Cancer cell therapy developer ArsenalBio has secured USD 325 million in an oversubscribed Series C funding round with participation from Milky Way Investments Group, Arch Venture Partners, and the venture arms of Regeneron Pharmaceuticals, Nvidia, and Bristol Myers Squibb, among others.

The funding will be used to develop experimental cancer cell therapies, including treatments for ovarian and kidney cancer currently in early-stage testing, as well as advancing research through collaborations with Bristol Myers Squibb and Roche.

Analyst QuickTake: ArsenalBio's funding round is the fourth-largest among biotech startups this year and nearly twice the size of the next largest private investment in a cell therapy maker in 2024. The company’s previous Series B funding round in September 2022 , which raised USD 220 million, marked one of the largest for the year. The company has brought two programs into human testing and could add a third for prostate cancer within the next few years.