A new biotechnology company called Antares Therapeutics has emerged from Scorpion Therapeutics, launching with $177 million in initial funding from multiple investors. The spinout comes just months after Scorpion’s successful $2.5 billion deal with Eli Lilly for its cancer drug candidate STX-678.
The newly formed Antares will continue development of several small molecule drug programs that were previously under Scorpion’s pipeline, including projects from a 2022 collaboration with AstraZeneca. The company aims to develop treatments for cancer and other serious medical conditions, with its lead program expected to enter clinical trials in 2026.
Former Scorpion CEO Adam Friedman will lead Antares, bringing along much of the previous management team. The company has secured backing from previous Scorpion investors, including Omega Funds and Atlas Venture. According to Friedman, Antares’s research focuses on developing drugs that target previously unreachable disease pathways.
The new company stands to benefit from potential milestone payments and royalties stemming from cancer drug programs involved in Scorpion’s previous partnership with Pierre Fabre Laboratories. Additionally, a separate biotech firm, 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 founding Lycera, which formed a partnership with Celgene in 2015, and IFM Therapeutics, which has generated multiple companies that were later acquired by larger pharmaceutical firms. After leaving Scorpion, Glick went on to head Odyssey Therapeutics, which has been pursuing an initial public offering.
Under Friedman’s subsequent leadership, Scorpion expanded its pipeline to include six cancer drug candidates, with three currently undergoing clinical trials. The January deal with Eli Lilly led to the formation of Antares, which inherited Scorpion’s remaining assets and employee base, with support from existing shareholders.
Board member Keith Flaherty, who 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 launch demonstrates continued investor confidence in the biotech sector, particularly in companies targeting novel therapeutic approaches. Antares’s substantial initial funding suggests strong interest in its technology platform and development pipeline, despite broader market challenges facing the biotechnology industry.
The company’s strategy of pursuing “previously inaccessible” drug targets could potentially open new avenues for treating diseases that have historically been difficult to address with conventional therapeutic approaches. While specific details about the company’s pipeline remain undisclosed, the combination of experienced
leadership, significant financial backing, and innovative research focus positions Antares as a notable new player in the biotechnology landscape.
The spinout represents a growing trend in the biotech industry where successful deals can lead to the formation of new companies that carry forward additional promising programs. This approach allows for continued development of valuable assets while providing returns to initial investors and maintaining momentum in drug development efforts.
As Antares moves forward with its development plans, the biotechnology community will be watching closely to see how its novel approaches to drug discovery and development progress, particularly as its first candidate approaches clinical trials in the coming year.
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