Jeito Capital consolidates its support in CatalYm
with a renewed participation in a $150 million financing
* This new financing will support broad late-stage clinical development
program for visugromab, CatalYm's lead product candidate in cancer
immunotherapy.
* After a first investment as co-lead investor in CatalYm's EUR50 million series
C financing (November 2022), Jeito's new participation in this
oversubscribed round, alongside new international biopharma investors,
confirms CatalYm's strong progress and potential.
Paris, France, July 16, 2024 - Jeito Capital ("Jeito"), a global leading
independent private equity fund dedicated to biopharma, announces its
participation in a $150 million Series D financing of its portfolio company
CatalYm, a clinical-stage biopharmaceutical company developing novel
immunotherapies to fight cancer. In November 2022, Jeito co-led CatalYm's EUR50
million ($49 million) Series C round, and has since provided continuous support
to the Company in line with its unique investment strategy.
Jeito participated in this new oversubscribed round alongside new lead
investors, Canaan Partners and Bioqube Ventures, joined by Forbion Growth
Opportunities Fund, Omega Funds, Gilde Healthcare Partners and other existing
investors Brandon Capital Partners, Novartis Venture Fund and Vesalius
Biocapital III.
The proceeds will fund the expansion of the company's late-stage clinical
development of visugromab to earlier line of therapy to confirm visugromab as a
new class of cancer immunotherapy. Visugromab is a humanized monoclonal antibody
engineered to neutralize the tumor-produced Growth Differentiation Factor-15
(GDF-15). The drug candidate has already demonstrated outstanding anti-tumor
activity in combination with checkpoint inhibitor treatment. At the American
Society of Clinical Oncology (ASCO) Annual Meeting 2024 in Chicago, CatalYm
reported (https://www.catalym.com/catalym-reports-impressive-and-lasting-
responses-including-multiple-complete-responses-in-heavily-pretreated-late-to-
last-line-metastatic-nsclc-urothelial-and-hepatocellular-cancer-patients-
treated/) impressive follow-up results from its ongoing "GDFATHER" Phase 1/2a
trial, demonstrating that treatment with visugromab combined with anti-PD-1
antibody nivolumab achieves compelling, deep and durable anti-tumoral activity,
including several complete responses in patients with non-small cell lung cancer
(NSCLC), urothelial cancer (UC) or hepatocellular carcinoma (HCC).
The new participation in CatalYm's series D round perfectly illustrates Jeito's
refinancing strategy aimed at continuously supporting portfolio companies with
both a significant deployment of capital released upon milestone and a wide
range of expertise provided by its collective team.
Dr. Rafaèle Tordjman, MD, PhD, Founder and CEO of Jeito Capital, said: "Since
our first investment, we were convinced that CatalYm was developing a promising
new therapy approach to treat cancer for the benefit of severely ill patients
with no satisfying therapeutic solution. The recent and very impressive data
reported by CatalYm makes us even more committed to renew our support for its
talented team. This refinancing within our portfolio also demonstrates Jeito's
unique and differentiated investment model that selects, invests and accelerates
the development of high-quality and cutting-edge companies in severe diseases
that contributes to the emergence of breakthrough innovations addressing strong
unmet needs. We look forward to continuing our work with Phil L'Huillier and the
team."
Dr Phil L'Huillier, Managing Director and Chief Executing Officer at CatalYm,
added:
"This substantial raise and strong syndicate recognize our achievements as a
company and emphasize the excellent results of visugromab and our broad Phase
2b clinical program. We continue to demonstrate visugromab's potential to induce
cancer remission depth and durability across multiple solid tumor indications
emphasizing the substantial role visugromab could play in a novel anti-cancer
therapy regimen. We are building significant momentum for CatalYm's development
strategy and look forward to the support of these high-profile new and existing
international investors, who share our vision of breaking immunosuppressive
barriers to improve therapeutic outcomes."
About Jeito Capital
Jeito Capital is a global leading private equity fund with a patient benefit
driven approach that finances and accelerates the development and growth of
ground-breaking medical innovation. Jeito empowers and supports managers through
its expert, integrated, multi-talented team and through the investment of
significant capital to ensure the growth of companies, building market leaders
in their respective therapeutic areas with accelerated patients' access
globally, especially in Europe and the United States. Jeito Capital has EUR534
million under management and a rapidly growing portfolio of investments. Jeito
Capital is based in Europe and the United States with two offices in Paris and
New York.
