EDBI, Temasek unit Pavilion Capital invest in US biotech startup's US$275m Series A round

SINGAPORE Economic Development Board's investment arm, EDBI, and Temasek Holdings subsidiary Pavilion Capital took part in a US$275 million oversubscribed Series A round for US-based biotech startup Nuvation Bio.

The round was led, structured and syndicated by Boston-based Omega Funds, and included participation from Aisling Capital, Altitude Life Science Ventures and Baupost Group, among other investors, the startup said on Tuesday.

The biotechnology firm, currently in stealth mode, will use the funds to expand its development activities and advance its oncology programmes.

The startup develops therapies focused on oncology, and was founded by industry veteran David Hung in 2018.

Dr Hung previously founded and served as president and chief executive officer of cancer drug company Medivation, which was sold to US pharmaceutical giant Pfizer for US$14.3 billion in 2016. Medivation was known for its prostate cancer drug Xtandi.

The Nuvation Bio executive team includes former senior leaders at Medivation, including Michele Bronson, Melanie Morrison and Tom Templeman, who will serve respectively as Nuvation's chief development officer, vice-president of clinical operations and data management, and senior vice-president of pharmaceutical operations and quality.

Three people from Omega Funds and two former Medivation directors will join Dr Hung on Nuvation Bio's board of directors.

Dr Hung, founder, president and chief executive officer of Nuvation Bio, said he was proud of "what we accomplished at Medivation, developing in just seven years what is now the world's largest prostate cancer drug", but believed much more could have been done if there was more time.

"With seven mechanistically distinct programmes at Nuvation Bio, along with the strong support of Omega Funds and a formidable syndicate of investors, we are well-positioned to expand upon the mission we started at Medivation.

"My team and I are extremely excited to develop even more game-changing therapies for the foremost unmet needs in oncology."