Biopharmaceutical company PharmAkea Therapeutics has raised $10 million in Series A funding from Bay City Capital. In addition, Celgene (NASDAQ: CELG), which announced a strategic collaboration with the company, will commit $35 million to PharmAkea during an initial three-year alliance team, with an option to extend the collaboration with additional funding. Celgene will also take an equity stake in PharmAkea and retain an exclusive option to acquire the company.
PharmAkea was founded in 2012 with seed funding from Celgene, which was used to secure the initial scientific team, initiate operations and commence identification of clinical candidates against selected targets. The company develops a drug discovery platform to generate and advance small-molecule therapies targeting cancer and fibrotic diseases.