@Jeito_life (https://twitter.com/jeito_life?lang=en)LinkedIn
(https://www.linkedin.com/company/jeito-life/?originalSubdomain=fr)For more
information, please visit www.jeito.life, or follow @Jeito_life
(https://twitter.com/jeito_life?lang=en) on Twitter or LinkedIn
(https://www.linkedin.com/company/jeito-life/?originalSubdomain=fr).
About CatalYm
CatalYm has identified GDF-15 as a key cancer therapy resistance mechanism and
is developing it as safe and efficacious immune therapy for solid tumors. GDF-
15, an immunosuppressant important for feto-maternal tolerance, is hijacked by
cancer cells to evade immune system attack. Visugromab, CatalYm's lead antibody,
has demonstrated durable anti-tumor efficacy with long-lasting objective
responses in relapsed and refractory metastatic solid tumor patients in
combination with anti-PD-1 treatment. CatalYm is now advancing to Phase 2b
studies to confirm visugromab as a new class of cancer immunotherapy in a broad
range of anti-cancer regimens.
For further information please contact:
Jeito Capital
Rafaèle Tordjman, Founder & CEO
Jessica Fadel, EA
Tel : +33 6 33 44 25 47
Maior
Stéphanie Elbaz
Tel: +33646050807
Jeito Capital announces the acquisition by Merck & Co (NYSE: MRK)
of its portfolio company EyeBio for a potential value of $3 billion
This acquisition reflects the significant clinical progress achieved with
Restoret(TM), EyeBio's novel late-phase candidate for diabetic macular edema, as
well as a preclinical pipeline targeting retinal diseases -
Restoret anticipated to enter pivotal study for diabetic macular edema
in the second half of 2024
* The acquisition by Merck & Co (NYSE: MRK), a global biopharmaceutical
company, will bring EyeBio additional expertise and commercial capabilities
to pursue further clinical development steps for the future market launch of
its next generation therapy
* EyeBio represents Jeito's second successful exit in Q2 2024 validating
further Jeito's unique and differentiated investment model of selecting
high-quality and innovative assets that meets the strong Pharma demand and
delivers value for patients and investors
Paris, France, May 29, 2024 - Jeito Capital ("Jeito"), a global leading
independent private equity fund dedicated to biopharma, is pleased to announce
that its portfolio company EyeBiotech Limited (EyeBio), a privately held
clinical-stage ophthalmology biotechnology company working to deliver a new
generation of therapies for sight-threatening eye diseases, and Merck & Co
(NYSE: MRK), known as MSD outside of the United States and Canada, have entered
into a definitive agreement under which, Merck & Co (NYSE: MRK), through a
subsidiary, will acquire EyeBio.
Under the terms of the agreement, Merck & Co (NYSE: MRK), through a subsidiary,
will acquire all outstanding shares of Eyebio for up to $3 billion, including an
upfront payment of $1.3 billion in cash and a further potential $1.7 billion in
developmental, regulatory and commercial milestone payments.
The closing of the proposed transaction will be subject to certain conditions,
including the expiration of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act and other customary conditions. The transaction is
expected to close in the third quarter of 2024.
EyeBio is developing a pipeline of clinical and preclinical stage candidates for
the prevention and treatment of vision loss associated with retinal vascular
leakage, a known risk factor for retinal disease.
Jeito first invested in EyeBio in February 2022, just one year after its
creation, as co-lead investor of a $65 million series A funding. In November
2023, Jeito participated again in EyeBio's $65 million extension of its series A
financing, in line with Jeito's refinancing strategy to support portfolio
companies with a significant deployment of capital at every value milestone
reached. These financing rounds were made alongside other major investors in the
life sciences industry: SV Health Investors, Samsara BioCapital, MRL Ventures,
Bain Capital Life Sciences, Omega Funds and Vertex Ventures HC.
As a leading investor, Jeito fruitfully collaborated with EyeBio's outstanding
management team and has been a driving force in the strategic development of the
company that led to faster development timelines.
With the steady strategic, operational and financial support of Jeito, EyeBio's
talented and experienced management team, highly recognised for their strong
track record of developing ground-breaking ophthalmology therapies, has been
able to design and execute an ambitious development plan, establishing in fast
timeline the Proof-of-concept of Restoret in two indications: diabetic macular
edema (DME) and neovascular age-related macular degeneration (nvAMD).
