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Funding
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Erasca secures USD 160 million investment; obtains rights of RAS-targeting franchise
AI Drug Discovery
May 17, 2024
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AI Drug Discovery

AI Drug Discovery

May 17, 2024

Erasca secures USD 160 million investment; obtains rights of RAS-targeting franchise

Funding
Management news

  • AI-powered precision oncology company Erasca has raised USD 160 million through an equity offering of 86.4 million common shares at USD 1.85 per share to new and existing healthcare-focused investors. The offering, expected to close on or about May 21, 2024, also granted a 30-day option to purchase up to an additional 12.9 million shares.

  • The funds raised are planned to fund the R&D of its product candidates and other development programs, as well as for working capital and other general corporate purposes.

  • In a subsequent in-licensing agreement, the company purchased global rights to two preclinical programs: 1) ERAS-0015 (a pan-RAS molecular glue therapy) from China-based Joyo Pharmatech for an upfront payment of USD 12.5 million and up to USD 176.5 million in milestone payments and 2) ERAS-4001 (a pan-KRAS inhibitor) from Medshine Discovery to develop and commercialize ERAS-4001 for an upfront cash payment of USD 10 million and up to USD 160 million in milestone payments.

  • The company has also announced the discontinuation of several of its current programs, including 1) the ERAS-4 internal pan-KRAS program, which will be added to the ERAS-4001 program, 2) the ERAS-007 ERK inhibitor, which failed to show efficacy in a Phase I/II trial, and 3) ERAS-801, an epidermal growth factor receptor (EGFR) inhibitor.  This pipeline change has resulted in a workforce layoff of approximately 18%, including the redundant staff working in drug discovery and discontinued programs.

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