Ottimo Pharma, which is developing a new cancer drug, has completed one of the largest early-stage biotech fundraisings of 2024 as its boss seeks to replicate his success in leading oncology group Seagen to a $43bn sale.
The London and Boston-based group has raised $140mn in a series A round and is led by David Epstein, who was chief executive of Seagen until it was sold to Pfizer last year.
Ottimo is developing an antibody treatment that Epstein hopes could replace the market leaders in cancer care by being more effective and producing fewer side effects for patients. The new class of cancer drugs could be worth up to $100bn a year at its peak, he said.
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