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.
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.