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EDBI invests in biotech firm Erasca’s US$200m Series B funding

EDBI invests in biotech firm Erasca’s US$200m Series B funding

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2 -min read
Listen to this article

EDBI, the investment arm of the Singapore Economic Development Board, has invested an undisclosed sum in biotech firm Erasca, whose mission is to "erase cancer".

In a press statement on Monday, Erasca said it has completed a US$200 million Series B financing round, co-led by Arch Venture Partners and Cormorant Asset Management.

Besides EDBI, new investors include Invus, Terra Magnum Capital Partners, and other private investors.

Also participating in this funding round are existing investors City Hill Ventures, Colt Ventures, and LifeSci Venture Partners.

The financing brings the total capital raised by the company to more than US$260 million.

Erasca said it will use the proceeds to support the clinical development of multiple "promising" oncology programmes and further advance the company's in-house drug discovery pipeline.

Jonathan Lim, Erasca's chairman, chief executive officer and co-founder, said: "We are honoured by the magnitude of support from such an impressive syndicate of investors, especially during these turbulent times.

"Unfortunately, millions of people still suffer from cancer daily. At Erasca, we are doing everything we can to help these patients live longer and healthier lives by taking an aggressive long-term approach to tackling this disease."

Chen Bihua, portfolio manager of Cormorant Asset Management, said: "I have been impressed by how much progress the Erasca team has made since commencing operations just 18 months ago. I am confident that this team, now armed with an expanded portfolio and a bolstered balance sheet, will continue to execute on the pipeline and develop novel and impactful therapies for patients."

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