Antares Therapeutics emerged onto the biotech scene Tuesday with $177 million in initial funding, marking a strategic spinout from Scorpion Therapeutics following the latter’s recent $2.5 billion deal with Eli Lilly.
The newly formed company, backed by previous Scorpion investors including Omega Funds and Atlas Venture, will continue development work on small molecule therapeutics that Scorpion had been advancing, including programs from a 2022 AstraZeneca collaboration. The company’s focus encompasses both oncology and other serious medical conditions.
While specific pipeline details remain under wraps, Antares has indicated on its website that its lead program is expected to enter clinical trials in 2026, with multiple other candidates currently in preclinical development. CEO Adam Friedman, who previously headed Scorpion, emphasized the company’s mission to develop treatments for previously untreatable disease targets.
The spinout maintains rights to potential future payments and royalties from cancer therapeutics involved in Scorpion’s previous partnership with Pierre Fabre Laboratories. Additionally, a separate startup, Moma Therapeutics, has acquired rights to a PARP inhibitor that was part of Scorpion’s portfolio.
Scorpion’s journey began in 2020 under the leadership of Gary Glick, who helped secure nearly $300 million in venture funding before departing in 2021. Glick’s track record includes leading Lycera, which formed a significant partnership with Celgene in 2015, and IFM Therapeutics, which generated multiple companies that were
subsequently acquired by larger pharmaceutical firms. Glick went on to lead Odyssey Therapeutics, which has been pursuing an initial public offering.
Under Friedman’s subsequent leadership, Scorpion expanded its funding base, established multiple strategic partnerships, and developed six cancer drug candidates, with three currently undergoing clinical trials. The company’s most notable achievement came in January when it sold its drug candidate STX-678 to Eli Lilly in a deal worth up to $2.5 billion. As part of this transaction, Scorpion’s remaining assets and employee base were transferred to what would become Antares, maintaining continuity with existing shareholders and leadership under Friedman.
Board member Keith Flaherty, who also serves as director of clinical research at Massachusetts General Hospital Cancer Center, highlighted Antares’ commitment to building upon Scorpion’s foundation,
emphasizing the integration of advanced computational methods with experimental chemistry and biology, coupled with focused clinical development strategies.
The formation of Antares represents a significant development in the biotech sector, demonstrating how successful deals can lead to the creation of new ventures that carry forward promising research and development programs. The substantial initial funding and experienced leadership team position the company to pursue its ambitious goals in drug development, particularly in addressing previously challenging therapeutic targets.
The company’s launch comes at a time when the biotech industry continues to evolve, with increasing emphasis on innovative approaches to drug discovery and development. With its inherited programs and new initiatives, Antares aims to leverage cutting-edge technology and scientific expertise to advance treatments for unmet medical needs. The retention of key personnel and maintenance of existing investor relationships suggests a strong foundation for the company’s future endeavors in the competitive biotech landscape.
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