Takeda must have liked what it got from the chemoproteomics work out of BridGene Biosciences.
The Tokyo-based drugmaker announced Tuesday that it is once again enlisting the help of the startup, this time promising up to $770 million to find small molecule treatments for undisclosed immunology and neurology targets.
The pair inked an approximately
$500 million pact
in 2021 for neurodegenerative diseases, and BridGene recorded
multiple milestones
from the deal. Takeda’s venture arm has also invested in the biotech.
BridGene’s chemoproteomics platform screens covalent small molecules against targets in live cells to find new drug candidates. Several other biotechs are also using chemoproteomics for small molecule development, including Bayer’s
Vividion Therapeutics
, Otsuka’s
Jnana Therapeutics
and Galapagos-backed
Frontier Medicines.
Galapagos also disclosed a
partnership with BridGene
last year. But the Paul Stoffels-led biotech is prioritizing its pipeline and
splitting it into two companies
. BridGene co-founder Irene Yuan told
Endpoints News
that the startup’s collaboration with Galapagos “went well, and we made great progress.”
Meanwhile, BridGene’s internal pipeline is already in the clinic. The biotech, which has about 40 full-time employees in California and China, in June started testing its TEAD inhibitor, called BGC515, in a
Phase 1 trial
of patients with advanced solid tumors. CEO Ping Cao said the company has seen some “encouraging” and potentially good efficacy signals so far and is open to partnerships on that program.
The biotech is weeks away from closing a Series B+ round of funding, according to Yuan. BridGene last raised a $38.5 million Series B in
July 2022
.
Once the B+ round comes through, the biotech plans to seek a crossover round toward the end of the year, when it has more clinical data, Yuan said, and the company is considering a Nasdaq listing by the end of 2026, at which point it expects to have another clinical-stage program.
Its investors include Lapam Capital, Junson Capital, Dyee Capital, Wedo Venture Partners, Kaitai Capital, Takeda Ventures and Pangu Venture.