nello Mainolfi, PhD, co-founder, President and CEO of Kymera Therapeutics, said, "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. We are well capitalized 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 controls the body's natural protein recycling machinery to degenerate disease-causing proteins, focusing on un-drugged nodes in validated pathways currently which are inaccessible with conventional therapeutics.

Kymera's lead program aims at IRAK4, which is a protein known to play a significant role in inflammation mediated by toll-like and IL-1 receptors. Kymera is planning to improve its IRAK4 degrader program in a variety of autoinflammatory and autoimmune diseases, also in precision-medicine targeted oncology indications. The company is gradually developing novel protein degrader therapies to target STAT3, an un-drugged oncogenic transcription factor and a driver of inflammation as well as fibrosis in a range of cancers and chronic diseases.

Bruce Booth, DPhil, co-founder, Chairman of the Board of Kymera Therapeutics and partner at Atlas Venture, said, "Targeted protein degradation is one of the most promising new therapeutic modalities, with the potential to transform medicine as we know it. Kymera is leading the way with an incredible team, a sophisticated drug discovery platform and important new protein degrader therapies designed to address the most elusive drug targets."

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