Singapore’s EDBI joins US oncology startup Erasca’s $200m Series B round

US-based cancer-treatment startup Erasca has raised $200 million in its Series B round led by ARCH Venture Partners and Cormorant Asset Management, the company said in a statement Monday.

New investors in the round include Singapore government-linked entity EDBI, Invus, Terra Magnum Capital Partners and other private and strategic investors, Erasca said, adding that existing investors City Hill Ventures, Colt Ventures and LifeSci Venture Partners also participated in the round.

Previous investors have included Andreessen Horowitz, Reneo Capital Management and Cormorant Asset Management.

The proceeds, which bring the total capital raised to more than $260 million, will be used to support the clinical development of promising oncology programmes and to advance an in-house drug-discovery pipeline, the biotech company said.

In addition to the in-house drug discovery, Erasca said it collaborates with academic and biopharmaceutical organizations.

Kristina Burow, managing director at ARCH Venture Partners, said Erasca has an “impressive portfolio” of assets, including in-licensing several programmes to address “significant unmet needs.”

Erasca didn’t disclose which cancers it targets.

The company uses a proprietary artificial intelligence drug-discovery platform, called OPRA, or Oncology Pattern Recognition Algorithm, to speed drug discovery. OPRA examines novel tumor biology and strategies to shut down cancer pathways.

Singapore’s EDBI, the investment arm of the Economic Development Board, has made several bets on the lifesciences space. It recently joined Temasek-backed Vertex Ventures to participate in the $170-million Series B round for US-based cell and gene therapy firm ElevateBio.

EDBI was also among the lead investors in Doctor Anywhere, a Singapore-based online healthcare platform, which raised $27 million in a Series B funding round. Earlier this year, Singapore-based AI-enabled medtech startup eko.ai snapped up a $4-million financing co-led by Sequoia India and Singapore government-linked strategic investor EDBI.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.