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…
