Feb. 13 Quick Takes: Hexagon raises $77M for small molecules based on microbial metabolites

Hexagon Bio Inc. raised $77.3 million in series B funds from existing investors including The Column Group, Two Sigma Ventures, 8VC and Nextech, plus new investors including Canada Pension Plan Investment Board. The Menlo Park, Calif.-based company, which uses its growing database of microbial genomes to discover and optimize structurally diverse small molecules for oncology and infectious diseases, promoted Amgen Inc. (NASDAQ:AMGN) vet and SVP of Research Tara Arvedson to CSO, and hired another Amgen vet Victor Cee as SVP of Drug Discovery. Hexagon has raised over $185 million in venture financing since launching in 2017.

Well-funded private company Treeline Biosciences Inc. is paying Jiangsu Hengrui Medicine Co. Ltd. (Shanghai:600276) $11 million up front for global rights, excluding Greater China, to EZH2-targeting therapy SH2554. China-based Hengrui has studied the molecule in a Phase I trial to treat relapsed or refractory mature lymphoid neoplasms, and describes its Phase I trial in peripheral T cell lymphoma as pivotal. Hengrui is eligible for $45 million in development milestones, $650 million in sales milestones, and royalties of 10-12.5%. Treeline has raised more than $470 million; its investors include KKR, Rock Springs Capital, Arch Venture Partners, OrbiMed Advisors, GV and Casdin Capital...