USD410m Mega Series A for yet another GLP-1 play?

The GLP-1 wheel is spinning like wild, even if everybody thought everbody is on the train already. In a recent development, Verdiva Bio, a London-based biotech startup, has raised an extraordinary US$410m in its oversubscribed Series A round, making it potentially the largest Series A ever raised by a UK-based biotech company, according to CEO Khurem Farooq.

The funding round, led by Forbion and General Atlantic, also saw participation from RA Capital Management, Orbimed, Logos Capital, Lilly Asia Ventures, and Lyfe Capital. Verdiva’s executives highlighted the role of strong prior relationships with these investors, as well as excitement surrounding its promising pipeline, in securing such a substantial amount.

Verdiva’s pipeline includes three key assets licensed from China’s Sciwind Biosciences, with the lead candidate being an oral GLP-1 agonist designed for weekly dosing. This sets it apart from other oral weight-loss therapies currently under development, which typically require daily administration. According to Mohamed Eid, M.D., Verdiva’s Chief Medical Officer, after reviewing Phase 1 trial data from Sciwind, the company believes that its weekly GLP-1 option “has the potential to beat the magnitude of weight loss” seen in other oral weight-loss drugs, as he told Fierce Biotech.

In addition to the GLP-1 agonist, Verdiva is developing two amylin agonists: a once-weekly oral version and a long-acting subcutaneous formulation. Eid, who joined Verdiva from Boehringer Ingelheim, revealed that the company plans to initiate a Phase 2 study for the GLP-1 agonist later this year. The team is also “accelerating on all cylinders” to bring the amylin candidates into the clinic as soon as possible. Additionally, Verdiva aims to explore the potential of a co-formulated tablet combining the oral amylin agonist with the GLP-1 agonist, as well as a combination of the subcutaneous amylin agonist with a proprietary GLP-1 peptide.

While much of the raised capital will be directed toward clinical development, some funds will be reserved for acquiring additional assets, as CEO Farooq is trying to add more in the basket of Verdiva Bio. “Our vision is to build a cardio-metabolic company for the long term,” he told Fierce Biotech, although he did not disclose specific asset targets. “It goes with the philosophy of first-in-class and best-in-class,” Farooq added.