Versant Ventures announced today that Vividion Therapeutics, a portfolio firm, has been purchased by Bayer AG for $1.5 billion upfront and up to $500 million in potential future milestone payments. Biotechnology companies that discover and develop new medicines are the focus of the organization.
Venture financing firm Versant Ventures helps outstanding entrepreneurs develop the next generation of great firms in healthcare. This acquisition marks one of the biggest deals ever made by a biotechnology business in the preclinical development stages.After investing in San Diego-based start-ups Amira Pharmaceuticals and Quanticel Pharmaceuticals, as well as Crinetics Pharmaceuticals, is now investing in Vividion as part of a Series A round.
In addition to its world-class academic environment, San Diego offers access to high-quality entrepreneurs for business creation, according to Versant managing director Thomas Woiwode, Ph.D. This has created an atmosphere that is extremely conducive to venture capital investment.Chemical proteomics, according to Scripps Research Institute’s Chemical Biology Chairperson Benjamin Cravatt, is well-positioned to transform contemporary scientific findings in human biology into first-in-class treatments for cancer patients and other debilitating diseases.
Cancer drug discovery platform company Vividion is among portfolio businesses. Versant has invested in four more start-ups in this sector since it first invested in Vividion in 2017.Earlier this year, Monte Rosa Therapeutics had a successful initial public offering (IPO). Stablix Therapeutics and two stealth businesses, all founded within the previous year, are also -created startups in the sector.