Graziano Seghezzi

Volatility and uncertainty are difficult to gauge at the moment. I have seen the negative impacts of analysis-paralysis and fear based retrenchment. However, innovation chugs along. As an industry and business community, we must move forward and continue to fund life saving innovations.

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Biotech Dealmaking Week: October 6 – 11, 2025 A strong week for strategic moves across the sector — from cardiometabolic consolidation to RNA innovation and autoimmune alliances. Read the full analysis: https://lnkd.in/e9gZ3Tpd 🔹 M&A: Novo Nordisk announced a $5.2 B acquisition of Akero Therapeutics, adding efruxifermin (Phase 3 FGF21 analog) to strengthen its MASH and metabolic disease pipeline. On the cell-therapy front, Bristol Myers Squibb acquired Orbital Therapeutics for $1.5 B, gaining a cutting-edge in vivo CAR-T RNA platform using circular RNA delivery for autoimmune diseases. 🔹 Venture financing: Nilo Therapeutics launched with a $101 M Series A (DCVC Bio, Lux, Column Group) to develop neuro-immune circuit therapies that “rewire” inflammation control via the vagus nerve. 🔹 Royalty & structured finance: Karyopharm Therapeutics Inc. Therapeutics executed a $100 M hybrid package of debt, equity, and royalty deferrals to extend its runway through the pivotal SENTRY Phase 3 trial (selinexor + ruxolitinib in myelofibrosis). 🔹 Licensing: Zenas BioPharma signed a $2 B+ global autoimmune licensing deal with InnoCare Pharma, securing ex-China rights to the BTK inhibitor orelabrutinib (Phase 3 MS) and two early-stage programs, alongside a $120 M raise to fund development. Overall, deal flow rebounded sharply led by metabolic and immunology assets, creative financing structures, and continued East-West licensing momentum.

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Pleased to see the continued growth of ARTHEx Biotech. As the company’s first investor from inception, Invivo Partners has seen it evolve into a leading example of Spanish tech transfer, advancing a delivery platform for RNA therapeutics with ATX-01 spearheading a multinational Phase I/IIa DM1 trial.

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PURE AI PLAYS IN BIOTECH: THE NEXT STRATEGIC ASSET CLASS IN PHARMA/ As many of you know, we specialise in emerging and leading-edge fields. Here, we map the rise of a new type of company — the pure-AI-platform biotech — and how the rules of value in drug discovery are being rewritten. We’re entering a world where the marginal cost of intelligence approaches zero: once a model is trained, one more virtual experiment — one more idea tested — costs almost nothing. These companies behave less like traditional biotechs and more like scalable software engines: IP-centric, data-hungry, endlessly reproducible. To illustrate the momentum: AstraZeneca’s AI discovery partnership with CSPC (up to $5.3B; $110M upfront), BioNTech’s acquisition of InstaDeep (£562M total; £362M upfront), and Roche/Genentech’s alliance with Recursion (up to $12B; $150M upfront) all point in one direction — pharma isn’t just experimenting with AI; it’s integrating it at the core of discovery. This paper explores: ● how we analyse these opportunities — as intelligence becomes abundant, value migrates to those who own high-quality data, close the loop between AI and experiment, and convert throughput into repeatable economics. ● how that shift is transforming pharma’s make-vs-buy calculus. ● the venture frameworks we use to price risk. For investors and founders, this isn’t about predicting the next drug — it’s about understanding how drug discovery itself is being re-architected. The next cycle will not reward hype; it will reward throughput, learning speed, and economics. 👉 You can download or print the full paper here: https://lnkd.in/dfHTet6s

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Thrilled to announce Immutrin's £65 million Series A financing. This milestone reflects the strong confidence in our mission to develop a best-in-class amyloid clearing agent for improved outcomes in ATTR cardiomyopathy. I'm extremely grateful to our new and existing investors for their support, to our exceptional team and to Immutrin’s scientific founders for their groundbreaking work that made this possible.

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Obesity and infertility may look like very different issues. Yet their growing prevalence makes one reality undeniable: we urgently need faster innovation to deliver effective solutions for patients and tackle the profound impact on society. That is exactly what we are doing at JEITO. Earlier this week on BFM Business, I spoke about our recent investment in Alveus Therapeutics Inc, which reflects this commitment. With its R&D operations based in Denmark, Alveus is developing a promising next-generation therapies for obesity, a condition projected to affect 4 billion people by 2035. I also highlighted our support for another European company, ReproNovo, which is focused on another critical issue: infertility. By 2050, declining fertility rates are expected to lead to population shrinkage in three-quarters of all countries, according to a recent study published in The Lancet. These investments clearly illustrate JEITO’s investment thesis and purpose: supporting promising biopharma companies addressing critical unmet patient needs while tackling the defining challenges of our time. They also reflect the strength of Europe’s R&D ecosystem, which we are proud to help scale at JEITO. Thank you Sandra Gandoin and Anthony Morel for our discussions. https://lnkd.in/e9DbXfKr

