A new biotechnology company called Antares Therapeutics has emerged from Scorpion Therapeutics, launching with $177 million in initial funding from multiple investors including previous supporters Omega Funds and Atlas Venture. The spinout comes just months after Scorpion’s successful $2.5 billion deal with Eli Lilly for its cancer drug STX-678.
Antares will continue developing several small molecule drug candidates that were previously under Scorpion’s research pipeline, including programs from a 2022 collaboration with AstraZeneca. The company aims to target both cancer and other serious diseases, with its lead program expected to enter clinical trials in 2026. Multiple other drug candidates remain in preclinical development stages.
Leading the new venture is Adam Friedman, who previously served as CEO of Scorpion Therapeutics. Under his leadership, Scorpion developed six cancer drug candidates, with three currently undergoing clinical trials. The company’s website indicates its research focuses on developing treatments for previously difficult-to-target disease mechanisms.
The new company maintains rights to potential future payments and royalties from cancer drugs involved in Scorpion’s partnership with Pierre Fabre Laboratories. Additionally, another biotech firm, Moma Therapeutics, holds rights to a PARP inhibitor that was part of Scorpion’s development 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 spinoff companies that were later acquired by larger pharmaceutical companies. Glick subsequently moved on to lead Odyssey Therapeutics, an inflammatory disease-focused company pursuing public listing.
The formation of Antares represents a strategic reorganization following Scorpion’s January deal with Eli Lilly. As part of that transaction, Scorpion’s remaining assets and employee base were transferred to the new entity, which maintains support from Scorpion’s original shareholders.
Board member Keith Flaherty, who also serves as director of clinical research at Massachusetts General Hospital Cancer Center, emphasized that Antares will build upon Scorpion’s foundation by combining advanced computational methods with experimental chemistry and biology, alongside focused clinical development strategies.
The company’s approach aligns with current trends in biotechnology, where computational tools and experimental methods are increasingly integrated to tackle complex therapeutic challenges. Antares’s substantial initial funding reflects continued investor confidence in this sector, despite broader market uncertainties.
With multiple preclinical programs in development and plans for clinical trials beginning next year, Antares represents a significant new player in the biotech landscape. The company’s focus on
“previously inaccessible” drug targets suggests an innovative approach to drug discovery and development, potentially opening new therapeutic possibilities for patients with limited treatment options.
The transition from Scorpion to Antares demonstrates a successful example of how biotech companies can evolve and reorganize following major deals with pharmaceutical giants, while maintaining their core research initiatives and team expertise. The retention of key management personnel and continued support from established investors provides stability as the new company pursues its ambitious
development goals.
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