Biotech firm Antares Therapeutics made its debut on Tuesday with $177 million in initial funding, emerging from predecessor company Scorpion Therapeutics following its recent $2.5 billion deal with Eli Lilly. The new venture, which inherits much of Scorpion’s drug development pipeline and employee base, has attracted support from multiple investors including previous backers Omega Funds and Atlas Venture.
Under the leadership of CEO Adam Friedman, who previously headed Scorpion, Antares aims to advance several small molecule drug candidates that were part of Scorpion’s portfolio, including programs developed through a 2022 collaboration with AstraZeneca. The company’s focus spans both oncology and other serious medical conditions, with its first clinical trial anticipated to begin in 2026.
While specific pipeline details remain under wraps, the company has indicated it is pursuing “previously inaccessible” drug targets. Additionally, Antares stands to benefit from potential milestone payments and royalties stemming from cancer drugs involved in Scorpion’s previous partnership with Pierre Fabre Laboratories. A separate arrangement gives Moma Therapeutics rights to a PARP inhibitor that was formerly in Scorpion’s development portfolio.
The creation of Antares follows Scorpion’s evolution since its 2020 founding by Gary Glick, who secured nearly $300 million in venture funding before departing in 2021. Glick, known for leading companies like Lycera and IFM Therapeutics, went on to head 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 advanced six cancer drug candidates, with three currently undergoing clinical testing. The company’s January deal with Eli Lilly, centered on the drug candidate STX-678, led to the formation of Antares as a separate entity housing Scorpion’s remaining assets and workforce.
Board member Keith Flaherty, who serves as director of clinical research at Massachusetts General Hospital Cancer Center, emphasized that Antares will continue Scorpion’s approach of combining advanced computational methods with experimental chemistry and biology, alongside focused clinical development strategies.
The launch of Antares represents a significant development in the biotech sector, demonstrating how successful drug development companies can spawn new ventures while maintaining strategic continuity. The substantial initial funding and experienced leadership team suggest strong investor confidence in the company’s potential to advance novel therapeutic approaches.
The company’s inherited pipeline includes programs targeting cancer and other serious diseases, building on research conducted at Scorpion but now pursuing these objectives under a new corporate banner. This transition maintains the momentum of ongoing drug development work while creating a fresh platform for future innovation.
Antares exemplifies a growing trend in the biotech industry where successful deals with major pharmaceutical companies can lead to the creation of new entities that carry forward promising research programs. The company’s focus on previously challenging drug targets suggests it aims to address unmet medical needs through innovative approaches to drug development.
The retention of Scorpion’s former management team, led by Friedman, provides continuity in leadership and strategic direction, while the substantial initial funding demonstrates strong financial backing for the company’s ambitious research and development goals. As Antares moves forward, it will leverage both established partnerships and new opportunities to advance its drug development programs.
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