Scorpion Therapeutics Spins Out New Cancer Drug Startup Antares With $177M in Funding

Scorpion Therapeutics, fresh off a $2.5 billion deal with Eli Lilly, has spun out a new startup called Antares Therapeutics with $177 million in financing. Antares will focus on cancer and other serious diseases and advance small molecule drugs previously worked on by Scorpion, including programs through a 2022 partnership with AstraZeneca. The company's first program is expected to begin human testing in 2026.

Antares Therapeutics, a biotechnology company focused on developing first-in-class precision medicines for cancer and other serious diseases, has secured $177 million in Series A financing. The funding was co-led by Omega Funds, Atlas Venture, Lightspeed Venture Partners, BVF Partners, and Cormorant Asset Management, with participation from other leading healthcare funds [1].

Antares is a spin-out of Scorpion Therapeutics, which sold its mutant-selective PI3Kα inhibitor program, STX-478, to Eli Lilly and Company for up to $2.5 billion in total consideration [1]. The new company will build upon Scorpion’s legacy, leveraging its proprietary drug discovery capabilities and a robust preclinical pipeline [1].

The funding will be used to advance multiple programs across cancer and other serious diseases, with the first new product candidate expected to enter the clinic in 2026 [1]. Antares will also continue programs initiated through its 2022 transcription factor collaboration with AstraZeneca [1].

Antares is led by the former Scorpion executive team, including Adam Friedman, M.D., Ph.D., as the Chief Executive Officer, and Natasja Brooijmans, Ph.D., as the Executive Vice President of Discovery Predictive Sciences [1]. The company’s Board of Directors comprises industry veterans with expertise in company-building and pioneering breakthrough medicines [1].

Pierre Fabre Laboratories has acquired global rights to two clinical-stage, highly selective next-generation mutant EGFR inhibitors for the treatment of non-small cell lung cancer, with Antares eligible for regulatory and commercial milestones and tiered royalties [1].

Antares aims to address well-validated, first-in-class targets across oncology and other serious diseases, continuing a fast-to-clinic strategy to bring medicines to patients in need [1].

References:
[1] https://www.biospace.com/press-releases/antares-therapeutics-launches-with-177-million-to-develop-first-in-class-precision-medicines-for-cancer-and-other-serious-diseases
[2] https://www.biopharmadive.com/news/antares-therapeutics-scorpion-spinout-launch-venture-funding/750287/
[3] https://finance.yahoo.com/news/antares-therapeutics-launches-177-million-120000752.html