Crescendo composes $70m series B

Crescendo Biologics, a UK-based immunotherapy developer spun out from University of Cambridge, closed a $70m series B round today that featured commercialisation firm IP Group.

EMBL Ventures, the investment arm of European Molecular Biology Laboratory, also contributed to the round, which was led by Andera Partners, the investment firm previously known as Edmond de Rothschild Investment Partners, through its Biosdiscovery V fund

Takeda Ventures, the corporate venturing subsidiary of pharmaceutical firm Takeda, Sofinnova Partners and Quan Capital, through its Quan Venture Fund I, also invested.

IP Group already owned a stake in Crescendo through its acquisition of Touchstone Innovations in November 2017.

Founded in 2007, Crescendo is working on cancer treatments that target T cells, a type of white blood cell that plays a crucial role in the body’s immune system.

The series B funds will allow Crescendo to advance the development of its lead candidate, CB307, into the clinic and to expand its pipeline. CB307 stimulates the local activation of T cells that specifically target tumours.

Crescendo had previously entered into a $790m collaboration agreement with Takeda in 2016 that included a total of up to $36m in investment, upfront payment, research funding and preclinical milestones.

Astellas Venture Management, the investment arm of pharmaceutical firm Astellas, supplied an undisclosed amount of funding for Crescendo in December 2014, eight months after EMBL Ventures injected $3.3m, bringing the company’s series A round to $32m.

Touchstone, then known as Imperial Innovations, led the series A round’s $28.9m first close in 2013, investing together with Astellas Venture Management and Sofinnova Partners.

Sofinnova had already led Crescendo’s $7.3m seed round in 2010, with participation from Aitua, Avlar BioVentures and Rainbow Seed Fund.

– A version of this article first appeared on our sister site, Global Corporate Venturing.