Varian led a round for the targeted cancer drug developer that included existing investors such as Facit and Johnson & Johnson.
Fusion Pharmaceuticals, a Canada-based cancer treatment spinout of McMaster University, has closed a $105m series B round led by oncology technology provider Varian Medical Systems.
Fight Against Cancer Innovation Trust (Facit), a commercialisation unit backed by Ontario Institute for Cancer Research and the province of Ontario, participated in the round, as did medical group Johnson & Johnson, through its corporate venturing arm Johnson & Johnson Innovation – JJDC.
The round also featured Pivotal BioVenture Partners, the healthcare investment firm formed by property developer Nan Fung, as well as OrbiMed, Perceptive Advisors, Rock Springs Capital, HealthCap, Adams Street Partners, TPG Biotech, Seroba Life Sciences and Genesys Capital.
Fusion is developing cancer therapeutics that will utilise targeted alpha therapy, where alpha medical isotopes are combined with antibodies or other targeting molecules to irradiate and destroy tumours without affecting surrounding tissue.
The spinout emerged out of the Centre for Probe Development and Commercialisation (CPDC), itself a Centre of Excellence for Commercialisation and Research at McMaster University. CPDC’s stakeholders also include Ontario Institute for Cancer Research.
John Valliant, founder of CPDC, developed Fusion’s underlying technology and now serves as the spinout’s chief executive.
Deepak Khuntia Varian’s chief medical officer, will join Fusion’s board of directors in connection with the series B funding, along with Heather Preston, managing director of Pivotal BioVenture Partners, and Chau Khuong of OrbiMed.
Khuntia said: “We were attracted to Fusion by the excellent science, broad patient applicability, and great promise for its targeted alpha therapeutics, which have the potential to eradicate even the most resistant types of cancer.
“The investment will enable Fusion to advance a pipeline of novel therapeutics that can deliver effective and personalised radiation therapies to cancer patients.”
The company closed its $46m series A round in September 2017 when Varian, Adams Street Partners and Seroba Life Sciences added $21m to a $25m first tranche featuring Facit as well as Johnson & Johnson Innovation – JJDC, HealthCap, Genesys Capital and TPG Biotech.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
