Tango Therapeutics, a Cambridge, Mass.-based biotechnology company focused on discovering and delivering the next generation of targeted cancer therapies, closed a $50m equity financing round.
The round was led by Casdin Capital with participation from existing investors Boxer Capital of the Tavistock Group and Cormorant Asset Management as well as new investor Gilead Sciences.
The company will use the funding to initiate clinical studies of its lead program in the next 18 months and drive progress for other wholly owned programs in late-stage drug discovery.
Led by Barbara Weber, MD, President and Chief Executive Officer, Tango Therapeutics is a biotechnology company dedicated to discovering novel drug targets and delivering the next generation of targeted therapies to people with cancer. The company leverages the genetic principle of synthetic lethality to discover and develop therapies that take aim at driver genes in cancer. It is focused on three core areas:
- counteracting tumor suppressor gene loss,
- reversing the ability of cancer cells to evade the immune system, and
- identifying novel combinations that will be more effective than single agent therapy.
Also today, the company announced an expanded collaboration with Gilead Sciences, which builds on an agreement signed in 2018. Under the updated terms, Gilead will make a $125m upfront payment to Tango and a $20m equity investment in the company. In addition, Gilead will have the right to option up to 15 immune evasion programs for up to $410m per program in opt-in, extension and milestone payments. Tango will also be eligible to receive up to low double-digit tiered royalties on net sales.
Founded in 2017, the company has raised $165m in equity financing. In addition, Tango has signed two strategic collaborations with Gilead Sciences and has received a total of $175m in upfront payments.