Erasca Lands $200M Mega-Round to Move Cancer Programs to the Clinic
Summary
On Monday Erasca—a portmanteau of “erase” and “cancer”—announced it had completed a Series B financing round jointly led by Arch Venture Partners and Cormorant Asset Management. The San Diego-based biotech, which started operations about 18 months ago, made its public debut in December 2018 with $42 million. Now it has an additional $200 million that the company says will support clinical development of multiple oncology programs and further advance its in-house drug discovery pipeline. City Hill Ventures, an investment firm started by Lim, and Cormorant Asset Management led Erasca’s initial $42 million haul. Does Erasca’s backing by Cormorant and similar investors indicate the biotech is eying the public markets, even during a historically unpredictable global economy?
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