Biotech firm, Orchard Therapeutics has been described as an emerging leader in the rare diseases therapies field after securing $150 million in an oversubscribed Series C financing round.
Orchard will use the money it raised to drive its most advanced clinical programs to commercialization.
Healthcare Weekly reported that the financing round was led by Deerfield Management, with RA Capital Management, Venrock, Foresite Capital and Perceptive Advisors, coming on as new investors.
Existing investors participating in the financing round are Temasek, Baillie Gifford, RTW Investments, LP, Cowen Healthcare Investments and Agent Capital.
Orchard Chief Executive Office and President Mark Rothera said the oversubscribed financing round was testament to the confidence “we have built among our stakeholders, based on the substantial progress of Orchard’s clinical and preclinical programs”.
The biotech company’s three late stage programs are for the treatment of adenosine deaminase severe combined immunodeficiency (ADA-SCID), metachromatic leukodystrophy (MLD) and Wiskott–Aldrich syndrome (WAS), which are moving closer to registration and commercialisation.
Other rare disease treatments in Orchard’s development pipeline are therapies for mucopolysaccharidosis types IIIA and IIIB are also expected to benefit from the funding.
Four months ago, Orchard acquired the rare diseases portfolio of GlaxoKlineSmith, with the drug giant refocusing its research into drugs and away from rare gene therapy, which it considers too niche.
The portfolio included the gene therapy Strimvelis for ADA-SCID, the first autologous ex vivo gene therapy, which was approved by the European Medicines Authority in 2016.