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PMK-Group Investment Announcement I am pleased to share that PMK-Group has invested in YON E Health, a company advancing women’s health through data-driven solutions. YON E Health is developing a medical device for continuous intravaginal measurement of pH and temperature, supporting women with reliable insights into fertility, menstrual health, and preventive care. This innovation addresses an area of healthcare that has long been underserved and underfunded, despite its fundamental importance. At PMK-Group, we invest in technologies that tackle serious unmet medical needs and can be scaled into clinically meaningful solutions. Beyond capital, our role is to contribute operational, regulatory, and clinical expertise to help founders de-risk and accelerate development. Women’s health is not a niche. It is central to healthcare equity and to building systems that serve patients better. It is also personally close to me, as my PhD research focused on gynecological disorders. Supporting YON E Health reflects our conviction that strategic investment, coupled with deep clinical know-how, can bring overdue change to areas too often overlooked. I look forward to working alongside the Founder, Roswitha Verwer, and her team at YON E Health, together with our partner UniPrisma Venture Studio, with the Founders Károly Szántó and Thijmen Meijer, to help bring this important technology to patients.

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A strong outcome delivered by the entire Laigo Bio team reflecting both the quality of the science and the commitment behind it. We are grateful to Kurma Partners for their continued conviction in our platform, and delighted to welcome Biovance Capital to the syndicate. This financing enables us to advance our programmes with clear focus towards clinical development.

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France Grants Reimbursed Compassionate Access (AAC) for Agenus’ BOT/BAL in Refractory MSS Metastatic Colorectal Cancer | AFP.com https://lnkd.in/eBbdDrUA As a board member of Agenus, I am proud that our investigational combination of botensilimab plus balstilimab (BOT/BAL) is now available to eligible patients with refractory microsatellite-stable colorectal cancer under France’s compassionate access (Accès compassionnel, or AAC) framework. This is more than a milestone for Agenus—it is a lifeline for patients and families facing one of the hardest-to-treat cancers. Published clinical data with BOT/BAL show durable responses and long term survival in this population, in fact, more than 42% of patients are alive beyond a median of 2 year follow-up. Through AAC, patients in France can now access therapy with 100% reimbursement, while hospitals and physicians receive clear guidance and support. By contrast, in the U.S., compassionate use depends on single-patient INDs (SPINDs). These require FDA approval, institutional review board sign-off, and sponsor support on a case-by-case basis. The barrier is even higher because—unlike France—U.S. law prohibits reimbursement for investigational products prior to commercial approval. Medicare, Medicaid, and private insurers cannot pay for a therapy that has not received FDA approval, even if no alternatives exist. The intent is to protect patients and payers from unproven interventions, but in practice it means the cost falls to hospitals and/or companies. Many institutions, facing regulatory and financial strain, are now declining to support SPINDs altogether. The result? U.S. patients often wait longer, face more obstacles, and sometimes miss out entirely on access to promising investigational therapies—while patients in France and elsewhere can receive care under nationally funded programs. France’s AAC shows what’s possible when policy meets innovation. The U.S. (U.S. Department of Health and Human Services (HHS and FDA) must seek a better balance—one that ensures safety and evidence generation without closing the door on hope for patients with no other options. #ImmunoOncology #PatientAccess #Policy #ColorectalCancer #Agenus

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🌍 Davos 2026 during the World Economic Forum — When Marine Biology Meets Artificial Intelligence At #Davos 2026, Bill Fitzgerald (VP Growth & Ecosystem, SandboxAQ ) I got the chance to present and explain how our technologic platform developed by HEMARINA coming from the ocean floor could reshape the future of medicine. Originally identified in a marine worm 🪱 over 450 million years old, a marine extracellular hemoglobin which is a polymer can act as a universal oxygen carrier — stable, compatible, and immediately bioavailable. Its potential applications are profound: • ⏳ Extended organ preservation for transplantation • 🩸 Novel transfusion approaches — “blood in powder” • 🪖 Battlefield and emergency medicine • 🧬 Therapeutic innovation in oncology, ophthalmology, ischemia-reperfusion and beyond But the discussion went further. As biotechnology converges with #AI and molecular simulation, we are entering a new era where: — Drug development failure rates can be reduced — Animal testing can be minimized — Regulatory pathways can become more predictive and data-driven 🌊 The ocean gave us the molecule. Artificial intelligence may accelerate its global impact. The future of medicine will not only be discovered in laboratories. It will be computed, simulated, and scaled. And it may begin under the sand or in …SandboxAQ When medical device development meet artificial intelligence ! My sincere gratitude to Francois Barrault for guiding me as a true Sherpa during this remarkable journey, and to the many exceptional individuals I had the honor of meeting at this world event such as Craig Cogut - 🙏 Merci #Davos2026 #OceanScience #AI #Biotech #Hemarina #MedicalInnovation #SandboxAQ #Sanofi https://lnkd.in/eb8g3yG4

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EQT Life Sciences is pleased to announce the final closing of Tubulis GmbH’ Series C financing, bringing the total raised to €344 million ($401 million).The round welcomed additional new investors Fidelity Management And Research Company , Janus Henderson Investors and Blackstone Multi-Asset Investing joining the syndicate led by new investors VENROCK HEALTHCARE CAPITAL PARTNERS LP, Wellington Management and Ascenta Capital.Tubulis, an LSP 7 portfolio company, is developing next-generation antibody-drug conjugates (ADCs) that unite precision engineering with therapeutic potency. Its lead program, TUB-040, recently delivered positive early clinical data in platinum-resistant ovarian cancer, presented as a late-breaking oral at ESMO 2025, demonstrating clear clinical proof-of-concept and strong differentiation in the ADC field.

