French investor Andera makes a $227m bet on U.S. obesity and asthma innovation

While Andera’s investment footprint has traditionally been anchored in Europe, its life sciences strategy has long included U.S. bids, with its BioDiscovery funds backing more than 75 biotech and medtech firms on both sides of the Atlantic. Still, the scale of these two deals marks a notable, early-year push into U.S. health innovation.

$160 million series A to transform obesity treatment

On January 8th, Andera co-led a $159.8 million Series A round in Alveus Therapeutics, a biotech focused on next-generation therapies for obesity and metabolic diseases. While the company is headquartered in Philadelphia, Pennsylvania, its R&D is operated in Copenhagen, Denmark. The financing was jointly led by New Rhein Healthcare Investors and Omega Funds, and brought in several strategic healthcare backers like Sanofi Capital and Kurma Partners.

Alveus will use the proceeds to advance its lead candidate, the bifunctional fusion protein ALV-100, through Phase 2 clinical trials and to support Investigational New Drug (IND) filings for additional pipeline assets. ALV-100 combines GIP receptor antagonism with GLP-1 receptor agonism, with the aim of delivering sustained weight loss and durable clinical benefit.

Addressing obesity’s growing global toll, Alveus’s approach targets efficacy, tolerability, and long-term maintenance, areas where existing treatments have shown limitations.

New neuromodulation platform for Asthma

Just a day earlier, Andera announced it was leading a $67 million Series A round in Spiro Medical, a newly formed medtech startup developing a first-of-its-kind Pulmonary Neuromodulation (PNM) System for asthma.

Headquartered in Irvine, California, Spiro plans to use the funding to build a purpose-designed PNM platform and support the clinical work required to seek regulatory clearance in the United States. The technology aims to target neural pathways involved in airway function, offering a novel mechanical approach to asthma treatment.

Alongside Omega Funds and Sherpa Healthcare Partners, Andera led the investor syndicate. The company also appointed representatives from key investors to its board, underscoring a hands-on interest in guiding Spiro’s clinical and commercial trajectory.

A growing transatlantic footprint

Andera’s BioDiscovery funds have long supported innovative therapeutics and devices across both Europe and the US, and these recent deals confirm that pattern at a larger scale. Industry observers may see these deployments as part of a broader effort by European life-science investors to diversify into the global innovation landscape. For Andera, the strategy expands its life sciences portfolio while tapping into robust U.S. clinical and regulatory ecosystems, which can accelerate development and market access for novel health technologies.