Following a major deal with Eli Lilly earlier this year, biotech company Scorpion Therapeutics has launched a new spinoff venture called Antares Therapeutics, which debuts with $177 million in initial funding from multiple investors including previous Scorpion backers Omega Funds and Atlas Venture.
The newly formed Antares will continue development work on small molecule drugs that were previously under Scorpion’s pipeline, including programs that were being advanced through a 2022
collaboration with AstraZeneca. The company plans to focus its therapeutic efforts on cancer and other serious diseases, though specific pipeline details remain undisclosed beyond noting that its lead program is expected to enter human clinical trials in 2026, with multiple other candidates in preclinical development.
Antares emerged from Scorpion’s January deal with Eli Lilly, which saw the pharmaceutical giant acquire Scorpion’s STX-678 drug candidate for up to $2.5 billion. As part of that transaction, Scorpion’s remaining assets and employee base were transferred to form the new company, which maintains potential future milestone payments and royalties from cancer drugs involved in a separate partnership with Pierre Fabre Laboratories. Additionally, another biotechnology company, Moma Therapeutics, holds rights to a PARP inhibitor that was previously in Scorpion’s pipeline.
The new venture is led by CEO Adam Friedman, who previously headed Scorpion and helped guide that company through multiple partnerships and the development of six cancer drug candidates, three of which have advanced to clinical testing. Friedman’s leadership at Antares represents a continuation of Scorpion’s management team and strategic direction.
Scorpion’s original trajectory began in 2020 under co-founder Gary Glick, who raised nearly $300 million in venture funding before departing in 2021. Glick’s track record includes leading Lycera, which formed a partnership with Celgene in 2015, and IFM Therapeutics, which has generated multiple companies that were subsequently acquired by larger pharmaceutical firms. After leaving Scorpion, Glick went on to lead Odyssey Therapeutics, an inflammatory disease-focused company pursuing public markets.
Keith Flaherty, who serves on Antares’ board and directs clinical research at Massachusetts General Hospital Cancer Center, emphasized that the new company will build upon Scorpion’s foundation by combining advanced computational and experimental approaches in chemistry and biology with focused clinical development strategies.
The spinoff maintains support from Scorpion’s previous shareholders while inheriting its technology platform aimed at addressing what the company describes as “previously inaccessible” drug targets. This continuation of Scorpion’s work through Antares represents a strategic evolution in the biotech sector, where successful deals can spawn new ventures that carry forward promising research programs while maintaining established expertise and investor relationships.
The substantial initial funding of $177 million reflects continued investor confidence in the management team’s ability to advance novel therapeutic candidates, particularly in oncology. While specific details about Antares’ drug development programs remain private, the company’s launch demonstrates how biotech deals can create
opportunities for new ventures to emerge and advance additional promising assets from established research platforms.
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