In June 2023, EyeBio launched Phase 1b/2a AMARONE (Anti-permeability Mechanism
and Age-Related Ocular Neovascularization Evaluation) study, its first clinical
trial of its lead asset Restoret, a Wnt agonist, in two retinal diseases with
first positive results reported in February 2024, as patients treated with
Restoret experienced visual, anatomic, and safety positive outcomes. Restoret is
anticipated to advance into a pivotal Phase 2b/3 trial for the treatment of
patients with (DME) in the second half of 2024.
EyeBio's acquisition for up to $3 billion, which comes one week after the
acquisition of another portfolio company (HI-Bio(TM) by Biogen Inc. (Nasdaq: BIIB)
in autoimmune diseases for up to $1.8 billion(1)) demonstrates Jeito's unique
and differentiated investment model. Jeito selectively invests in high-quality
and cutting-edge assets in severe diseases that meet the strong Pharma demand
for breakthrough innovations and brings its integrated and extensive range of
expertise provided by its multitalented team to companies in order to accelerate
innovation and deliver value.
Dr. Rafaèle Tordjman, MD, PhD, Founder and CEO of Jeito Capital, said: "Since
our first investment in EyeBio, we have been very impressed by the talent of the
team and the high-quality of their research. Working alongside the management
and supporting EyeBio at each step of its value milestones achieved, reflects
perfectly our ambition to transform most promising biopharma into future global
market leaders. Through this new successful exit in another new therapeutic area
with high unmet needs, Jeito demonstrates how its unique investment strategy and
collective expertise bring value to the company, the patients and the investors.
We wish to the whole EyeBio team continued success with the support of Merck &
Co, that will contribute to accelerate the development of its breakthrough
innovations for the patients."
Andreas Wallnoefer, Partner at Jeito Capital and EyeBio board said:
"Congratulations to the EyeBio teams for their tremendous progress over the past
two years. The EyeBio team is highly experienced, and this was essential for
their success. Tony Adamis, CSO and I had already previously worked together and
we were involved in the successful development of Vabysmo® for patients with
retinal disease. It has been tremendous to collaborate again, leveraging Jeito's
collective expertise and steady financial support to accelerate breakthrough
therapies. EyeBio's novel medicines in clinical development give hope to the
many patients suffering from sight-threatening eye disease. This acquisition is
a major new step that we believe will lead to further successes."
Dr. Guyer, Co-Founder, President, and Chief Executive Officer of EyeBio
concluded: "The EyeBio team has successfully assembled a pipeline of novel
candidates with the promise to provide new treatment options for patients with
retinal disease. As a subsidiary of Merck, Eyebio will be well positioned to tap
into the resources and infrastructure needed to support the clinical, regulatory
and commercial development of these candidates and help bring them to patients
worldwide."
About Jeito Capital
Jeito Capital is a global leading private equity fund with a patient benefit
driven approach that finances and accelerates the development and growth of
ground-breaking medical innovation. Jeito empowers and supports managers through
its expert, integrated, multi-talented team and through the investment of
significant capital to ensure the growth of companies, building market leaders
in their respective therapeutic areas with accelerated patients' access
globally, especially in Europe and the United States. Jeito Capital has EUR534
million under management and a rapidly growing portfolio of investments. Jeito
Capital is based in Europe and the United States with two offices in Paris and
New York.
@Jeito_life (https://twitter.com/jeito_life?lang=en)LinkedIn
(https://www.linkedin.com/company/jeito-life/?originalSubdomain=fr)For more
information, please visit www.jeito.life, or follow @Jeito_life
(https://twitter.com/jeito_life?lang=en) on Twitter or LinkedIn
(https://www.linkedin.com/company/jeito-life/?originalSubdomain=fr).
For further information please contact:
Jeito Capital
Rafaèle Tordjman, Founder & CEO
Jessica Fadel, EA
Tel : +33 6 33 44 25 47
Maior
Stéphanie Elbaz
Tel: +33646050807
ICR Consilium
Mary-Jane Elliott / Davide Salvi / Kris Lam
Jeito@consilium-comms.com
Tel: +44 (0) 20 3709 5700
--------------------------------------------------------------------------------
(1) https://www.jeito.life/en/jeito-capital-announces-acquisition-of-hi-bio-by-
biogen-for-up-to-usd-1-8-billion/
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