Plexium Raises $102M Financing


Plexium, a San Diego, CA-based targeted protein degradation (TPD) company, raised $102M in funding.

The round was led by BVF Partners, L.P. and TCG X, with participation from Softbank Vision Fund 2, RA Capital Management, Surveyor Capital, Pappas Capital, The Column Group, DCVC Bio, Pivotal bioVenture Partners, Lux Capital, M Ventures, CRV and Neotribe Ventures. In connection with the financing, Cariad Chester, partner at TCG X, has joined the Plexium Board of Directors.

The company intends to use the funds to accelerate its pipeline programs toward the clinic, including a molecular glue that selectively degrades the IKZF2 transcription factor, selective degraders of CDK2 and SMARCA2, and other undisclosed high value targets. In addition, the financing will support the advancement of Plexium’s TPD platform, powered by a proprietary high-throughput cell-based screening technology, to discover novel therapies across multiple therapeutic areas including oncology and other diseases. 

Led by CEO Percival Barretto-Ko, Plexium is a targeted protein degradation company seeking to discover a wide range of monovalent target protein degraders that address the limitations of PROTACs and cereblon IMiDs. The company’s platform is a proprietary drug discovery platform designed to identify novel small molecules that induce selective degradation of drug target proteins through E3 ligase mediated proteasomal degradation. From molecular glues to monovalent degraders, Plexium is advancing a pipeline of protein degraders for the treatment of cancer and other diseases. Due to its expertise in TPD, the company has entered into a strategic collaboration with Amgen to discover and develop new therapies for cancer and others serious diseases and is supported by high quality investors.