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Rottendorf Pharma brings decades of experience in late-stage development, scale-up and commercial manufacturing of oral solid dosage forms. Through this collaboration, we provide our biotech clients a continuous transition from early-stage development to commercial supply, with seamless knowledge transfer. #CorealisPharma

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"If you don't like change...you gonna like irrelevance even less..." (General Eric Shinseki) 🫡 ... ... In Biotech, China is quietly but rapidly eating our lunch. Nicolas Dufourcq from Bpifrance keeps alerting us on this dramatic situation accross industrial sectors... A few numbers that should ring alarm bells: 📊 +30% of global clinical trials now involve China (vs <5% 15 years ago)... Moreover, clinical development timelines in China are often 30–40% faster. 🏭 ~70% of APIs worldwide are manufactured in China or India, including the most complex ones. 🧬 China is #2 globally in biotech patents 💰 >€20B invested in Chinese biotech VC in 2023, largely state-aligned Meanwhile, Europe struggles with fragmentation, slow trials, under-scaled funding and overwhelming regulations. To put it bluntly, "Europe is a herbivore in a world of carnivores" (Sigmar Gabriel) 🇪🇺 It naively watches China devour it whole without reacting in a way commensurate with the existential threat to its sovereignty 🇨🇳 If Europe does not wake-up rapidly, our biotech sector might become, at some point....irrelevant or even inexistent. #Biotech #China #Innovation #Healthcare #Deeptech #Europe Credit image : DALLE-3

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June 25 2025 – 5 Notable Articles To Read 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Sanofi-backed SpliceBio secures $135M series B for eye disease gene therapy trials 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Spain-based SpliceBio has secured a Series B funding round—to advance its lead gene editing therapy, SB-007, for Stargardt disease through clinical trials. Stargardt disease, which leads to vision loss in both children and adults, is currently being targeted in a Phase 1/2 study with SpliceBio’s adeno-associated viral (AAV) gene therapy. 𝗦𝗼𝘂𝗿𝗰𝗲: Fierce Biotech 𝗟𝗶𝗻𝗸: https://shorturl.at/N7aEA 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Tower Firm TDF’s Owners Said to Pick Banks for €10B Sale 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: BNP Paribas and UBS are reportedly preparing for the potential sale of TDF. The sale process could launch as early as the fourth quarter of this year. 𝗦𝗼𝘂𝗿𝗰𝗲: Bloomberg 𝗟𝗶𝗻𝗸: https://shorturl.at/RAaXH 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: eVoost AI secures seed funding from Qora71 (Acquired by Stryde) 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: eVoost AIis a proptech startup based in Abu Dhabi and leverages emotional profiling and behavioral segmentation to power AI-driven virtual agents that provide personalized property recommendations and analytics for real estate buyers. 𝗦𝗼𝘂𝗿𝗰𝗲: Wamda ومضة 𝗟𝗶𝗻𝗸: https://shorturl.at/5PioW 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: CorroHealth invests in UAE's SANTECHTURE to advance AI-powered RCM 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: UAE-based healthtech company is providing technology solutions aimed at improving the healthcare experience for both providers and patients. The investment solidifies a 2-year collaboration between the two companies. 𝗦𝗼𝘂𝗿𝗰𝗲: Wamda ومضة 𝗟𝗶𝗻𝗸: https://shorturl.at/fKkUJ 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: UAE regtech Qanooni raises $2M in pre-seed round 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: UAE-based regtech startup has secured a pre-seed funding round led by Village Global, the Oryx Fund by Salica Investments, TA Ventures, and a group of strategic angel investors. Qanooni is developing an AI-powered legal platform that integrates directly with Microsoft Outlook and Word. The platform enables lawyers to draft, review, and manage legal documents with AI that adapts to their unique writing style and internal guidelines. 𝗦𝗼𝘂𝗿𝗰𝗲: Wamda ومضة 𝗟𝗶𝗻𝗸: https://shorturl.at/RlKvQ #therapy #business #ai #UAE #regtech

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It was a great pleasure to speak with Anna Rose Welch about the the future of RNA delivery. We are at the end of the beginning of mRNA-LNP and I’m excited about what’s next. #LNP #mRNA #RNAmedicines #AdvancingRNA

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Is the commercial story around your drug candidates sound, that is validated with market based evidence that ensures commercial success? If not you are less likely to get the right partner or investor. Meet Jessie at BIO-Europe Spring in Lisbon to find out more about how we can help.

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