Pfizer’s VC arm has backed a $100 million series A raise for OTR Therapeutics, as the Chinese biotech tacks on preclinical neurological assets to its varied portfolio.
Shanghai-based OTR raised the funds back in June, but has only just announced the financing. As well as Pfizer Ventures, the biotech’s other backers were True Light Capital and Sirona Capital.
OTR, which was founded in March, has so far kept its pipeline under wraps, only disclosing that it covers “differentiated programs that target significant treatment gaps in immunology and inflammation, oncology, and other disease areas.”
“With a strategic focus on oncology, immunology and inflammation, and cardiometabolic diseases, we discover and acquire distinctive assets in preclinical and early clinical stages, and accelerate their development into differentiated, clinically impactful treatments through our R&D hub built for speed, quality and efficiency,” the biotech explained in a Dec. 4 release.
The company—which is already a member of Bayer’s Co.Lab life sciences incubator network—is using the series A funds to expand the capability of its hub in Shanghai’s Zhangjiang Hi-Tech Park, according to the release.
Alongside the raise, OTR also disclosed that it had acquired “a preclinical program with best-in-class potential for neurological diseases with high unmet needs.” However, the biotech kept didn’t divulge the origins of the program.
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“The rapidly evolving global pharmaceutical R&D landscape demands greater novelty, speed and efficiency,” Zhui Chen, Ph.D., OTR’s founder and CEO, said in the release. “At OTR, we aim to build a next-generation biotech model that delivers unprecedented R&D and capital efficiency.”
“It enables us to stay agile while remaining rigorously focused on propelling novel, differentiated drug candidates through global clinical translation in a disciplined and efficient manner,” added Chen, who previously co-founded Abbisko Therapeutics, from whom Merck KGaA bought the tumor drug pimicotinib earlier this year.
Michael Baran, a partner at Pfizer Ventures, said the investor had identified OTR as an “emerging compan[y]” that is “developing innovative medicines and technologies that have the potential to shape the future of our industry.”
“To this end, we’re pleased to be able to support OTR Therapeutics as it scales its R&D capabilities and builds a portfolio of potentially transformative therapies,” Baran added.
