Business & Tech

Cambridge biotech startup raises $150 million to develop cancer drugs

A pair of venture capital firms is investing $150 million in a Cambridge startup that hopes develop cancer medicines using what it says is a new streamlined business model.

The startup, Cullinan Oncology LLC, raised the initial financing round from UBS Oncology Impact Fund, which is managed by MPM Capital of Cambridge, and London-based F2 Ventures. The backers “seek innovative ways to finance and develop new therapies” as new genetic targets emerge for cancers, said MPM co-founder Ansbert Gadicke.

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Cullinan will be led by chief executive Owen Hughes, the former chief business officer and head of corporate development at Boston’s Intarcia Therapeutics.

The company’s goal is to create a “scalable model” that will enable it to develop multiple cancer drugs while minimizing the fixed costs and inefficiencies of traditional drug development programs.

Robert Weisman can be reached at robert.weisman@globe.com. Follow him on Twitter @GlobeRobW.
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