Symphogen has closed a €100 million placement of Preferred Stock to a group of investors. Novo A/S led the round. Essex Woodlands Fund VIII joined previous investments made by Funds V and VI. Together, Novo A/S and Essex Woodlands are contributing 70% of the investment, which is scheduled to occur over three equal tranches. The Danish Pension Fund PKA also joined as a new investor.
The € 100 million raised is the largest ever financing for a private European biotech company.Symphogen intends to use the proceeds to accelerate advancement of its lead clinical oncology product Sym004 as well as its other clinical and preclinical oncology opportunities both for proprietary pursuit and partnering.